Some of Africa’s wealthiest self-made tycoons spent decades building multibillion-dollar empires, only to relinquish chairmanships, executive authority or ownership of their companies for reasons ranging from regulation and succession to strategic exits.
The trend was particularly visible in 2026, with Tony Elumelu, Patrice Motsepe and Ivan Saltzman among the prominent business figures who made major leadership transitions.
For some, regulatory or governance changes forced the transition. Others stepped back through succession, corporate restructuring or outright sales without necessarily giving up their wealth or broader business influence.
Here are 10 influential African business figures who stepped back from companies they founded, transformed or helped build.
Tony Elumelu | United Bank for Africa, Nigeria
Tony Elumelu ended his 12-year tenure as chairman of United Bank for Africa (UBA) on August 21, 2026, after reaching the Central Bank of Nigeria’s tenure limit for non-executive directors.
Although the UBA name predates Elumelu, he helped build and shape the bank in its modern form through its 2005 merger with Standard Trust Bank, which he led.
UBA has since expanded into 20 African countries and four global financial centres, serving more than 50 million customers and reaching a market value of about 1.96 trillion naira as of August 24.
Forbes does not publicly disclose Elumelu’s exact net worth, but when asked in an interview whether he was a millionaire or billionaire, he replied: “I am a billionaire.”
“Leadership is not about holding on to a position, but knowing when an institution is ready for its next chapter,” Elumelu said in his farewell address.
Patrice Motsepe | African Rainbow Minerals, South Africa
Patrice Motsepe’s transition in February 2026 was not a complete break.
The billionaire retired as executive chairman and an employee of African Rainbow Minerals (ARM), the mining company he founded, but remained its non-executive chairman.
The change followed revised Johannesburg Stock Exchange requirements separating executive responsibilities from the chairmanship, although Motsepe said he remained committed to helping ARM compete globally.
Forbes valued Motsepe, who became its first Black African billionaire in 2008, at $4.3 billion on its 2026 Africa list.
Ivan Saltzman | Dis-Chem, South Africa
Ivan Saltzman’s departure ended a 48-year chapter at one of South Africa’s largest pharmacy chains.
Saltzman and his wife, Lynette, founded Dis-Chem with a single pharmacy in Johannesburg in 1978.
He stepped down as CEO in 2023, retired as an executive director in June 2026 and initially became a non-executive director and deputy chairman.
He left the board entirely on July 23. His family’s fortune was estimated at about $1.3 billion when he entered the Bloomberg Billionaires Index in 2026.
Dis-Chem said Saltzman believed “the time was right to facilitate succession at board level” while allowing the company to consolidate its foundations.
Aliko Dangote | Dangote Cement, Nigeria
Africa’s richest man relinquished the chairmanship of Dangote Cement on July 25, 2025, shifting his focus to his extensive refining, petrochemicals and fertiliser operations.
Dangote remains the principal shareholder in the wider industrial empire, but his exit from the cement business represents a significant succession change for one of Africa’s largest manufacturers.
Forbes estimated Dangote’s fortune at $28.5 billion in its 2026 ranking of Africa’s richest people, although he said those estimates understated his wealth because several of his main businesses are privately held. In 2026, he said his refinery alone was worth more than $40 billion.
Explaining the move, the group said Dangote was stepping down to “devote greater attention to refining, petrochemicals, fertiliser and government relations.”
Issad Rebrab | Cevital, Algeria
In 2022, Algerian billionaire Issad Rebrab handed the reins of Cevital to his son Malik Rebrab, ending more than five decades at the head of the industrial group he founded.
Rebrab founded Cevital in 1971 and built it into Algeria’s largest private company, with operations spanning food processing, consumer electronics, steel, retail and manufacturing across three continents.
His son took over as chairman and CEO after the transition. Forbes currently estimates Rebrab and his family’s fortune at about $3.6 billion.
The succession marked a generational transfer of power at one of North Africa’s largest family-owned industrial groups.
Jannie Mouton | PSG Group, South Africa
Jannie Mouton founded PSG Group in 1995 after being fired from the brokerage Senekal, Mouton & Kitshoff, turning an abrupt career setback into one of South Africa’s biggest investment success stories.
PSG later developed investments in banking, financial services, agriculture and education, including an early stake in Capitec Bank.
Mouton retired as PSG Group’s non-executive chairman and director in November 2018, 23 years after founding the company.
The group thanked him for his “visionary leadership” and his role in creating significant wealth for shareholders.
Forbes estimated Mouton and his family’s fortune at about $2.7 billion in its 2026 Africa ranking.
Michiel Le Roux | Capitec Bank, South Africa
Michiel Le Roux founded Capitec Bank in 2001 and helped turn the challenger bank into one of South Africa’s greatest banking success stories.
After serving as chief executive, Le Roux chaired Capitec from 2007 until his resignation on May 31, 2016. He remained a non-executive director.
Le Roux still owns about 11% of Capitec. Forbes estimated his fortune at $3.8 billion in 2026, largely reflecting the extraordinary increase in the value of that investment.
His transition was quieter than most: he gave up the chairmanship without financially disengaging from the bank.
Christo Wiese | Shoprite, South Africa
Christo Wiese did not found Shoprite, but he played a decisive role in turning the small supermarket chain into an African retail giant.
Through Pepkor and his investment company, Wiese built a diversified fortune in retail, property and consumer goods, becoming one of South Africa’s best-known business figures.
He stepped down as Shoprite chairman in November 2020 after nearly three decades in the role, although he remained a major shareholder.
His departure followed his resignation as Steinhoff chairman in December 2017 at the height of the retailer’s accounting crisis.
Forbes valued Wiese at about $1.9 billion in its 2026 Africa ranking.
On leaving the Shoprite chairmanship, Wiese said the company had been “an important part of my life for almost 40 years.”
Strive Masiyiwa | Econet Wireless Zimbabwe, Zimbabwe
Strive Masiyiwa retired from the board of Econet Wireless Zimbabwe on February 1, 2022, nearly 30 years after founding the telecommunications company.
Econet praised his “entrepreneurial leadership” and “unwavering commitment,” which helped make the company one of Zimbabwe’s largest.
Masiyiwa did not retire from business, but refocused his attention on digital infrastructure through the wider Econet and Cassava Technologies ecosystem.
Forbes valued him at $2.1 billion in its 2026 Africa ranking.
Mo Ibrahim | Celtel International, Sudan
Sudan-born telecommunications entrepreneur Mo Ibrahim made one of the most lucrative founder exits in African history when he sold Celtel International in 2005, ending his role as founder and chairman of the pan-African mobile operator.
Ibrahim founded Celtel in 1998 and expanded it across Africa at a time when mobile penetration remained low across much of the continent.
The Kuwaiti mobile telecommunications company bought Celtel for $3.4 billion, with Forbes estimating that Ibrahim personally received about $1.4 billion from the deal.
Forbes currently estimates his fortune at about $1.3 billion and classifies it as self-made.
