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Billionaire Strive Masiyiwa kickstarts 2022 with $10.3 million gain

By Victor Oluwole | Business Insider Africa |

Zimbabwe’s richest man and Executive Chairman of Econet, Strive Masiyiwa, has already made $10.3 million this year following a surge in the market value of his stake in the Zimbabwe-based smart tech group, Cassava Smartech.

The shares in Cassava Smartech since the beginning of the year have increased from a price of ZWL40.65 ($$0.1263) on Dec. 31, 2021, to ZWL44.9 ($0.1263) on Jan 5, Billionaires Africa reported.

According to analysts’ projections, the surge in the market value of Masiyiwa’s stake since the year began can be linked to recent buying interest in the company’s share in the new year.

Masiyiwa, who holds a beneficial 30.26-per cent stake in the company through Econet Global Limited, has Cassava Smartech’s soaring share price to thank as his stake in the company rose from ZWL31.87 billion ($98.97 million) at the beginning of the year to ZWL35.2 billion ($109.31 million) on January 5.

This led to gains of 10.45-percent for shareholders as Masiyiwa’s total gains of ZWL3.33 billion saw his net worth rise by ($10.34 million) in the first five days of the new year.

Cassava Smartech is a diversified smart tech group that leverages digital and financial technologies to build shared economies, drive financial inclusion and promote economic empowerment.

The company has evolved from a Fintech operation (primarily Mobile Money) to a full-fledged smartech business, constantly tapping into new opportunities to address everyday challenges through innovative and inclusive digital solutions.

Another big gainer this week is Nigerian billionaire industrialist Abdul Samad Rabiu, who is now the 2nd richest person in the country, according to Billionaires Africa.

He chairs BUA Foods Plc, an operating unit of manufacturing conglomerate BUA Group, both of which have completed the listing of its shares on the Nigerian Exchange.

Shares of BUA Foods rose nearly 10% from N40 ($0.0968) to N44 ($0.1065) this week, boosting Rabiu’s net worth by $1.2 billion. His fortune has risen to $7.2 billion, skyrocketing from $5.3 billion last year.