This archive report was first published on 3 July 2021.
Naushad Merali, a billionaire businessman, passed away on Saturday morning at the age of 70.
Published on July 3, 2021.
As a successful investor and industrialist, Merali built a strong empire in various sectors, including banking, agriculture, IT, and infrastructure.
Despite often shying away from the limelight, Merali's wealth was built by purchasing unprofitable companies and turning them around in his formative days as an investor.
One of his biggest breaks came in the telecoms sector when he purchased Vivendi shares during the race to control Africa's mobile phone market.
With the help of his billionaire friend Mohammed Ibrahim, the chairman of Celtel, Merali exercised his pre-emptive rights and brought Celtel on board, putting Sh18.4 billion on the table and making a profit of Sh1.6 billion in the process.
Under his tenure, Merali's shares in Bharti Airtel Kenya shrunk to five percent in 2013, and he added $150 million (Sh13.7 billion) to his wealth before retiring as chairman in the same year.
Sameer Group, named after his son, is perhaps his most well-known company.
Merali's business acumen was also evident in his purchase of the Firestone US stake in Firestone East Africa in 1985, which he rebranded as Yana Tyres and floated on the Nairobi Stock Exchange, making a significant fortune in the process.
