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Strive Masiyiwa

Business Reporter
ECONET Wireless Zimbabwe founder, Strive Masiyiwa, has dropped out of Forbes Africa’s top 50 richest figures as a result of declining revenues in the listed company.

Masiyiwa was among the seven millionaires from Africa who failed to remain on the list this year, the latest Forbes Magazine issue indicates.

“Masiyiwa is the controlling shareholder of publicly listed mobile telecom company Econet Wireless Zimbabwe.

“The share price fell more than 63 percent in value since last year on the back of declining revenues and new taxes imposed on the company,” it said adding this has lowered Masiyiwa’s fortune.

Econet has reportedly laid off workers and cut salaries by 35 percent across the board as part of cost cutting measures.

Its subsidiaries, Steward Bank, Mutare Bottling and Liquid Telecom, have also not been spared.

The company’s revenues took a heavy knock when telecommunications watchdog, Potraz, ordered all mobile phone operators to slash tariffs in October last year.

South Africa’s mining tycoon Desmond Sacco also fell off the list of richest Africans due to a whopping 70 percent drop in the share price of Assore Group over the past year.

Assore Group has a 50 percent stake in Assmang Limited, which operates seven mines producing chrome, manganese and iron. Forbes estimates Sacco’s fortune at a current $200 million.

Reginald Mengi, Tanzania’s most influential media mogul also fell off the list as a result of devaluation of the Tanzanian shilling, falling commodity prices and weak advertising sales across his prized media assets in the print and electronic space.

Nigeria’s Aliko Dangote remained on top of the list for the fifth year running, but is reported to have lost almost $5 billion on his current net worth of $16.7 billion due negative share price movements.

Dangote was recently in Zimbabwe where he met President Robert Mugabe with the intention of investing in the country.

Currency devaluations, falling oil prices and stock dips were some of the factors that affected their fortunes.

This year, the minimum net worth needed to make the Forbes list of Africa’s 50 Richest was $330 million, down from $510 million for the 2014 list.