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ABOUT THIS ISSUE Business Minus the paperwork Welcome to the Tablet Edition Powered By FORBES VOLUME NUMBER CONTENTS — MARCH 2013 “The objective for people like myself is not to see how much money you can make, because there’ll always be somebody richer than you are So what the heck?” “He inclined his head, made the Indian ‘Namaste’ spiritual greeting sign with his hands and said: ‘Forgive me but I not want to talk about it’ before diving into his waiting limousine.” “We opened the irst foreign exchange bureau called Crane Forex Bureau Within six months we were doing more business than the banks’ foreign exchange departments.” — Christo Wiese Chairman of Pepkor — Robert Friedland Founder of Ivanplats — Sudhir Ruparelia Ruparelia Group Chairman Page 14 Page 44 Page 46 10 | EDITOR’S DESK // Chris Bishop 12 | BRIEF 360° FORBES FOCUS 24 | BISmARCK STARES ThE BEAST In ThE EyE AnD DARES nOT BlInK Tendai Biti—the rough tough inance minister of Zimbabwe they call Bismarck—has the toughest job in the world, especially on days when the country has only $217 left in the bank He believes President Robert Mugabe should have resigned years ago by Lazarus HLenga 28 | DIggIng FOR pROFITS Every citizen of our world will need 1,343 metric tons of minerals, metals and fuels in their lifetime That helps explain why Cape Town’s annual Mining Indaba—the third largest in the world, arguably at the highest level—is a huge event by Peter suLLivan 30 | SpECIAl REpORT: ThERE’S OnE FlyIng nEAR yOu There is a swarm of stealthy machines You may not see nor hear them but they are about to transform your life There are thousands of them lying as you read this This month, FORBES AFRICA brings you a special report on drones in Africa by HamiLton Wende COVER IMAGE BY MARK CAMERON fOR fORBEs AfRICA; AssIstANt: GAVIN VAN dER BERG REtOuChING BY thE VANIllA RAIN CREAtIVE | FORBES AFRICA MARCH 2013 ENTREPRENEUR 40 | nO nAIl lEFT unpOlIShED If someone were to tell you that a thriving beauty chain was started by a 50-something-year-old man who had dropped out of university, you may ind it hard to believe But once you talk to the man himself, it starts making sense by Lerato seKo 48 | gO WEST! Each year, increasing numbers of business and leisure tourists head for West Africa Paul Ansah is waiting for them by abisoLa oWoLaWi LIFE 50 | ThE CAR ThAT ChAuFFEuRS yOu Imagine a car you could put on autopilot so you can sit back and relax by Peter PiegL 52 | nO lAW AgAInST ChASIng lIghT Photographer Kelechi Amadi-Obi turns in his barrister’s wig and gown for a zoom lens and pixel power by raditHebe rammutLe TELECOmmUNICaTIONS SUPPLEmENT 54 | DAvID TAKES AIm AT gOlIATh Alpesh Patel plans to down the Goliaths in the battle for half a million cellphone users by LuKe muLunda 56 | hOW AFRICA COnECTS // Infographics INVESTmENT GUIDE 70 | mInIng ThOughTS // Brendan Ryan SPORT 80 | mBA! On A SunDAy OF mADnESS AnD glADnESS Nigeria is back on top of African football and it means their jubilant fans will expect even more from the Super Eagles page 74 “If we can ind a way to partner with african exchanges, so that we use what we well and what they well What we well is deep markets, lots of capital, lots of clients committed to us What they well is access to the clients in their home market etc If we can partner together to provide investors through us, access to capital and that would be a win That’s what we want to do.” — Nicky Newton-King, CEO of the JSE by tsHePo tsHabaLaLa by CHarLes idem 82 | KIRSTy’S On A mISSIOn WITh ThE COmmISSIOn Olympic gold medalist Kirsty Coventry wants a better deal for athletes by miLLie PHiri FOLLOW FORBES AFRICA THIS IS aFRICa 84 | QuOTES FROm ThE mInIng InDABA MARCH 2013 FORBES AFRICA | MARCH 2013 – VOLUME NUMBER ChAIRMAN: Zafar Siddiqi f0uNdER & PuBlIshER : Rakesh Wahi MANAGING dIRECtOR, ABN GROuP: Roberta naidoo PROJECt dIRECtOR: Sid Wahi ExECutIVE dIRECtOR: Bronwyn nielsen NON-ExECutIVE dIRECtOR: Busi mabuza NON-ExECutIVE dIRECtOR: Sam Bhembe MANAGING EdItOR Chris Bishop GENERAl MANAGER Davlynne lidbetter AssOCIAtE EdItOR vuyo mvoko suB-EdItOR Iga motylska BdM - EAst AfRICA govenor makhubela BdM - WEst AfRICA Radithebe Rammutle ARt & dEsIGN dIRECtOR lieria Ferreira PROduCtION COORdINAtOR Shanna Jacobsen dIstRIButION COORdINAtOR gillian van Zyl JuNIOR JOuRNAlIsts lerato Seko, mpho Raborife, Abisola Owolawi abn management team Group head of West Africa: Frederic Van de vyver Group head of sales: Quinton Scholes Chief Editor, Africa Business News: Godfrey Mutizwa Group head of Marketing: Alexander Leibner Group Multimedia Manager: Andrew Herd Group head of human Resources: Rochelle John Group head of technical Operations: Jean Landsberg Group head of Events: Zubaidah Hanif Group head of finance: Alistair Aitken Business development Manager, Africa: Ali Naka Group head of Corporate Communications: Nola Mashaba ABN Publishing, south Africa: 4th Floor, West Tower, Sandown Mews, 88 Stella Street, Sandton, South Africa, 2196 Contact: +27 (0)11 384 0300 ABN Publishing, Nigeria: Ground Floor, Katia Gardens, Plot 1676, Oladele Olashore Street, Victoria Island, Lagos, Nigeria Contact: +234 (1) 279 8034 ABN Publishing, Kenya: University Way, 19th Floor Ambank House, Nairobi, Kenya Contact: +254 (20) 225 2150/1 Forbes media LLC Chairman & Editor-in-Chief: Steve Forbes President & Chief Operating Oicer: Timothy C Forbes Vice Chairman: Christopher Forbes President forbeslife: Robert L Forbes President, forbes tV and licensing: Miguel Forbes Forbes ISSN 2223-9073 is published monthly except for two