FORBES AFRICA’s publisher, Rakesh Wahi, is also the co-founder and vice chairman of Africa Business News (ABN), which also owns CNBC Africa.
As an entrepreneur in the media space in Africa, why did you choose FORBES AFRICA as your next venture?
Our vision for ABN from the beginning was to create a business media conglomerate that would have a point of presence in all African countries. The intent is to have a mechanism to aggregate real-time information from across the continent and roll it out in different media, namely television, print and online. Both aggregation and exhibition have to be carried out in tandem to make the business model viable.
The television business was set up in June 2007 with CNBC as our partner. CNBC is a global leader in business television. For the print business we evaluated several options, but the FORBES brand is the one that my partner, Zafar Siddiqi, and I pursued as it is, to our minds, the most inspirational business magazine in the world.
How did it come about?
My interaction started with the management of FORBES in June 2008. They had tried to enter the African market earlier but were not able to find the right partnership model, and hence were also waiting for the right opportunity.
As in any business relationship, there was a lot of due diligence requirements and submissions of business plans, etcetera. Our vision and our presence in the business media genre were clearly key factors, which went in our favor.
What did the process entail? Was it complicated or simple?
The process, by our own requirements, needed us to carry out an in-depth analysis of the print industry in Africa and the gaps that we wanted to fill in a market that was cluttered with a lot of other good quality products. We had to first convince ourselves that there was a demand and secondly, we were well placed to meet that demand. I allocated sufficient resources to making this initial determination.
Our initial findings were positive, with several cautions. We had to work through these red flags to make sure that we had the right answers—firstly, from the perspective of the market, and more importantly, viable commercially, keeping in mind the expectations of FORBES.
I think that in any venture, it’s important to spend a lot of time on getting the fundamentals right. The process, therefore, is not complicated or simple, but is mainly focused on being very thorough. The legal agreements were cumbersome and I had a good team, led by Gary Alfonso and Roberta Naidoo, working with me on the transaction.
While the recession delayed our plans, the real challenges started once we took a decision to launch. My son Sidharth stepped up as the project manager for the business and has worked tirelessly with the team to set the ball in motion. We now have a full team on board, with Chris Bishop leading the charge as managing editor.
Why did you see FORBES AFRICA particularly as an opportunity? Isn’t print journalism a dying breed in the world of publishing?
I would not have ventured into this business without having the synergies with our existing business. We have operating synergies in the business news genre and this was the primary consideration. Zafar and I spent a lot of time with our shareholders and management team to analyze issues and came up with a plan that we thought would work.
Keeping in mind media consumption habits of the future and recognizing that the future lies in hand-held devices, we have a strategy on building the subscription model via the internet. The shape of the final product will be revealed in the not-so-distant future and is being worked on together with our partners in New York.
What’s your vision for a media group that now owns the Africa distribution rights of two of the most powerful business news brands in the world?
Our vision remains unchanged on our ambition to be Africa’s most powerful business media conglomerate. We are expanding our geographic network and will have a physical presence in 10 African countries by 2012 and 18 countries by 2014.
We see ourselves looking at distribution as a means to achieve our goals for viewership and will be seeking partnerships on terrestrial networks across Africa, and where possible, acquire networks.
On the print side, we are interested in adding to our stable and will seek other titles that we can bolt into our business to achieve efficiencies and additional economies of scale.
On the internet side, we are building great momentum on ABN Digital (www.abndigital.com) and via YouTube, where more than one million views of our content have been downloaded. Evolution of the telecoms sector will bring about a lot of changes in the delivery of content and we are making all the necessary arrangements to be there when that happens.
What’s your view on Africa as a marketplace? And the future of the media industry on the African continent?
Zafar and I are both great believers in the African story. We have been here for seven years now and think that this has been the most incredible learning experience of our lives.
If you analyze Africa without South Africa, you will see the opportunity in every area of economic development. Media is very immature on the continent, from both a reporting and consumption perspective. The revenue drivers are tough; skills are lacking and costs are high. Consequently, there has been limited interest for media companies to push ahead on a pan-African model.
Our shareholders, like the IDC, share our vision to build the African marketplace. It is my belief that the industry needs to rally behind some common objectives of sharing and building capacity on the continent. Governments have to be active participants in the process of deregulation and being active catalysts to growth, and not become impediments to the free flow of information. Transparency is an inevitable part of economic growth and media will play an important role in shaping the opinion of constituents.
I do believe that we are already adding value to this process and hope that we can achieve all our near-term goals on the continent.
Op-Ed: Fostering Jobs, Entrepreneurship, And Capacity Development For African Youth: The Time For Disruption Is Now!
“There is no greater asset to Africa than its youth,” a statement that has been repeatedly proclaimed, but the continent still has a long way to go. Despite robust economic growth over the past two decades, a 1 percent increase in growth between 2000–14 was associated with only 0.41 percent growth in employment. This figure suggests that employment stood at less than 1.8 percent a year, far below the nearly 3 percent annual growth in the labor force. If this trend continues, 100 million people will join the multitudes of the unemployed in Africa by 2030.
With this in mind, researchers, youth representatives, business leaders, and policymakers have joined over 350 stakeholders in Sharm El Sheikh, Egypt, to significantly move the needle on youth empowerment.
The annual African Economic Conference (AEC), is jointly organized by the African Development Bank, the Economic Commission for Africa and the United Nations Development Programme, to discuss pertinent issues affecting the continent.
The 2019 AEC is held in Egypt and hosted by the Bank on the theme; “Jobs, entrepreneurship and capacity development for African youth” and runs from 2-4 December.
