FRANCE-AFRICA-FORUM

African Of The Year: Ngozi Okonjo-Iweala

On June 1, CNBC Africa celebrates 13 years of relaying boundless stories of economic growth and prosperity on the African continent. It achieved its objective of changing the narrative and continues to do so with relentless reporting in the time of Covid-19.



There are mixed emotions as we celebrate CNBC Africa’s 13th birthday this year. There is untold joy in the reality that we have accomplished so much in the last 13 years. On June 1, 2007, there was a flutter of activity at Sandown Mews in Sandton in Johannesburg, as hundreds of guests came to witness the launch of the first pan-African business news television station.



The channel was born of a dire need to provide the world boundless stories of economic growth and prosperity on the African continent. All that was reported were stories of gloom, doom and despotic leadership; that was not representative of the paradigm shift of an Africa rising. CNBC Africa, under the ABN Group, achieved the objective of changing the narrative and is today a leading voice in telling the African story of economic prosperity; this is validated as we continue to receive glowing tributes from all captains of industry and policy-makers from across the continent.



This glory has not come without its challenges. The industry has evolved more rapidly and has been impacted by technology and the changing consumption patterns of its customers more than most other businesses. It’s indisputable that good and relevant content will always remain king but in order to remain ahead of the curve, the content also needs to be tailored increasingly to the customers’ (viewers) needs on the one hand and the clients’ (advertisers) needs on the other. While internet-delivered content will continue to grow, blended businesses like traditional TV provide an experience that will remain superior to digital-only businesses, as they have both features. The science of content creation and delivery will always be at the cutting-edge of our business.



The welcome change that we are going to witness is the alteration in the distribution models. Internet-based aggregators are likely to grow exponentially and will herald the decline of the monopolistic and highly inefficient subscription business currently prevalent. With further tariff reductions and alliances with telcos, we will see more value provided to customers through competitive pricing models and an equitable distribution of income to content producers, many of who are impaired by the incongruity of the current subscription model.



The current pandemic (Covid-19) has had a devastating impact on the media industry as a whole but on niche broadcasters in particular. On the one hand, media provides an essential service to all citizens by keeping everyone updated, revenue has all but dried up through this period, threatening the existence of a lot of businesses. We have made a humble appeal to all our advertisers and supporters to continue working with and supporting media companies through this crisis. We cannot succeed in our mission without the support of our viewers, advertisers and stakeholders to whom we remain eternally grateful for their backing over this long journey.



No tribute is complete without a thumping appreciation to our team that has worked endlessly to see this dream become a reality. In all parts of the continent, they have adapted to change, met challenges and continued to give their best under the leadership of Roberta Naicker, Sid Wahi, Chris Bishop, Jean Landsberg, Thameshan Sooriah, Fred VandeVyver and Denham Pons. I salute each one of them for their commitment and hard work.



The current crisis will see us coming out stronger, leaner and ready for the ‘new normal’ that awaits us.



– The writer is Founder and Publisher, FORBES AFRICA, and Co-Founder and Vice Chairman, ABN Group

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The Leading Voice In Telling The African Story

As part of FORBES AFRICA’s ongoing eighth anniversary celebrations, we present a CEO Rhetorical Analysis by Anahita Negarandeh, a Harvard University Extension School student, on FORBES AFRICA’s founder and publisher, Rakesh Wahi. The CEO Rhetorical Analysis researches and analyzes the rhetoric — the effective messaging or speech — of a CEO and global business leader. The values chosen to explore in the CEO’s rhetoric are a key part of this article.



This
rhetorical analysis examines the messaging of Rakesh Wahi, Founder of CNBC
Africa and FORBES AFRICA. By consulting with approximately 10 executives from
Wahi’s global team, this rhetoric examines four of his leadership values such
as courage and determination, collaboration, passion for education, and
equality. 



Courage and determination 



Wahi
is a well-respected global businessman based in Dubai and South Africa who has
been involved with approximately 20 corporate development projects. He
continues to grow his establishments in more than 25 offices around the world.
As a leader in media, IT, telecoms, and education, Wahi has built companies in
22 countries, employing over 1,000 employees. Prior to moving to the UAE, Wahi
served in the Indian Armed Forces for approximately nine years and was awarded
the Vishisht Seva Medal by the President of India in 1985 for distinguished
services to the country in peacetime. During his army service, at age 23, he
was part of India’s second base establishment in Antarctica where a near-death
experience changed his life. 



“But I realized at that age that life is not something you take for granted, therefore, whatever you want in this world, you have to set out to achieve it. At the end of the day, you are either there or not there; if you are not there, and if there are unfulfilled dreams, they will always be unfulfilled.” (Wahi) 



READ MORE: <a href="https://www.forbesafrica.com/woman/2016/10/01/5-minutes-rakesh-wahi/">5 Minutes With Rakesh Wahi</a>



Wahi’s
executive team members, who have known him for approximately 20-30 years,
believe this statement. Based on four personal interviews conducted for the
purpose of this analysis with Wahi’s global leadership team, Wahi “lives this
statement in his everyday life” (Martin). Many acknowledged that he is continuously
determined to fulfil his dreams. Lars Jeppesen, Wahi’s Co-Founder of Tech One
Global, states that “Wahi dreams and then puts all efforts to pursue the
dreams… he is still building universities, creating new businesses, and pursues
his dreams” (Jeppesen). Wahi is known to thrive on challenges and never gives
up on achieving his goals even when faced with obstacles and challenges. 