issues combined periodically into one and occasional extra, expanded, or premium issues FORBES AFRICA EDITION is published by ABN PUBLISHING (PTY) LIMITED under a license agreement with Forbes Media LLC, 60 Fifth Avenue, New York, New York 10011 FORBES is a registered trademark used under license from FORBES LLC subsCriPtions: For subscription rates and options, go to www.forbesafrica.com FORBES AFRICA is available in South Africa, Nigeria and Kenya To subscribe online, change your address, or for other assistance, please visit www.magsathome.co.za You may also write to FORBES AFRICA subscriber service, subs@ramsaymedia.co.za or call +27 (0) 860 100 209 Copyright © 2011 ABN Publishing (Pty) Ltd Copyright © 2011 FORBES, as to material published in the US edition of FORBES All rights reserved Printed in South Africa by Paarl Media Cape and EPP Dubai in the UAE | FORBES AFRICA MARCH 2013 SUBSCRIBE TO THE BILLIONAIRE LIFESTYLE, suBsCRIBE tO fORBEs AfRICA CLICK HERE FOR OUR PRINT SUBSCRIPTION OFFER www.forbesafrica.com FORBES EDITOR’S DESK — CHRIS BISHOP “Carpe Diem” Mining Puts Its Money Where Its mouth Is by CHris bisHoP, managing editor E very time I appear on a radio station talking about my favorite subjects—journalism and FORBES AFRICA—one tweet is inevitable It usually goes something like this: “How can you celebrate rich people when most people in Africa have nothing?” It is an uncomfortable thought Africa has one of the widest gaps between rich and poor and it is little to be proud of In the last 20 years, I have been fortunate to walk the road less travelled: from Khartoum to Kigali; Goma to Giyani; Maputo and Lusaka to Luanda and Lilongwe That is the road that starts with the ive-star hotel red carpet, leading to the sandy lines through the shanties and on to the dusty villages where water, food and doctors are scarce; where people scrape by on less than a dollar a day If you have walked that path, you know; you don’t need anyone to tweet about it That is why the news that South Africa billionaire Patrice Motsepe is to give away a large slice of his family fortune to those who have not, warms the cockles of the heart—it’ll go to education, health and the promotion of the entrepreneurial spirit Analysts calculate that around R360 million ($40.3 million) from the Motsepe Foundation will change hands, each year When Motsepe made the surprise announcement at a luxury Sandton hotel in late January, there was the usual sprinkling 10 | FORBES AFRICA MARCH 2013 of cynicism among journalists One joked that Motsepe had already done his bit for charity by bankrolling South Africa’s struggling premier league team, Sundowns Joking apart, at the very least, Motsepe is trying to something for his fellow man Talk is cheap and a wise man once said that the only time you can be sure of a person’s sincerity is when he or she puts their hand in their pocket Motsepe has a very large pocket at that He could empty it quite easily by buying every house, toy and car known to man; instead he is trying to spread a little wealth where it is most appreciated True, Motsepe is not the irst billionaire to hand over his hard earned millions There have been billionaire benefactors from John Rockefeller to Warren Buffett and Bill Gates They are made even more remarkable in that often those who have amassed a fortune can—in my dear late grandmother’s words—be as mean as charity Let’s hope that many other wealthy Africans will follow suit and make this continent a better place to live Africa’s richest man, Aliko Dangote of Nigeria, told me last year that he is thinking of doing the same As for Motsepe, I saw him at the Mining Indaba in a very warm Cape Town, early in February, and wished him well with his bold move This year’s Mining Indaba was a gathering of more than 7,000 of the great and the good, to chew over the issues of the day It is the best place for the inside MARCH 2013 FORBES AFRICA | 71 INVESTMENT GUIDE — ON THE MARKETS TSHEPO TSHABALALA THE GOOd, THE BAd anD THe uGly A s the ugly—the worst period in South African mining the country has seen in its young democracy, which tanked the currency last year—is somewhat almost behind us, the bad times might not be over for South Africa’s currency Since the beginning of the year, the rand has depreciated by 6.1% on a trade-weighted basis and about 6% against the dollar, this according to Reserve Bank governor, Gill Marcus, who addressed the irst monetary policy meeting for 2013 during the irst quarter The rand has weakened more than any other emerging market currency this year Marcus also warned that further volatility could be expected “We are concerned about the volatility and also the level [of the rand],” says Marcus But she pointed out that there was a beneit to the weakening of the currency—it was likely to help “moderate” the current account balance A deicit occurs when a country’s imports of goods, services and transfers exceed its exports According to South Africa’s central bank, the country’s account deicit reached 6.4% of gross domestic production in the third quarter last year Investors remain wary about Africa’s biggest economy as it continues to be plagued by labor disputes The year began with strikes in the farming sector, coupled with uncertainty about the global economy which pushed the rand past the R9.10/$ level in late January This was 72 | FORBES AFRICA MARCH 2013 its weakest level against the greenback in nearly four years The currency has been undermined in the past few months by labor unrest, rating agency downgrades and the widening deicit on South Africa’s current