Turning the youth bulge into opportunities has been the focus of the African Development Bank’s game-changing approach to job creation, entrepreneurship, and capacity development. In recognition of the crucial role that entrepreneurship plays in the creation of high-quality jobs, the Bank developed its Jobs for Youth in Africa (JfYA) Strategy (2016-2025). The Strategy aims to create 25 million jobs for African youth over the next decade as well as equipping 50 million youth with a mix of hard and soft skills to increase their employability and their entrepreneurial success rate.
The impact is already being felt. Since its launch in 2016, over $20 billion has been invested by the Bank across 318 projects. These investments are directly making a difference in the African youth skills, entrepreneurship, business development, and job creation.
In parallel and working closely with its partners, the Bank is helping strengthen entrepreneurship ecosystems in Africa. The flagship Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF) program provides interventions that equip the African youth, women-led start-ups, and micro, small, and medium enterprises (MSMEs) with skills and financial support to run bankable businesses.
The program also assists regional member countries (RMCs) in their implementation of economic and social reforms toward job creation.
In just one short year, the Trust Fund’s resources leapfrogged from USD4.4 million (in 2017) to almost USD40 million (in 2018). By providing technical assistance through enterprise support organizations and financial institutions, the Fund is anticipated to reach more than 480 youth-led startups in Ghana, Mali, Nigeria, Togo, and Zimbabwe.
The Bank has also been very active on the education front, supporting higher education institutions to deliver innovative training curricula that are adapted to the changing demand of the labor market and the private sector. Academic incubators—also known as innovation centers of excellence, have been established.
One great example of success is the African Institutions of Science and Technology (AIST) Program, whose mission is to deliver quality postgraduate education and build collaborative research capacity in various fields of Science, Engineering, Technology and Innovation (SETI). With funding from the Bank, a total of 1,477 PhD and MSc students have graduated, out of which 676 are women. Additionally, a total of 35 partnerships have been brokered with the private sector to enhance the quality and relevance of research.
Technical and Vocational Education and Training (TVET) has also been acknowledged by the Bank as one of the main drivers of human capital development alongside enhanced basic education that generates knowledge and skills more broadly. As such, the Bank’s TVET project in Tanzania, has bolstered TVET and teacher education with an investment amounting to $52 million. The expected outputs include expanded infrastructure of 13 institutions targeting about 8,000 trainees, expanded and extensive use of ICT in instruction at 53 institutions, and increased capacity for teaching, policy formulation, planning, and quality assurance.
The insights and thoughts provided by other African stakeholders, youth representatives, and political leaders on the debate on youth jobs, skills, and entrepreneurship capacities during the AEC 2019 are immensely important in helping the continent move forward.
Now, more than ever, we must listen to the voices of the African youth.
– Hanan Morsy, Director, Macroeconomic Forecasting and Research at the African Development Bank Group.
Africa’s Aficionados And Their Eclectic Collections
From the old to the unusual to the bizarre, what is it that motivates the rarefied pursuit of collecting objects?
For the aficionados soon to be unraveled on these pages, their collectibles are more than mere things – they are priceless treasures and extensions of who they are.
We explore the captivating world of Africa’s collectors, and get a feel of their prized possessions, and what motivates them to keep building on their treasures. This is a selection of considered individuals on the continent who embrace the world around them in enchanting, curious and unlikely ways.
They are passionate devotees, enthusiasts and fanatics who share a love of unique objects. They are drawn to either preserve the things they love, or be surrounded by them.
The featured collections range from accessible and popular to the aspirational and unusual, each different and purposeful. And what we have uncovered rings true to the words “not all treasure is silver and gold”.
It is not always the financial value or return on investment that sparks nor sustains a collector’s momentum. It is the essential personal value they derive from their collection.
The value of the featured collections come from what the individuals are willing to sacrifice, in actions, finances and space to establish their treasure trove.
What’s most encouraging is to see how their hobbies pave the way to alternative avenues of wealth creation and notably, how serial collectors unlock opportunities of commercial, professional and social benefit. This compilation is innovative, exciting and aspirational. Most impactfully, it brings to light how we can extend our personality, values, self-expression, memories, emotions and passions through eclectic items of interest.
The compilation on the pages that follow is in no particular order.
Makgati Molebatsi, 61, South Africa
Collection: Contemporary art
Estimated worth: R1.2 million ($80,000)
Collecting for: Enjoyment and appreciation
Makgati Molebatsi quit her 30-year career in marketing and communications at the end of 2015 to pursue her passion for visual art. The following year, she founded a consulting firm in the contemporary art space called Mak’Dct Art Advisory & Agency.
Her keen interest in art began in 1997 after briefly working in the second Johannesburg Biennale art exhibition. The conceptual nature of the artworks exhibited intrigued her and almost immediately sparked her interest in collecting paintings, sculptures, installations and photography. Twenty two years later, she has amassed around 40 significant pieces in her personal stable. Each gem cost Molebatsi an average of R30,000 ($2,000).
“Most of my artworks are acquired from artists during their early career phase,” she says. One of her favorite artworks, which almost eluded her, is a mesmerizing installation of 1,200 keys intricately strung into a scarf by Liza Grobler titled Easy Access Scarf.
Collecting art is a big-budget, yet profitable, indulgence. Local art sales were estimated at R5.5 billion ($368 million) in 2017 according to the AfrAsia Bank South Africa Wealth Report. Molebatsi, however, is not investing in art. She considers herself an ‘essential value collector’ who only acquires pieces that resonate with her.
“Most of my artworks are abstractions which are engaging and have a dialogue. I gravitate towards color fields in artworks [that] I acquire because I tend to be monochromatic and minimalist in my dress sense and home décor,” she adds.
