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8 Things You Should Know About Refugee-Turned-Billionaire Ashish Thakkar

8 Things You Should Know About Refugee-Turned-Billionaire Ashish Thakkar

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Born in the U.K., Ashish Thakkar, 35, is a fourth-generation Indian who grew up being shuttled between Rwanda, Burundi and Uganda. He credits his success to being a refugee. He transformed a small computer business into Mara Group, a multi-billion dollar, multi-sector business services company. Thakkar was named one of Africa’s youngest billionaires when he was in his 20s. He regularly appears on Forbes lists, including top tech startups and top young millionaires to watch.

Source: Africa-me.com, Huffington Post.

bbc.co.uk
bbc.co.uk

Accused of hiding assets

Thakkar’s ex-wife, travel and food writer Meera Manek, accused him in 2014 of hiding assets to avoid a multi-million-pound divorce settlement. Thakkar claims that the assets in question belonged to his mother and sister, not him. Prosecutors were unable to gather enough evidence outside of court to come to a decision, and so Manek and Thakkar will have to take their case to court.

Source: Theguardian.com

Ashish Thakkar. Photo: Newswirengr.com
Ashish Thakkar. Photo: Newswirengr.com

He is going to space with celebrities

The Virgin Galactic company plans on taking tourists into space. A total of 650 confirmed tickets has been purchased, mostly by celebrities. The most up-to-date list includes Ashish Thakkar, Brad Bitt, Paris Hilton, Stephen Hawking and Princess Beatrice of Britain.

Source: Agent4stars.com

Ashish Thakkar. Photo: Inc.com
Ashish Thakkar. Photo: Inc.com

He spoke at the 2016 Business Council for Africa

Thakkar spoke at the Business Council for Africa, 2016, and gave advice on how to run a business. He says that having the right level of governance, even if you are a family-held company, is crucial. He said you must have the right institutions and discipline in place, without losing the entrepreneurial edge. He also emphasizes combining the best global and the best local assets.

Source: Youtube.com

Ashish Thakkar. Photo: Venturesafrica.com
Ashish Thakkar. Photo: Venturesafrica.com

A recent mega acquisition

Atlas Mara Limited—the bank that Thakkar formed with ex-Barclays CEO Bob Diamond—completed the purchase of a majority stake in Banque Populaire de Rwanda (BPR) earlier this year. This acquisition will allow for a merger between BPR and Development Bank of Rwanda (BRD). The combined entity will be named BPR, and it will be one of the largest lenders in Rwanda.

Source: Allafrica.com

Ashish Thakkar. Photo: Aspire-africa.com
Ashish Thakkar. Photo: Aspire-africa.com

Plans for BPR

BPR has interests in Botswana, Mozambique, Tanzania, Zambia, Zimbabwe and Nigeria and it hopes to become the leading lender for small and medium size enterprises (SMEs). Thakkar has been vocal about his disappointment in other banks that mainly lend to large, government funded enterprises over SMEs. Thakkar has several plans to offer low-interest rates to SMEs.

Source: Allafrica.com

Ashish Thakkar. Photo: Enterprise54.com
Ashish Thakkar. Photo: Enterprise54.com

Could he be the new Barclays owner?

There was plenty of speculation that Ashish Thakkar and his partner Bob Diamond might buy Barclays Africa. Barclays said it plans on selling down their 62.3 percent stake in Barclays Africa over the next few years. Thakkar said, “Atlas Mara has made clear that it is aiming to build the pre-eminent financial institution in sub-Saharan Africa and intends to achieve this through both organic growth and acquisition.” He would neither confirm or deny Atlas Mara’s plans to put in a bid for Barclays.

Source: Cnbafrica.com

Mara And Delta Africa To Merge Real Estate Assets
Ashish J. Thakkar. Photo: arabianbusiness

He doesn’t believe in off-shoring

Thakkar said he believes that for startups to succeed they have to empower the country in which they are investing. Thakkar believes in on-shoring (looking locally for everything from labor to investors) rather than off-shoring. “Claiming that there is a skills deficit is nothing more than an excuse,” he said. He believes startups and entrepreneurs should train local hires rather than outsource them if they want their local markets to succeed.

Source: Cnbcafrica.com

Ashish Thakkar. Photo: Chronicle.co.zw
Ashish Thakkar. Photo: Chronicle.co.zw

He’s getting into farming

Thakkar said in an interview that he wants to get into farming, recognizing the potential of the agricultural sector on the continent. He plans to invest in large-scale maize farming—something he says is a “no-brainer.”

Source: Africa.com