account “Theoretically, a weaker currency should help ‘adjust’ the current account deicit back to more manageable levels: as the rand gets weaker, exports become more attractive and the trade deicit eventually narrows,” says Gina Schoeman, a London-based economist at Citi Speaking at the World Economic Forum (WEF) in Davos, Switzerland, trade and industry minister Rob Davies said the weaker currency would assist exporters and to some extent would ofset lower demand in Europe, which is South Africa’s biggest trading-bloc partner This month also sees another battle between the Republicans and Democrats, in the States, as they need to reach a decision on whether to raise the credit limit or not The failure to close a deal could mean a default on US debt or another downgrade Global markets should be prepared for another eleventh hour decision It could be another case of the rest of the world getting into bed, if the world’s biggest economy sneezes Back home, it hasn’t been easy as the rand has given up 7.6% against the dollar, 8.9% against the euro and 3.7% against the pound Economists expect the rand to trade in the R8.70–R9.25 to the dollar range for the year Speaking at the group’s brieing earlier in the year, Absa Asset Management private clients general manager of investments, Craig Pheifer, said the Absa capital team believe that the real efective exchange rate of the rand at these levels (8.77), the currency is undervalued by about 4–5% “They’re anticipating somewhat strength in the currency over the course of this year,” he says Schoeman points out that aside from the fundamental macro drivers, there are concerns that political uncertainty and labor unrest will leave ofshore investors evermore wary on South African assets, and as a result, portfolio inlows (bonds and equities) will shrink signiicantly Another ratings downgrade would only support these fears, which in turn would also be signiicantly randnegative Economists expect the currency to remain volatile throughout 2013 “It could claw back some of its losses at times during the year but this is likely to only be ‘technical’,” added Schoeman Factors like economic growth, inlation and the currency account deicit are conducive to a weaker, rather than a stronger rand in 2013 Overlay these fundamentals with a still-shaky backdrop of political uncertainty and labor tensions and this further supports a view for more weakening in the currency The not-so-bad news is that Pheifer expects a modest growth for the country, but potentially a little higher than last year, on mostly the back foot of expectations on some improvement in exports He said South Africa’s economy is likely to grow by 2.8% this year, slightly below the Reserve Bank’s forecast of 2.9% INVESTMENT GUIDE — FRANCHISES LULA AHRENS FRANCHISES HuNGRY FOR anGola A ngola’s irst two Kentucky Fried Chicken (KFC) franchise restaurants were opened in the capital of Luanda last summer Given Angola’s dazzling economic growth, American fast food franchising might well be on the verge of an explosion It has taken Angola 10 years since the end of its 27-year-long civil war in 2002 to become part of ‘Mc World,’ and the process is still in its early stages While developed markets stagnate, relatively stable and peaceful Angola is one of the world’s fastest growing economies; last year saw a growth rate of around 8-10% These factors are persuading international fast food franchises to set their worries aside and partake in Angola fever Portuguese company Ibersol operates Luanda’s irst two KFCs in collaboration with American company Yum! Brands, which prepares and sells food through KFC, Pizza Hut, Taco Bell, Long John Silver’s and All American Food Restaurant brands With foreign investment in the two KFC restaurants worth $5 million, Yum! and Ibersol not expect signiicant returns within the next ive years But eventually, the generated cash low will be invested in new projects “To ensure a signiicant brand presence,” says Ibersol Angola director Helton Carvalho The companies’ goal is to make KFC one of the leading brands in Angola in the medium term “KFC is the only big international brand that has actively sought to expand in Sub-Saharan Africa and has very positive experiences in various Sub-Saharan countries, indicating appreciation by African consumers We studied Mozambique as well, but our choice fell on Angola due to the potential market size and the level of competition,” says Carvalho And that is despite Angola’s very high costs of investment Yum! Restaurants International saw the number of KFC restaurants in new African markets grow to 63 at the end of 2012 Together with the ‘older’ markets, namely South Africa, Egypt, Morocco and Mauritius, there are now almost 900 KFC outlets in Africa “There is a tremendous pull from Africa for people looking to franchise abroad It’s a fantastic place to invest in, with tremendous returns,” franchising expert Kendal Tyre told FORBES AFRICA According to Tyre—who edited Franchising in Africa: Legal and Business Considerations—the introduction of American fast food chains and other franchises in Angola will boost entrepreneurship; expand the formal sector and create jobs “Recent studies of the African Development Bank revealed that only 15% of franchised small and medium business enterprises (SMEs) in Africa folded, compared to an 80% failure rate among independent businesses SMEs currently account for more than 90% of private business in Africa,” he says Tyre added that franchising can be an efective tool for poverty reduction and wealth creation through increased