Molebatsi is one of the few black female art collectors in the country and a prominent art curator and advisor in the local and international space. She has served on the selection committees for the prestigious annual Turbine Art Fair. In 2018, she produced and curated an exhibition with renowned photojournalist Óscar Gutiérrez, to celebrate the centenary of former South African president Nelson Mandela. Some of her artwork is displayed within the Breast Cancer Unit at Chris Hani Baragwanath Hospital in Johannesburg, to which she loaned.
Clyde Terry, 54,South Africa
Estimated worth: +/- R4.9 million ($327,936)
Collecting for: Enjoyment and resonance
After qualifying as a chartered accountant, Clyde Terry decided to neglect his father’s ambition to follow the profession but to convert his hobby of collecting rare antiques into a fully-fledged career instead. Today, Terry is one of the leading antique dealers in South Africa with a personal collection of 83 unique and rare antiquities that have a special place in his heart.
Terry recalls childhood moments spent at auction houses and local antique shops in his hometown of Ramsgate in the KwaZulu-Natal province of South Africa, which sparked his love of things old, rare and beautiful. He has now built up a notable selection of silver and glassware; including beautifully-contoured Daum decorative art glass as well as rare Lladro and Hummel figurines. His prized collection includes enchanted, floral pottery from sought-after 1900s British art potter and manufacturer, William Moorcroft; whose delicate pieces have sold for an amount of R221,583.96 ($14,723.45) on auction. “I love that William Moorcroft traveled the world [to] study the flowers of different countries, including South Africa. His vase with the [South African] protea is one I still search for,” he says.
Terry is not only led to acquire unique items just for himself. He has turned a beautifully-restored house in Melville, Johannesburg, into an antique treasure trove of magnificently-decorated rooms, showcasing everything from art-deco, Georgian, Art Nouveau and 1950’s objects. There, he proudly runs his business, Clyde on 4th, which aids antique-enthusiasts in finding and trading prized showpieces and valuable relics. “My hardest lesson was learning that as a collector, you hold on to items and as a purveyor of antiques, you look after many collections and help collectors grow,” says Terry. “[It’s] become easy now to part with items and give them a new future and history.”
As the founder of the South African National Antiques Decorative Arts Association, part of his time is spent organizing the biggest monthly antique fairs in the country which take place at the prestigious Nelson Mandela Square, as well as the upmarket Mall of Africa in Johannesburg.
Masego ‘Maps’ Maponyane, 29, South Africa
Collection: Hats and caps
Estimated worth: +/- R180,000 ($12,046)
Collecting for: Passion and enjoyment
As a prominent figure in ‘showbiz’, it’s tempting to presume that Masego ‘Maps’ Maponyane’s continuous showcasing of personal style is merely a part of his job. Yet, his love affair, specifically with accentuated headgear, dates back to a time before his career even took shape. “My grandfather is one of my biggest inspirations as far as clothing goes. He was of the generation of Sophiatown, always [fully] dressed in their Sunday best. There would be a complete look with him and his peers with the hat, and I always loved how it complemented their outfit,” says Maponyane.
Maponyane’s fondness for headwear took form in his late teens while on a family vacation in Namibia. There, he bought his first hat, a tan straw fedora with a ribbon around, to combat the scorching heat of the desert land. Impressed by the aesthetic and esteem it gave his ensemble, Maponyane has since invested in over 200 headpieces that have become an extension of his everyday life.
Even so, hats are more than a fashion accessory to him. They represent an opportunity to step into different frames of mind. “Hats are like a form of expression for me. Hats allow me to be that character for a day, depending on the hat. I will choose the hat, not only based on what I am wearing but on my mood,” adds the entrepreneur who also recently opened a hip burger joint in Johannesburg named Buns Out. His collection includes different headgear of varying styles and finessed artisanry such as millinery hats, caps, cowboy style, panama straw and homburg hats. His headgear can be inexpensive as much as it can be pricey. He has once parted with R4,500 ($299) for a blue pork pie with a slick leather ribbon designed by England-based hat-maker, Christys’ of London. Locally, Simon and Mary is his go-to confidante. Although he may order caps online, Maponyane still prefers the sensorial experience of shopping in-store. To ensure the right aesthetic, Maponyane opts to physically weave through selections, feel the weight, texture, try it on and above all, make sure it’s the perfect fit. If not, he has several trusted milliners to adorn his head flawlessly.
Damian de Canha, 30, South Africa
Collection: Fine art statues
Estimated worth: +/- R2.75 million ($184,000)
Collecting for: Enjoyment and passion
What is better than watching your favorite superheroes or villains on screen? For Damian de Canha, it’s having life-like statues of them displayed as works of art that he can marvel at everyday in his home. De Canha has been collecting the most premium pieces since 2017. As a superfan of all the comics from Marvel and DC Entertainment, his collectible statues hail primarily from their successful fantasy franchises, as well as from the Transformers and Mortal Kombat stable.
“I have always been a geek but what got me into collecting was when [a] friend bought me a Hulk statue as a thank you gift,” says De Canha. Standing up to 70cm tall and an average weight of 17kg, these statues are primarily imported from XM Studios in Singapore which supply luxury collectible pieces that are not manufactured, rather individually hand-crafted to inspire the pride and status of the limited pieces.
“I was so intrigued by the amazing attention to detail and craftsmanship that goes into these handmade statues that I was hooked from the moment I received it,” he says.
In the span of two years, De Canha has collected over 140 limited statues that stand in marvelous grandeur displayed across two rooms turned into galleries in his home. Not to be mistaken for toys or figurines, the figures can take De Canha up to 20 minutes to correctly assemble, and they hold their value over time. One iconic statue, called the X-Men Sentinel Diorama, is worth R110,000 ($7,361). His most treasured piece is a priceless little green bus his mother gifted him when he was just a toddler.
