Two Nigerians have been listed on a compilation of the ten young Africans millionaires to watch out for.
The list which was released by popular business magazine, Forbes, has 30-year-old C.E.O of Bakrie Delano Africa, Ladi Delano and owner of IrokoTV, Jason Njoku as the only two Nigerians on the list.
Delano made his first millions as a liquor entrepreneur while living in China. In 2004, at age 22, he founded Solidarnosc Asia, a Chinese alcoholic beverage company that made Solid XS, a premium brand of vodka.
Solid XS went on to achieve over 50% market share in China and was distributed across over 30 cities in China, and pulled in $20 million in annual revenue.
Delano subsequently sold the company to a rival liquor company for over $15 million and ploughed his funds into his next venture-The Delano Reid Group, a real estate investment holding company focused on mainland China.
Today, Delano is the co-founder and Chief Executive Officer of Bakrie Delano Africa (BDA) – a $1 billion joint venture with the $15 billion (market cap) Bakrie Group of Indonesia.
Bakrie Delano Africa serves as the investment partner of the Bakrie Group in Nigeria. The Indonesian conglomerate has provided over $900 million worth of funds to invest in Nigeria and Bakrie Delano Africa is responsible for identifying investment opportunities in mining, agriculture and oil & gas and executing them.
Njoku on the other hand, an Internet entrepreneur, is founder of Iroko TV, the world’s largest digital distributor of African movies, and has been dubbed the ‘Netflix of Africa’.
Earlier this year, Iroko TV raised $8 million in venture capital from Tiger Global Management, a New York-based private equity and hedge fund run by billionaire Chase Coleman.
IrokoTV enjoys lucrative content distribution deals with Dailymotion, iTunes, Amazon and Vimeo. Njoku is unwilling to divulge figures, but analysts believe IrokoTV could be worth as much as $30 million. Njoku is the company’s largest individual shareholder.