private sector development Carvalho expects KFC’s irst customers to be from the higher income segments of Angolan society but the goal is to popularize the brand and make it universal He believes that increasing purchasing power will result in a tremendous widening of the market for international fast food brands He even compared their expected development to that of mobile phone use in Angola and Africa, with a similar future price adjustment Wealth is indeed slowly spreading in Angola According to Angolan economist, Professor Manuel Rocha, as a result of the spillover efects of economic growth over the last ive years around 10% of Angolans now earn an average annual income of $7,500 Angola still has some way to go before American fast food loods the country “It is a lot more attractive than some African countries But yet not as attractive as South Africa or Egypt, which are considered gateway countries from which to expand,” says Tyre “What’s great about Angola is that it has the necessary legislation in place since 2003 But because it’s new legislation with few court decisions interpreting its provisions, there is no overwhelming sense of comfort yet.” Poor infrastructure remains a problem despite continuing improvements Carvalho echoed these sentiments, saying that Yum! and Ibersol will only consider introducing other fast food brands in Angola “When they know the Angolan market well enough” One thing, however, is clear: despite these hurdles, American fast food and other franchisors are already deciding if Angola’s impressive prospects are worth the efort MARCH 2013 FORBES AFRICA | 73 FORBES INVESTMENT GUIDE JSE The JSE is one of the best regulated stock exchanges in the world, so why isn’t it making more money? by tsHePo tsHabaLaLa 74 | FORBES AFRICA MARCH 2013 I n the high-rise oice overlooking one of the largest man-made urban forests, against the silhouette of Johannesburg’s central business district in the distance, sits Nicky Newton-King The unassuming chief executive looks relaxed in handling one of the biggest jobs in inance It’s just over a year since NewtonKing took over the helm of Africa’s biggest bourse and it hasn’t been easy running an exchange voted the best regulated in the world for three consecutive years The JSE beat 141 exchanges rated by the World Economic Forum’s Global PHOTOS BY CHRIS TOWNEND FOR FORBES AFRICA The Power Behind africa’s Biggest stock exchange Competitiveness Report “It’s not the nature of the award per se, it’s the fact that we’re keeping the standards up and that builds conidence It’s important for South Africa’s inancial markets, banking system, corporate governance and accounting standards to be all rated in the top ive in the world alongside the best regulated exchange recognition,” she says Aside from the award, the bourse has broken numerous records in the last year and recorded its best annual returns at 22%, for the irst time in three years, despite a diicult, challenging and unpredictable year But this year will not be easy for the exchange, in Africa’s biggest economy, as the mining sector is likely to be hurt by another wave of wildcat strikes, especially if Anglo American Platinum goes ahead with its plans to lay-of 14,000 employees and mothball shafts This could damage investor interest in the country and may persuade them to invest their money elsewhere Amid a struggling world economy and labor unrest, two of the biggest issues for the exchange are to address the failure of the African Board and to secure the lion’s share of primary listings The Africa Board—an attempt to have a separate listing platform for certain countries on the continent outside South Africa—was scrapped last year after three years of struggle It was met with lackluster demand from African irms who were more interested in listing in London Newton-King admits many were confused as to what the board was about “We didn’t hit the mark on what we wanted to do, because we ended up confusing people Is the Africa Board something less than the main board? And clearly once you realize that you are not hitting the mark, it’s better to address that right up front,” says Newton-King The plan for 2013 is to work closely with 24 exchanges in Africa, without buying strategic stakes “If we can ind a way to partner with African exchanges, so that we use what we well and what they well What we well is deep markets, lots of capital, lots of clients committed to us What they well is access to the clients in their home market etc If we can partner together to provide investors through us, access to capital and that would be a win That’s what we want to do.” On the primary listing front, Newton-King says the JSE expects to close deals for a number of good listings this year, even though she admits the listing environment is quite slow Currently the exchange has 12 listed companies from elsewhere on the continent, as well as the Namibian government bond issue listed in November, which is traded in South African rands It is the irst time a sovereign bond outside South Africa is raising money on the exchange and Newton-King says she expects more from it this year The commodities market was recently granted approval to trade contracts on Zambian grain in dollars on the JSE This is the irst time the exchange has traded a product in US dollars “We can see the opportunity that opens up for us, the opportunity to potentially trade a whole lot of our other products in foreign currency This is interesting because our clients are looking for diversiication, it’s a new asset class,” added Newton-King With a weakening