He has turned his enthusiasm into a business called Symbiote Premium Comics & Collectibles, which seeks to increase the accessibility of high-end statues. It’s become the official African distributor for XM Studios for the DC franchise. The business hosted its first exhibition at Comic Con Africa in September.
Yegas Naidoo, 60, South Africa
Estimated worth: R125,500 ($8,500) excluding champagne
Collecting for: Consumption and enjoyment
Yegas Naidoo has been collecting wine from 1985. As a gourmet hedonist, she is not one to deny herself the sensorial joy and global allure of a signature wine. For Naidoo, the process of winemaking, from bottling to evolution, is a spectacle in itself that makes each bottle unique and multi-faceted.
The 1981 red blend from the southern Rhone in France called Pierre Perrin Châteauneuf du Pape Vintage inducted Naidoo’s collection of high-quality wine. She now has over 500 bottles in her home and admits that her wine assortment is purely for consumption with family and friends.
“My collection is imbibed daily, but the average cost is R250 ($17) per bottle, conservatively [and] not including champagne,” says Naidoo. The most valuable addition to-date is a magnum of the 2007 La Motte Hanneli R, a vintage shiraz blend inspired by the owner, Hanneli Rupert. Naidoo purchased this for R9,500 ($636) at the 2017 Nederburg charity auction.
She is a bonafide champagne zealot and is an ordained member of the esteemed L’Ordre des Coteaux de Champagne, the official French fraternity of the major Champagne brands. She has been an anchor judge at world-renowned wine competitions based in London including the International Wine Challenge and International Wine & Spirit Competition. Notably, she has served on the judging panel of the South African Airways inflight wine selection for the last 15 years. In her spare time, she’s involved in wine education and participates in global wine events to promote South African wine. “I speak on numerous forums, delivering the message of wine not being an exclusive product targeted for only certain social classes, wine being a product without mystery for the un-christened [as well as the] health benefits of drinking wine in modicum over time,” she says.
Eric Leeson, 35, South Africa
Estimated worth: +/- R625,000 ($42,325)
Collecting for: Personal apparel
The wave of millennial cultural influence has birthed a new form of collectibles, and Eric Leeson is rooted in the game. Leeson fell in love with sneakers at the age of 13 but only began collecting at the age of 16 with a pair of marked-down cherry-red Jordan 11 Retro Lows gifted to him by his father. “I started collecting sneakers out of struggle. It was simply about having, at least, more than three pairs of shoes aside from my school or physical training shoes. [But] not being able to get the ones I wanted sparked my obsession,” says Leeson.
He has since accumulated a fashionable footwear collection of 350 pairs which he recently downsized to 250. His motivations are now fueled by pleasure and the experience – no longer strife. “I’ve really enjoyed the chase of getting a pair of shoes. Standing in a line to wait my turn doesn’t give me that thrill. I need to be able to make a few calls, locate a pair and get on a taxi, [or] drive to the place that pair is suspected to be,” he says.
Leeson has taken advantage of social media to trade, hunt and purchase limited releases. Although, a recent purchase from Germany was a challenge due to negative perceptions around African buyers. However, through Leeson’s active Instagram and Facebook profiles, he was able to gain trust with the seller.
Globally, Nike still reigns as the most popular sneaker brand with the 2018 global footwear sales reaching $22.3 billion, representing 61% of total group revenue according to Nike’s 2018 Annual Report. It’s no surprise then that Leeson’s top picks include the Air Max 1 Anniversary Red and a pair of high-top Jordan 11 Concord which he proudly wore at his wedding.
He is excited to pass on his affection for sneakers to his children. Currently, his six-year-old son already has 40 colorful pairs of ‘sneaks’, and his five-month-old daughter is soon to follow.
Sarah Langa mackay, 26, South Africa
Collection: Luxury fashion
Estimated worth: +/- R1.9 million ($127,150)
Collection for: Investment
Sourcing rare, unique and timeless pieces that are in high demand is how fashion influencer and avid digital media content creator, Sarah Langa Mackay, manages to stay ahead. In 2011, she began her fashion journey in her first year of university by launching a blogsite showcasing “campus looks of the day”. “All I wanted to do was show someone how to mix and style everyday outfits with key items and pieces,” says Mackay.
Initially, she collected for fun and as a personal shopper and stylist for local celebrities, which meant searching and finding the right fashion pieces for her clients. As her reputation grew in the digital space, she began cementing herself as a luxury fashion brand influencer. This prompted her to intentionally source distinctive and hard-to-find fashion items that stood out. “This gave me the competitive edge needed over my peers and [as a] businesswoman,” she adds.
Her closet is exquisitely stacked with more than 200 pairs of stylish shoes and over 30 luxury one-of-a-kind handbags. Her favorite accessories include the elegant Louis Vuitton Monogram Palm Springs occasional backpack and the effortlessly chic Prada Cahier leather handbag. Amidst Christian Louboutin, Gucci and Alexander McQueen heels, her front-runners are her Amina Muaddi Begum Glass Slingback and the super-trendy Miuccia Prada Cult Flame sandals.
She proudly confesses that she has a trained eye to differentiate fake merchandise from originals. “I do not condone anything counterfeit as I feel like it robs the fashion industry, craft-makers and the original designers of their work, creativity and intellectual property,” she says.
With fashion on the rise in terms of collectibles, she sees acquiring rare luxury items as an investment that will positively contribute towards the growth of her online store, Luvant, which retails affordable pre-owned luxury apparel. “I want to offer my customers a premium experience, something they won’t get from heading to other spaces,” says Mackay.
