Home News Why Top Kenyan Billionaire Rejected Offer From Africa's Richest Man

Why Top Kenyan Billionaire Rejected Offer From Africa’s Richest Man [VIDEO]

  • One of Kenya’s wealthiest citizens Narendra Raval caught the attention of Africa’s richest man Aliko Dangote in 2018 where their talks reportedly veered towards the offer from Dangote to purchase his hugely successful company in Kenya.

    The billionaire, talking to Jeff Koinange and Victoria Rubadiri on September 9, 2018, narrated that though he had received the offer to have the company bought off, he had declined because of his convictions and the general outlook of the company.

    “Once you create something, it becomes next to your heart. Second thing, my company has a policy of a lot of Corporate Social Responsibility (CSR) and I am thus not so much about money but the people and the society around us,” he narrated.

    Aliko Dangote, chairman, and CEO of the Dangote Group, and Africa's richest man in his office in Lagos, Nigeria in July 2018.
    Aliko Dangote, chairman, and CEO of the Dangote Group, and Africa’s richest man in his office in Lagos, Nigeria in July 2018.

    CSR is a self-regulating business model that helps a company be socially accountable to itself, stakeholders, and the public.

    According to CSR expert Mallen Baker, companies needed to answer to two aspects of their operations; management – both in terms of people and processes (the inner circle), and also the nature of, and quantity of their impact on society.

    Narendra told his Citizen TV host that his biggest worry was also giving the company out to the public while he was not sure how it would perform, in effect robbing people of their hard-earned cash and trust.

    “I want to go public when I am sure that the company can and will be able to give better returns to the people,” he stated, noting that the company was yet to reach the heights he had anticipated.

    He narrated his dream of making Kenya’s steel industry import free by pushing for the exploitation of the country’s iron ore reserves. 

    “I have a dream to make Kenya import-free, and then I will strive to ensure that the shareholder gets proper returns from my company. I will be more worried by taking the people’s money if I am not able to be the best custodian,” Raval stated.

    As of 2018, Forbes estimated Raval’s net worth at around Ksh40 billion, and his steel company, Devki, is estimated to be generating billions in revenue every year.

  • 11,178FansLike
    2,861FollowersFollow

    NEWS JUST IN

    Meet Woman Giving Rogue Cops Sleepless Nights

    The national police service has been in the spotlight over the years for acts of rogue police officers accused of extra-judicial killings and brutality, especially...

    Police Officers Who Brutalised JKUAT Student Identified

    The identities of the police officers who were caught on camera severely beating a Jomo Kenyatta University of Science and Technology (Jkuat) student...

    Jubilee MP Ready to Lose Job in Bitter Rant to Uhuru [VIDEO]

    Bahati MP Kimani Ngunjiri on Wednesday, November 13, expressed disappointment at President Uhuru Kenyatta. Speaking during a press conference, the MP dared the president...

    Uhuru's Project Impresses Bill Gates' Wife

    President Uhuru Kenyatta met Melinda Gates, the wife of one of the richest people in the world, Bill Gates, at State House Nairobi...

    ODM's Savage Response to Ruto Allies Over Secret Matiang'i Meeting

    The Orange Democratic Movement (ODM) on Wednesday, November 13, hit back at Deputy President William Ruto's allies. In a press statement, the party dispelled...

    Last Words Poisoned KSCE Student Told Father Before Dying in His Arms

    A distraught father on Wednesday morning narrated the final painful moments he shared with his son, a KCSE candidate, moments before he died...

    Judge Demands Kalonzo's Classified Messages in Murder Case

    A murder suspect in a controversial land case has seemingly won the first round after a High Court judge ruled that Wiper leader...

    Senate's Latest Move to Seal Waititu's Fate

    Kiambu Deputy Governor James Nyoro could be set to assume full control over the county's affairs, after a motion tabled by Narok Senator Ledama ole Kina on...
    Loading...