rand against the dollar and labor unrest, it’s certainly going to be a challenging year for the JSE MARCH 2013 FORBES AFRICA | 75 INVESTMENT GUIDE — CHINA IN AFRICA PROFESSOR MTHULI NCUBE THE SuN SETS ON eMployMenT T he fact is that many young Africans ind themselves unemployed or, more frequently, underemployed in informal jobs with low pay According to the African Development Bank’s (AfDB) African Economic Outlook 76 | FORBES AFRICA MARCH 2013 2012, Africa has the highest unemployment rate at 12%, against 9.1% worldwide African youth makes up 60% of the continent’s unemployed In Egypt, Mauritius, Morocco, South Africa and Tunisia young people are two to six times more likely to be unemployed than their elders Even the dynamic informal sector hasn’t been able to mop up the jobless It is well-known that Africa’s growth has outperformed the global rate over the last decade, a trend which looks set to continue Yet, as recent events in a number of North African countries have demonstrated, high growth is not suicient to guarantee employment Large segments of the population, and particularly the young, can be left behind and become discontent There is also considerable complexity in African labor markets; there is no one-size-its-all solution I believe governments need to: contributions from formal sector wages should be an important longterm goal National sexual and reproductive health programs have a role to play here promotion of policies, which support “africa has the highest unemployment rate at 12%, against 9.1% worldwide.” at the forefront of the policy agenda by creating mainstream employment creation programs in national development strategies target young workers through labor intensive public works schemes conducive to growth and structural change In order to this, governments will need to focus on three interrelated objectives: Creating an export push Building irm capabilities Supporting agglomerations The typical low-income economy in Africa needs to accelerate the growth of agro-industry, manufacturing and tradable services to create higher productivity jobs private investment Here governments should continue to deepen enabling environment for private sector investments reforming the system By adopting reforms aimed at skills training that keep abreast of labor market dynamics with a focus on post-primary education institutions Deregulation of the labor market should be considered, as well as separating social insurance from formal job status and social insurance gender equity in the labor market and access to health, education, credit etc system Countries will need to strengthen data collection, analysis and dissemination of labor market information At stake is the up to 12 million jobs needed for the youth of Africa; that’s a little less than the population of Zimbabwe job elasticity of growth—that is the number of jobs created as a result lead to dramatically diferent youth unemployment rates in decades to come The relatively stabilized economic and political situation in Africa, with an expanding middle class, provides an opportunity to reset the policy agenda of African governments towards creating jobs and growth for the young Building on this, we also need to promote the African private sector where entrepreneurship is thriving and creating employment and economic growth despite the challenges AfDB and USAID appear determined to build a class of entrepreneurs within the continent Through the creation of platforms Development Strategy, the Bank aims to provide money and support to small and medium enterprises to create jobs There are also a few things that African leadership could to create employment, such as strengthen the energy infrastructure, the private sector, as well as regional institutions Governments should also more to allow freer movement of skilled people, as African nations push towards regional integration and a larger market The Tunisian government’s social program aimed at creating the necessary structural reforms to strengthen competitiveness and stimulate growth Some key pillars of the plan include: ensuring that development is all-inclusive and equitably shared amongst the diferent strata of society; promoting a knowledge-based economy in which science and technology will play a signiicantly enhanced role; creating favorable conditions for the promotion of productivity, and free-entrepreneurship; investing in human capital through education and training, as well as fostering professional competency in all ields; and ensuring adequate, balanced and viable inancing of the economy An example can already be seen which is an innovative job-creating initiative being implemented by 19 public and private sector partners in Tunisia The pilot has seen projects covering agriculture, manufacturing, handicrafts, tourism, ICT, renewable energy, services, health and education Tanmia ranged from a diverse section of the population with 54% youth (aged 18-24 years), 32% women, 31% previously unemployed and 61% from disadvantaged areas We live on a continent that is vibrant, innovative and rich in mineral resources and fertile land, but undoubtedly our greatest asset remains our people Africa needs to work together to make sure the people work MARCH 2013 FORBES AFRICA | 77 FORBES SPORT THE KALUSHA BWALYA COLUMN The Great, The Good and The Disappointing The Afcon 2013 showed that the African game is maturing Here are the highs and lows, the stars and blows T he 2013 Africa Cup of Nations was a great advert for, not just, the lair and excitement of African football but also the great strides