Alan Donovan, 80, Kenya
Collection: African Art
Estimated worth: Unknown
Collecting for: Preservation and exhibition
Alan Donovan was first exposed to the world of African art as a young US diplomat based in Nigeria in 1967. After several serendipitous meetings with West African chieftains and contemporary artists, Donovan began traveling extensively to remote places across the continent such as the northern lands of Kenya where he started collecting art, beads, artefacts, weapons, adornments and textiles.
In 1970, he befriended the late Joseph Murumbi, who was the first foreign minister of Kenya, and its second vice president, which transformed his life and birthed a life-long career of collecting, displaying and selling African art. Today, Donovan’s house, a brainchild and artful conception of his partnership and collaboration with Murumbi, is one of the most critically-acclaimed private African art galleries in Kenya.
“It was Murumbi’s dream to set up a pan-African gallery in Kenya where artists from all parts of the continent could show and sell their works [as well as] to preserve, protect and promote African culture,” he says. Set up in 1972, the African Heritage House, as it’s known, is a piece of art by itself. It boasts a decorative summation of Donovan’s art collection spanning 50 years from all over Africa. So diverse and valuable, the house has become a national monument.
The interior and exterior construction design is a mosaic of indigenous and pre-colonial architecture of various African cultures. “I wanted to make my house as African as possible: its architecture, design, furniture, fittings, décor, cutlery and everything,” he says. “I designed my house as a blend of all of the Africa that I was privileged to visit along my way: the desert palaces of Morocco, the sensual Sahel mud structures, the carved wooden house posts of Nigeria and Cameroon, the palm-thatched coral stone houses of the Kenya coast and the extraordinary painted houses of Northern Ghana and Burkina Faso.” Inspiration was also drawn from the towering mud mosques of Djenné. and Timbuktu in Mali. Although his house has not been valued, one of his decorative pieces was recently valued by Sotheby’s at $400,000.
At the age of 80, he still has many hearty dreams for the place he calls home. He plans to add another 200 rooms, a conference center, a restaurant and to build a museum, to be called ‘African Journeys’, which will highlight the works of those who have dedicated their lives to African heritage as well as the pioneering artists of Africa whose careers started at the time of African independence.
James Rugami, 57, Kenya
Collection: Vinyl records
Estimated worth: KSh440,000 ($4,242)
Collecting for: Investment
Known as “Mr Records” in Kenya, James Rugami lives off music. As the country’s chief record dealer, Rugami has amassed around 55,000 vinyl records of which 3,000 form part of his personal collection. The rest he sells in his shop, Real Vinyl Guru, situated in a busy meat market in Nairobi where he also restores broken records and record players.
The store is draped in circular black discs. He’s been growing his vinyl collection and business since 1987. The selection of vinyls encompass all genres of music, including an impressive library of classic African tunes. “The output of vinyl is rich and priceless. [It has no] comparison with any other format and it’s purely original,” he says. He remembers that the very first disc record he purchased was Louis and The Good Book by legendary American jazz trumpeter and vocalist, Louis Armstrong, whose popularly known for the late-1960s hit track, What A Wonderful World.
Globally, there is a massive resurgence and renaissance of vinyl collecting. Some rare long-playing records (LPs) can trade up to $40 on auction. Classical ‘Afro’ music is even harder to find and therefore, more expensive. With thousands of Afro-selections, Rugami’s vinyl collection is a gold mine. Befittingly, his store has won the admiration of international vinyl fans and clients who sift through the archives in search of rare finds.
Dawid Venter, 42, South Africa
Estimated worth: +/- R300,000 ($20,000)
Collection for: Experience and passion
Although many people perceive gamers as adolescent boys and girls, Dawid Venter is a self-confessed console and gaming fanatic. An avid video game collector and serial champion of the South African gaming industry, Venter’s love for gaming started at the age of six with the childhood veteran game, Donkey Kong Junior. However, the Sega Dreamcast was the first video game console to inaugurate Venter’s collection.
“I originally started in 1996, but sold off [my] collection in 2006 after my mom passed away,” says Venter. He later restarted his collection in 2013. Currently, he has an impressive collection of over 30 gaming consoles. Amongst his collection are modern consoles such as Switch, Xbox One X and PlayStation 4 Pro, right through to nostalgic gaming consoles including GameCube, Nintendo, Dreamcast and SEGA. “Retro collecting is something that never ends. Every generation brings new games which in time becomes retro and collectible,” he shares.
The local video game market is growing at double digits and is estimated to be worth R3.5 billion ($234 million) in 2018, according to PricewaterhouseCooper’s Media and Entertainment Outlook. As a major proponent of the gaming industry in South Africa, Venter is also the co-founder, managing director and contributing author of SA Gamer.com, one of the country’s biggest gaming news and review websites. He’s had the pleasure of meeting legendary pioneers of the industry including Shinji Mikami, the creative engineer of the long-standing, mainstream video game series Resident Evil, which subsequently birthed the highest-grossing film series based on a video game in 2016.
Today, Venter has no less than 1,000 games, excluding digital titles, to enjoy in the personal comfort of a dedicated gaming room in his home. The latest games to mark his extensive collection are a CD copy of Mortal Kombat and Silpheed for his Sega CD accessory. Interestingly, if Venter were to be left on a deserted island, the only game he would take with him is the futuristic and combat racing game titled Wipeout Omega Collection.
