Businessman Naushad Merali is dead.
His family confirmed Merali passed on Saturday in Nairobi.
The founder of mobile phone operator Kencell (now Airtel) and Sameer Group will be buried on Saturday in Nairobi, his family announced.
Following his death, tributes poured in online.
The leader of Amani National Congress political party Musalia Mudavadi mourned Merali as a distinguished international entrepreneur, industrialist and philanthropist.
“I am deeply saddened by the passing away of Naushad Merali. A renowned and distinguished international entrepreneur, industrialist, and philanthropist. Our prayers are with Zarin, Yasmin and Sameer Merali,” Mudavadi said.
A prolific investor and industrialist, Merali built a strong empire in banking, agriculture, IT and infrastructure sectors.
An old boy of Nairobi’s Highway Secondary School, Merali often shied away from the limelight.
Unknown to many, Merali made his wealth by first purchasing unprofitable companies and turning them around in his formative days as an investor.
His biggest break came in the telecoms sector when he purchased Vivendi shares as the race to control Africa’s mobile phone market became a tussle between South Africa’s MTN and Celtel.
He reached out to his billionaire friend Mohammed Ibrahim, the chairman of Celtel. He exercised his pre-emptive rights and brought Celtel on board.
With Dr Ibrahim’s help, he put Sh18.4 billion on the table. An hour later, he sold some shares and made a profit of Sh1.6 billion.
His tenure saw him shrink his shares to five per cent (Bharti Airtel Kenya) in 2013. He also added $150 million (Sh13.7 billion) to his wealth and later retired as chairman in 2013.
Sameer Group, named after his son, is perhaps his most known company.
He bought the Firestone US stake in Firestone East Africa in 1985 with bank loans, rebranded the well-known tyre brand into Yana Tyres and made a fortune when the company was floated on the Nairobi Stock (now Securities) Exchange.