the game has made on the continent There are no longer ‘big’ or ‘small’ teams We had 16 sides in this competition who, probably, on the day could have matched anyone That is great for African football, it shows that the African game is maturing The more competitive it becomes, the higher the level we will reach in the global game It was fantastic to see the number of fans from outside of South Africa, who made the journey—the Ethiopian support was incredible There isn’t much of a culture of traveling support in Africa The diiculty and expense of making trips across the continent is prohibitive This year, quite a few sides brought along with them good support to mingle with their countrymen living in South Africa and it made for a wonderful spectacle at some of the matches Respected English journalist, Oliver Holt, said that the atmosphere at Zambia’s game against Ethiopia, in Nelspruit, was one of the best he had ever experienced at a football ground That is high praise coming from a man, who has covered many World Cup, European Championship and Copa América matches Sure, some matches were played Kalusha Bwalya 78 | FORBES AFRICA MARCH 2013 at near empty stadiums but this is a Nation’s Cup problem that is not particular to this tournament Matches not involving the host nation are always a tough sell After the irst round of group matches were out the way, I thought the football was of a high standard It is generally the case in most major inals that teams make a cautious start Nobody wants to lose their irst match because that leaves you chasing qualiication for the next round and having to lift the spirits of your players So, most sides were cautious and this relected in the football played in those opening games: tentative and nervous Even defending champions Zambia—known as Chipolopolo, which means the copper bullets—found it tough going The outstanding Kennedy Mweene, who was between the posts, stopped two penalties and scored one Two draws against Ethiopia and Nigeria saw Chipolopolo need points in the last game against Burkina Faso but it was not to be It was a sad reality check for Zambians and a chance for us to focus on our World Cup 2014 campaign typical smash-and-grab with the Togolese playing classic counterattacking football I must admit that I enjoyed watching Burkina Faso in all their matches They have shown great potential in the past but failed to back that up with results They are now regular qualiiers for the Nations Cup but prior to this year they had only made it past the irst round on one previous occasion—when they hosted Afcon in 1998 In Alain Traoré they have what is undoubtedly a new African star who is dazzling to watch It was such a shame that he was forced out of the tournament so soon through injury Other new names that caught my eye were Ryan Mendes, the 23-year-old from Cape Verde who plays for Lille in France, who certainly looked likely up front Ghana’s Mubarak Wakaso, the leet-footed midielder for Espanoyl in Spain, is a real talent for the Black Stars Nigerian defender Kenneth Omeruo, on loan at Chelsea, showed his talent and Bakari Koné was a real rock at the back for Burkina Faso His teammate Jonathan Pitroipa, a winger The one big disappointment, from a neutral perspective, was the early exit of Côte d’Ivoire, ending the great Didier Drogba’s chances of lifting the one prize that has eluded him in his illustrious career Drogba has been a fantastic ambassador for his country and Africa as a whole; after so many near misses, perhaps it would have been itting if he had held the trophy aloft at Soccer City But football is not based on sentiment and this golden generation of Ivorians may now have to give way to others for the next tournament in Morocco, to be held in 2015 The poor state of the pitch at Mbombela Stadium, in Nelspruit, was a problem and did not the venue’s reputation any favors But I felt sorry for the organizers who took lak for it It was an act of nature that it turned out that way and you cannot simply move matches in the middle of a tournament A lot of planning goes into every game and logistically it would have compromised the ixture And what of the fans who had already paid for their tickets, as well as travel and accommodation expenses South Africans, as always, were wonderful hosts despite the pessimism that prevailed around their national respected english journalist, oliver Holt, said that was amazing to see the atmosphere at Zambia’s game against ethiopia, side Itcountry change oncethe mood in the they made in nelspruit, was one of the best he had ever it out of the group stages and to be fair they were unfortunate in their experienced at a football ground quarterinal with Mali But South Africans can be proud of a job well who plays for Stade Rennais, has been The tournament came to life after done regarding the organization of the around for a few years now but looks to tournament, especially after having that and we saw some terriic matches have matured into a top-class player and great goals taken over the reins at such short There were some old hands who South Africa’s 2-2 draw with notice, after Libya was unable to host showed their class too Seydou Morocco comes to mind It was a seedue to political turmoil They are set to Keita, the twinkle-toed dazzler from saw battle played in front of 50,000 host the tournament in 2017 Barcelona, was outstanding for Mali; passionate fans and had some great There will be no rest for these a real leader on and of the pitch, goals in it too sides now though as March sees the with a personality that wins over his