Nnennaya Fakoya-Smith, 34, Nigeria
Collection: Postcards, stamps, coins and banknotes
Estimated worth: Unknown
Collecting for: Investment
When one hears deltiologist, philatelist and numismatist, the first thoughts that may arise may be that these grandiose terms are used to label medical practitioners. Contrary to that, these three illustrative words are expressively used by the esteemed Nigerian tourism promoter, Nnennaya Fakoya-Smith, to represent her unique obsessions. The descriptions define a postcard collector, stamp collector as well as a coins and banknotes collector, respectively.
Fakoya-Smith has been collecting elements that represent the culture and history of a people since she was seven years old. “My dad used to collect stamps and coins, and I inherited the hobby from him. He also used to send my siblings and me postcards from the countries he visited, which I truly enjoyed reading,” she says. Fast forward 27 years, she has over 100 stamps, postcards as well as a diverse currency collection from across 36 countries. “I love the banknotes and coins because they are vintage collections. [They] are no longer in use in their various countries. They have become rare valuables among my collection,” she shares.
Many are baffled by her interests, especially in this digital age. Although, it is on the internet from which people trade their coins, which can demand a premium over 1,000 times their original value. A 1969 2-and-½ shillings Africa Biafra coin is currently selling at N36,851.85 ($101.31) on eBay. “The first time I found out that stamps and coins were valuable investments was when I bumped into the United Nations stamps and other coin websites,” she says.
True to her millennial nature, Fakoya-Smith regularly makes use of social media to meet and collaborate with people who are like-minded as well as create awareness for these communities. She plans to retain her collection and similarly, like her father, pass it down to future generations. She hopes to open a stamp and coin gallery in the future.
Thomas Collier, 37, Ethiopia
Collection: Jordan sneakers
Estimated Worth: +/- £46,500 ($57,351)
Collecting for: Personal apparel and nostalgia
Thomas Collier is an Ethiopian London-based photographer who grew up in the “golden ages”, loving basketball and watching Michael Jordan, Shawn Kemp, Gary Payton and Penny Hardaway. This gave rise to a fetish for sneakers associated with old generation sports players. To this regard, he has bought every pair of Nike Jordan’ sneaks’ that have ever been released – a feat that would leave any dedicated sneakerhead in awe. “I don’t see [my sneakers] as an investment, more like works of art. [They] remind me of my childhood and daydreaming of one day playing in the NBA,” says Collier.
Collier began this dream collection in 1998. Currently, he has bought close to 300 pairs, with his favorite shoe undoubtedly being the Jordan 11’s. Collier buys all his sneakers from retailers and not resellers. Furthermore, when it comes to solidifying his selection, he’d go as far as camping in a tent outside a Nike store. This was the case in London when Nike had the highly-anticipated special release of the Air Foamposite One Galaxy colorway shoe in 2012.
“I thought I was going to be the only one [camping], but I was soon joined by about 300 other sneakerheads from all over Europe who arrived just to buy these shoes,” he says. Globally, sneaker fanatics still regard these as the most legendary and publicized sneakers of the century. They’re currently reselling on eBay for $700, for pre-owned and around $2,499, fresh from the box.
Apart from the illustrious designs of his sneakers, Collier treasures the fact that for every pair he has, he can find a picture of his hailed players wearing them. Even though his dream of becoming an NBA player didn’t materialize, his complete range of Jordan’s iconic designer shoes is consolation enough.
Katherine Munro, 74, South Africa
Estimated Worth: +/- R8.5 million ($569,000)
Collecting for: Knowledge
Reading and discovering the world through other people’s writing is Katherine Munro’s devotion. A seasoned lecturer at the University of the Witwatersrand in Johannesburg, Munro enjoys gathering items of knowledge, specifically ephemera, antique maps and non-fiction books.
She began collecting in the 1950s as a child. Today, she has amassed around 17,000 books, mostly written in English and a few in German, French and Afrikaans. “[I was] fortunate to have a family and a husband who built me a library for my books,” says Munro. Within her library, Munro runs private tours and talks to discuss interesting books and book collecting.
Almost all her books are pre-owned. The genres include history, travel, geography, politics and the Folio Society collection, to name a few. To this day, the excitement of escaping into a world full of thrills, surprises and the appeal of dusty old bookshops in cities around the world is something Munro can’t resist. There, she savors the dusty smell of books not opened (for maybe 20 years); discovering things hidden in books such as money, birthday cards, peculiar bookmarks or pressed flowers. “Every book tells a story. Immediately through a book, you can [feel] the intimacy of someone else’s life. [It’s] also fascinating to read inscriptions in books – gifts to other people or a book signed by the author,” says Munro.
Within her career as an academic, Munro credits books as the stock in trade to spread ideas and stimulate young minds. Her current focus is building a book collection of the city of Johannesburg: focusing on the rich history, people, town-planning and literature.
Newton Jibunoh, 81, Nigeria
Collection: African art
Estimated worth: Priceless
Collection for: Preservation
Nigeria is quickly becoming an art collectors’ haven; however, for Newton Jibunoh, the man who has driven across the Sahara four times, African art collection is an old trade. His love of the history, civilization and religion of the African black race sparked his reverence for African art. This made him an eager collector from a very young age, but he didn’t start to collect seriously until the early 1960s, after his first visit to the British Museum in London. “Seeing our works in a foreign land and being appreciated by many triggered my need to collect even further. It wasn’t just because I enjoyed art anymore, but I felt obligated to safeguard our works,” says Jibunoh.
He grew up as a choir boy and member of the early churches run by missionaries. During this time, he observed how heritage, religion and culture were stripped off the surrounding indigenous villages before being converted into Christianity. “I witnessed most of [their artworks] being carted away. They were various bronze works from Benin and Ife, woodworks from Igbo-Ukwu and Nok Terracotta from the Nok culture. I [later] wrote home from London requesting that whatever was left, should be kept for me,” he says. These formed his first collection.