Nigeria’s quarterinal win over resumption of the qualiiers for the teammates Emmanuel Adebayor had Côte d’Ivoire was a fascinating 2014 FIFA World Cup The attention a good tournament too after all the battle between two of the traditional now turns to Brazil 2014 with more speculation over whether or not he powerhouses of the continent; while African football history to be made at would even play Togo’s victory over Algeria was a the upcoming FIFA World Cup MARCH 2013 FORBES AFRICA | 79 FORBES FORBES SPORT AFCON ROUND-UP Mba! On A Sunday of Madness and Gladness Nigeria is back on top of African football and it means their jubilant fans will expect even more from the Super Eagles T he last time Nigeria’s football team won the Africa Cup of Nations in 1994, the infamous General Sani Abacha was president; South Africa had yet to hold its irst democratic elections and Google didn’t exist Nineteen years on, the Super Eagles were transformed from outsiders to champions in just 21 days This unexpected triumph sparked frenzied celebrations across the football-loving nation As fate would have it, both teams featured Stephen Keshi, who captained the 1994 team and is the current coach of the freshlycrowned champions Like most fairy tales, Nigeria’s 1-0 victory over Burkina Faso came against the odds It followed uninspiring performances leading up to the tournament, including a drab one all draw in their irst match against eventual inalists, Burkina Faso Most Nigerians lost faith when the team scraped into the quarter inal against tournament favorites—Côte d’Ivoire But a masterful display of skill and spirit saw Nigeria record a 2-1 victory Belief restored, the Super Eagles soared even higher, comfortably 80 | FORBES AFRICA MARCH 2013 dispatching Mali in the semi-inals, before defeating Burkina Faso by that lone goal scored by Sunday Mba, who plays for Warri Wolves F.C As the inal whistle blew, social media sites ignited with elation Tweets rolled out by the second “Burkina Faso boasted that they would deal with us but we said ‘Mba’ [which translates to ‘No’ in Igbo], not on a Sunday.” The billionaires went mad too Aliko Dangote and Mike Adenuga put up cash rewards of $820,000 and $1 million respectively, to the victorious team As the celebrations continued late into the night, the memories of previous disappointments were expunged in the excitement The Super Eagles and their fans now look forward to the FIFA Confederations Cup, to be held this summer in Brazil, where Nigeria will ly ‘Africa’s’ lag The fans demand nothing less than a top notch performance at the Confederations Cup and qualiication for the World Cup in Brazil next year It is a huge task for the country’s football administrators Nigerian football is notorious for squabbles and inighting among its administrators, many of whom are political appointees Indeed, barely 24 hours after the victory, controversy raged as the coach, Keshi, resigned in an apparent attempt to spite the Football Federation for threatening his position over poor performances Keshi subsequently rescinded his decision after the Nigerian presidency stepped in to mediate It is now hoped that the drama that played out following the victory, will gather a new wave of commitment to put the Federations’ house in order For Keshi, and his gallant men, the euphoria of securing their place in the history books is a tonic that they will surely savor before worrying about anything else STEvE HAAG/ GETTY IMAGES/ GALLO IMAGES); IAN WALTON/ GETTY IMAGES/ GALLO IMAGES; STEvE HAAG/ GETTY IMAGES/ GALLO IMAGES by CHarLes idem Emmanuel Emenike scored the highest number of goals (4) MARCH 2013 FORBES AFRICA | 81 FORBES FORBES SPORT KIRSTY COVENTRY kirsty’s on a Mission With The Commission Olympic gold medalist Kirsty Coventry wants a better deal for athletes Z imbabwe’s fastest swimmer, Kirsty Coventry, is making waves again Her road to fame began when she won her irst gold medal in the Olympics in Athens in 2004 She made history for her country once again, when she became the irst Zimbabwean and African representative on the four member International Olympic Committee (IOC) Athletes’ Commission 82 | FORBES AFRICA MARCH 2013 Coventry always knew she would be a star swimmer “I remember being nine-years-old and telling my dad that I was going to go to the Olympics and I was going to win a gold medal,” she says Her dad has supported her ever since Her dream came true when she won the gold, silver and bronze medals at the 2004 Olympic Games in Athens She won four more medals in Beijing in 2008—a gold for her world-record LARS BARON/ GETTY IMAGES/ GALLO IMAGES by miLLie PHiri time in the 200-meter backstroke and three silvers She earned the nickname “Golden Girl’’ from Zimbabwean President Robert Mugabe “The greatest feeling is hearing your national anthem being played You know the world is watching and you know you have just won gold, but you still can’t believe it,” Coventry tells FORBES AFRICA Coventry was voted onto the commission—which was set up in 1981 to protect athletes’ interests—during the London Olympic Games; after beating 21 hopeful candidates She will hold the position for eight years The other members include: Danka Bartekova from Slovakia (shooting); James Tomkins from Australia (rowing) and Tony Estanguet from France (canoeing-kayaking) The Commission acts as a link between active athletes and the IOC Among other things it organizes an annual, international forum for athletes to discuss topics of interest Although Coventry and her fellow Zimbabwean athletes did not bring any medals home from the London Games, she was ecstatic about her appointment to the Commission “It was a great honor because it was my peers that voted me in for this position Knowing that they have the conidence and trust in me, to represent them to the best of my ability, is a wonderful privilege This feeling is compounded by the fact that Zimbabwe is such a small country and yet I got the votes required to be part of this Commission,” she says She believes her presence on the Commission is a chance to learn and get ideas from other countries and to have these implemented in Zimbabwe and across Africa Coventry concedes that Zimbabwe did not well and admits there was enormous pressure on her to bring home medals She sufered a knee dislocation and a bout of pneumonia before the July games “I had to adapt and refocus my goals which I exceeded My goal was to make the inals and I ended up sixth in my events, which after everything I had gone through, was completely remarkable,” she says The lack of funding for athletes in Zimbabwe was also a challenge Coventry says she loves that swimming inspires others “I want to give people hope I want to unite people and move forward I want other people’s dreams to become a reality,” she says Born and bred in Zimbabwe, she was taught to swim by her mother, Lyn, at the age of 18 months “I have loved the water ever since.” Coventry played tennis, hockey and ran cross country at school and she believes it is her love for all sports that has kept her in swimming She also owes her success to her family and her determination not to let things stand in her way She has advice for young, aspiring swimmers: “Always believe in yourself and hold your dream close to your heart Never let anyone tell you, you can’t something Perseverance is key; only those who persevere will succeed.” Looking back on her career, Coventry says she wouldn’t change a thing “Regardless of whether I have won or lost I have always learnt valuable lessons and those lessons have helped me to be successful,” she says Success is also about balance, which she gets from being around family and her iancé, Tyrone Seward “We help each other stay grounded,” she says Seward, who is also a sports fanatic, is her manager “It’s a wonderful experience because we get to travel together and he has played a vital part in my success At the “It was a great honor because it was my peers that voted me in for this position knowing that they have the conidence and trust in me, to represent them to the best of my ability, is a wonderful privilege.” moment, we are looking at diferent business opportunities in Zimbabwe and Africa We have great entrepreneurial spirit and we are obviously committed to working hard and being successful We are also looking for new partners for sponsorships,” she says There are no current plans to start a family; Coventry is “really enjoying being engaged” The couple has many ideas and plans when Coventry retires And when she does retire, swimming will still be in her blood “It’s going to be a follow on from my success in the pool to my success in business I will continue to work in the sporting arena on a large scale to ensure diferences are made and equal opportunity exists for everyone.” MARCH 2013 FORBES AFRICA | 83 FORBES THIS IS AFRICA SHINING ON MInInG T he Mining Indaba—held in Cape Town, South Africa, in early February—was the biggest yet with 7,800 participants From the upbeat to the very serious discussions, much was said about mining in Africa We bring you the best quotes from speakers and attendees Bernard sheahan, director of the infrastructure and natural resources department, Africa and latin America, for the International finance Corporation (IfC) “If you’re concerned about Africa being recolonized by China, then put your money where your mouth is.” dambisa Moyo, economist and author “The question is not just about what companies should give but how governments can leverage these revenues better The ad hoc, short-term and consumption-driven spending of most African countries is not an investment in the future.” dianna Games, CEO of Africa At Work “People invest where they’re comfortable personally and in London investors are comfortable with Africa Every week we interact with dozens of African mining companies; we more with those companies than anyone else.” simon Catt, GMP Europe managing partner “It is important for all mining stakeholders to be lexible and adaptable to the constantly changing environment to secure long-term sustainability.” susan shabangu, south African minister of mineral resources “The government and industry are shouting at each other from our respective corners We have to put our diferences aside, understand they’re there and start engaging in a way that will change the industry and the country for good.” Mark Cutifani, CEO of AngloGold Ashanti 84 | FORBES AFRICA MARCH 2013 PHOTOS BY ANTHEA DAvISON PHOTOGRAPHY “At the IFC, we see the impact of Africa rising in our investments From less than 10% of IFC’s global investment portfolio only ive years ago Today, SubSaharan Africa is the second largest region of investment for us and we project that in three years we will be investing more in Sub-Saharan Africa than any other region in the world.” Tablet Edition Hope you enjoyed our tablet edition Please mail us your feedback at: letters@forbesafrica.com ... premeditated murder Write to us at letters@forbesafrica.com www.facebook.com /forbes. africa 12 | FORBES AFRICA MARCH 2013 www.twitter.com/forbesafrica www.youtube.com/forbesafrica GALLO IMAGES/ AFP; 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