Throughout the years, he has acquired a wide variety of African crafts ranging from paintings, sculptures, shrines to artefacts. “I recall that I would spend my entire one month’s salary purchasing artworks,” he shares. One painting by Akin Salu called One Man, One Wife cost him 60% of his monthly salary which he paid over three months. Eventually, when his home could no longer contain his passion, he was moved to open the first private museum in Nigeria, DIDI Museum. It now houses close to 1,000 artworks.
He considers his collection priceless: an investment in kind towards the historical preservation of the continent’s unwritten and continuing story. Some of his collection is loaned to institutions, homes and galleries across Africa and Europe, and others are registered with the national museum, making it close to impossible to auction.
Sonal Maherali, 39, Kenya
Collection: Luxury bags and shoes
Estimated worth: KSh20.7 million ($200,000)
Collecting for: Personal accessorizing and investment
Ever since Sonal Maherali was a little girl, she’s had a great obsession for the finer things in life. A mother of four and arguably, East Africa’s queen of fashion, Maherali’s walk-in closet is drizzled with glamorous high-priced shoes, bags, perfumes, clothes and jewelry.
“I grew up from a very humble background. Unlike most kids who were fascinated by toys, I loved the lore of Cinderella and her coveted glass slipper. That slipper became an obsession,” she says.
Not too shy to impress, the stylish fashionista has a designer collection to enviously flaunt which inspired her to launch a YouTube channel in 2010. She has since drawn over 68,000 subscribers to whom she shares her appreciation of fashion, style and her extravagant lot of Christian Louboutin heels. Her luxury collection also includes high-priced bags like the Lady Dior, the rare Diorama and the exceptional quilted 2.55 Chanel shoulder bag commissioned by Gabriel ‘Coco’ Chanel in 1955.
Her lavish and custom-made items average between $3,000 and $13,000, individually. Some pieces she considers priceless. This includes a special Trash Pigalle by Christian Louboutin that was custom-made with items she sent to the shoemaker. Although her tailormade accessories hold significant memories, they’re not the priciest items in her closet. “[The most expensive] would have to be the first Birkin bag I was offered by Hermès. It set me back a cool KSh1.6 million ($15,400) while the second one, a Fjord leather in blood orange was around KSh1.3million ($12,500),” she shares.
Birkin handbags are rare and can fetch a fortune in re-sale markets. In this light, Maherali has launched an online store, closetsm.com, where she sells pre-owned items from her closet that she no longer wears and that are still chic, trendy and timeless.
Marc Pendlebury, 38, South Africa
Estimated worth: +/- R2.5 million ($169,000)
Collection for: Consumption and investment
For some people, the pleasure alone of consuming a premium whisky is enough, but not for Marc Pendlebury. In 2007, he progressed from whisky drinker to collector when he began purchasing more whisky bottles than he consumed. “I love everything about the world of whisky: the flavors, people, production process, history and the places it is made. I wanted to try as many different whiskies as I could,” says Pendlebury.
He’s since collected about 1,200 distilled bottles of the finest whiskies from across the world – some acquired for consumptive pleasure and others for appreciation. Pendlebury takes pleasure in visiting prominent distilleries, famous whisky bars and festivals in search of limited or discontinued bottles similar to his Japanese Chichibu whisky collection. “[Their] whiskies are near-impossible to find and are expensive on the secondary market. That makes each release I secure quite an accomplishment,” he adds. To date, the most significant spend he’s incurred was on the highly-lauded Springbank Millennium Collection which he part-purchased with two of his friends. The rare set includes six whiskies ranging in ages from 25 to 50 years old and is worth approximately R400,000 ($26,767).
Whether Scottish or Irish, bourbon or rye, whisky returns out-perform every other collectible asset including classic cars, art and fine wine. According to the 2019 Knight Frank Luxury Investment Index, whisky topped the list of the most desired objects with the value of rare whisky rising by 582% over the past 10 years. Although Pendlebury doesn’t buy to invest, he does recognize that collectively, his whisky selection holds a substantial monetary value.
Pendlebury’s greatest pride includes becoming an inducted member of the Keepers of the Quaich, an elite international society that recognizes outstanding individuals committed to the Scotch whisky industry. He is also the founder and co-owner of a dedicated whisky bar, WhiskyBrothers, based in Sandton.
Ryan Herman, 30, South Africa
Collection: Nike and Jordan Sneakers
Estimated worth: R75,000 ($5,000)
Collecting for: Personal apparel
Ryan Herman has always had a love and appreciation for sneakers. He sees himself as a silent member in the game and not necessarily influenced by the millennial social trend of sneaker culture. “I don’t have the common ‘I saw the cool kids wearing it’ story. I’ve always had a love for sneakers,” Herman says.
Back in the early 2000s, when companies didn’t send emails or newsletters to remind customers what sneakers were being released, Herman would have to make regular trips to the mall and town to see which sneakers were on shelf. “I remember [a time] when you didn’t have to stand in line or even do the raffle system because the sneakers were all just there,” says Herman.
As a 15-year-old, sneaker-obsessed teenager, he remembers how he would complete household chores to earn his next pair of sneakers. Fast forward to adulthood and financial independence, not one month passes by without Herman purchasing at least one or two pairs. At age 30, Herman has amassed 50 pairs of Nike and Jordan sneakers. “My collection consists solely of sneakers that I like and wear, and I’ve always loved the Nike brand; their unique styles, colorways and their sportswear too,” he shares. To usher in the summer, Herman has already added to his footgear collection the latest addition to the Air Max lineage, the multi-colored Air Max 270 React ‘Bauhaus’, which debuted in July.
Kavita Chellaram, 62, Nigeria
Collection: African art
Estimated worth: Unknown
Collecting for: Investment
Kavita chellaram is an influential Nigerian art curator of Indian-descent. She began collecting art when she moved to Nigeria as a way to explore the culture of her adopted country. The first works of art she bought were in 1979. These were workmanships of the highly astute and multi-talented artist Jimoh Buraimoh and the late Twins Seven-Seven. Her passion gradually grew over the years, leading her to build the Arthouse Contemporary in 2007.
“When I started collecting, there were very few galleries and exhibition spaces in Lagos. Often, artists sold out of their cars,” she explains. As a result, Arthouse quickly grew into an international auction house and exhibition venue.
Over time, Chellaram has acquired approximately 400 artworks. She’s particularly drawn to Nigerian artists of the modern period including artists of the Zaria Art Society, who were making artworks around the time of Nigeria’s looming independence. According to Chellaram, these artists incorporated traditional narratives and styles along with Western training, creating a unique visual style that developed modernism in Nigeria. “Many of my favorite artists [include] Uche Okeke, Yusuf Grillo, Bruce Onobrakpeya, Demas Nwoko and Simon Okeke,” she says.
Her collection is ever-evolving as she discovers new artists as well as finds rare artwork. Some of her most recent acquisitions are works by Abdoulaye Konaté, the artist from Mali who makes beautiful textile pieces, as well as Nicholas Hlobo, a South African artist. “I also recently added an artwork by Kudanzai Chiurai, an artist from Zimbabwe who works in photography and oils,” she says.
Chellaram sits on the African Acquisition Committee at the Tate Modern, an institution that houses the United Kingdom’s national collection of British and international contemporary art. She is also on the Advisory Board of the School of Traditional Arts under the Prince Charles Foundation. Moreover, she has a non-profit organization arm, Arthouse Foundation, which facilitates artist residencies and support programs for emerging artists.
– Mashokane Mahlo
‘Surrounded By The Richest People In The World’
An entrepreneur in Ghana collects and frames FORBES AFRICA magazines.
Kofi Asmah, the founding partner of Gyandoh Asmah & Co, has been collecting FORBES and FORBES AFRICA magazines for the last 15 years.
When he was still an attorney, he visited one of his client’s offices in Ghana and that was the first time he came across a FORBES magazine on world billionaires.
“It inspired me to want to be on that list one day,” he tells FORBES AFRICA.
Asmah made it his mission to collect the magazines and stack them up to form a mini-museum in his house.
“What I did was to rip the covers off and have them framed,” he says.
“I actually have about 20 to 25 of the top issues framed, the ones with Warren Buffet, Aliko Dangote and just really the big heavyweights. I use that as a theme for my beach house, where I created a FORBES-themed room. The whole idea is that it’s a rich lifestyle and while you’re in the room, you are surrounded by the richest people in the world. It’s for people to know that these are my heroes.”
His favorite issue to date of FORBES AFRICA is the February 2019 edition that featured Africa’s billionaires.
And his message for FORBES AFRICA’s eighth anniversary last month?
“We need to send FORBES AFRICA to every corner of the world so people can be educated about Africa has to offer,” he says.
– Karen Mwendera
‘Old Cars Make Me Nostalgic’
A vintage car collector in Mauritius says nothing can beat driving an old car through the swaying sugarcane fields near his home.
One of Mauritius’ most famous vintage car collectors is Viju Gowreesunkur, a sugar farmer whose home in Central Flacq by the ubiquitous sugarcane plantations, is a repository of gleaming metal. In his unassuming, musty garage, under greasy white sheets, are some of the island’s most classic vehicles.
The Rolls-Royces and Cabriolets stand out in the ubiquitous green of the sugarcane fields, taking unsuspecting passersby to another era.
“I love old things, old houses, old furniture… and old cars that make me nostalgic,” the 60-something Gowreesunkur, who also has many vintage cars parked in the front yard of his home, told FORBES AFRICA when we visited him in mid-2017.
“When you see an old car, it brings back memories of your parents, an old film… the cars are that and so many things, you can’t really express it.”
The die-hard antique enthusiast says he has as many as 50 vintage cars in his collection, possibly a record in all of Mauritius. A respected senior at Mauritius’ Vintage and Classic Car Owners Association (VCCOA), he regularly attends meets and races.
In his garage are such jewels as a stunning burgundy 1950 Opel, six Chevrolets, six Jaguars, three horse wagons, a black Daimler that belonged to the Governor of Mauritius in the colonial period, and three Rolls-Royces including a 1956 Silver Clouds Rolls-Royce “believed to have belonged to Marilyn Monroe”. Gowreesunkur’s first car was a beige Citroën that he has now given up. Every car he owns has a story, he says.
“I drive for pleasure… When you drive an old car through the sugarcane fields, you don’t feel anything, you don’t feel the bumps, it’s just incredible!”
– Renuka Methil
Bodak Green: How To Earn Eye-Popping Yields From Music Royalties | Forbes
When looking for alternative asset classes, some spenders are looking at music royalties as a way to invest without depending on traditional stock market trends.
Historically, music catalogs generally cost tens or even hundreds of millions and were rarely chopped up song by song, let alone down to a percentage of a single track. Creators were often underpaid for their music as well. But, the evolution of streaming services is changing the way royalties make money. From movie and TV show music catalogs to songs by hip hop artists Cardi B and Tupac, investing in music has proven to be a lucrative business — for artists and investors alike.
Read the full profile on Forbes: https://www.forbes.com/sites/zackomal…
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