A
leader’s personal life experiences and adversities play a major role in one’s
values and ethics. In Wahi’s case, facing death at a young age motivated him to
pursue his dreams to become realities. This is an admirable value for
entrepreneurs, especially the younger generation. As a role model, Wahi teaches
them to never give up despite challenges. 



Collaboration &amp; Importance of People 



Wahi
has learned valuable business lessons from his experience in the army, most
importantly, the core lesson taught in the military about the importance of people
and looking after them. His 2016 autobiography, Be a Lion, dedicated a section to The Importance of People.
Books have had a great impact on Wahi, specifically the philosophy of reason
from Ayn Rand while he was fighting for his life from the military
life-threatening incident. As an advocate in the influence of others, he
reiterates in his book, “That it is difficult to achieve anything without the
involvement, commitment, loyalty, and assistance of others. When you come
across a person with whom you can see a future, you must grasp the opportunity
and mutually make the most of it.” (Wahi Ch. 1, location 173, par. 4) 



Wahi executes his philosophy in numerous examples throughout his career, especially one with Daniel Adkins who is now CEO of Wahi’s Transnational Academic Group Middle East. When asked to describe a situation reflecting Wahi’s collaboration with and valuing people, this quality has directly been experienced, Adkins states, “I am probably the best possible example of this philosophy.” (Adkins). He describes his hiring experience entering the organization in late 2009 and rise from the most entry level position at one of Wahi’s Dubai-based universities, Murdoch University, to now CEO for the Middle East operations. 



“Throughout
this entire process, Wahi has provided both direct mentorship and mentorship by
example and has made sure that I did the same for my entire team, which has
produced fantastic organisational results including no turnover with regret for
six years.” (Adkins) 



READ MORE: <a href="https://www.forbesafrica.com/focus/2019/03/01/the-most-defining-aspects-of-our-lives/">The Most Defining Aspects Of Our Lives</a>



As
stated in Lancaster University Ghana’s Senior Management biography, Wahi’s
“core focus is on long term corporate and leadership development through
building strong management teams”. Adkins reiterates this statement in an
interview: “Wahi absolutely lives this philosophy and demands it from his
entire management team… the people are the business and there is nothing more
important” (Adkins). 



Wahi
is known to have a special gift and skill to find loyal people and never
hesitates to show appreciation to people’s loyalty. Wahi learned this quality
from his role model parents, a father who was a military, corporate, and family
hero and a mother who was not only Mother Teresa’s friend, but a genuine giver
in life. In other words, Wahi is a “go back to your roots leader” (Al
Abadilah). Wahi was brought up in a giving family and now gives back as a
leader. Because of the people-oriented philosophies followed in his
organizations, employee turnaround rates are phenomenally low. Everyone is
treated like family and the principles presented in Ken Blanchard’s book, Gung-Ho!, are lived by
management. 



Wahi’s
philosophy about collaboration and importance of people is truly refreshing in
a CEO and business leader. In today’s individualistic world, leaders like Wahi
who dedicate a major part of their leadership role to importance of people is a
rare finding. Such values must be celebrated and promoted in all aspects of
business worldwide. 



Passion for education 



As
a sought-after speaker at educational institutions on leadership and
entrepreneurship, Wahi received an Honorary Doctorate Degree of Science from
the International University of Management by the Minister of Education of
Namibia. He was also appointed as an IATF2018 Goodwill Ambassador by The Trade
Finance for Africa. He personally learned and continuously teaches patience to
other entrepreneurs in emerging markets. In an interview with CNBC Africa, The Entrepreneur’s
Entrepreneur: Rakesh Wahi,about his book Be a Lion, Wahi
shares he is “extremely passionate about education”. His vision is to set up
educational centers of excellence across Africa incorporating new innovative
industries such as online and hybrid aspects of education with traditional
classroom environment. He has mentored many people in his leadership journey,
but believes mentorship benefits both parties as he states in an interview with
CNBC Africa: “Within a group, you always learn from each other. Mentorship is
not a one-way journey, you learn every day from your peers, subordinates,
seniors… If you are a student, you will remain a student all your life. You
must be like a sponge, no matter your age.” (Wahi) 



According to Adkins and Martin, executive partners at Wahi’s educational business sectors, Wahi lives his statement daily. Not only does he mentor his staff, he also learns from those on his team whether they are junior level or senior. Wahi has created a business culture amongst all sectors in a way that everyone learns from one another. 



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“There
is no rank in the discussion. It is both intuitively understood and explicitly
expressed that everyone’s ideas deserve equal consideration and we have made
company-altering decisions based on input received from junior team members
when those ideas turned out to be the best… It is absolutely the culture.”
(Adkins) 



Jeppesen,
now Co-Founder of a tech enterprise with Wahi, states in an interview, “Wahi
has been my mentor since we met 17 years back… Later, when we co-founded Tech
One Global, he was leading our board and mentored me personally as the CEO.”
(Jeppesen). 



The
culture of learning and mentorship from one another has saved the business in
an example of a termination deal of one of Dubai’s university partnerships with
a junior member of the team’s approach. This is proof that critical decisions
are made, as a group despite rank levels. An important aspect of Wahi’s work is
helping the leadership team rise to the next level. 



Equality 



Wahi’s
decision to launch FORBES WOMAN AFRICA was to provide a platform for women
entrepreneurs’ stories and the overwhelming waitlist of these stories in FORBES
AFRICA. 



“The
main reason was that as a startup magazine, FORBES AFRICA was overwhelmed with
a waiting list of stories from 49 countries in sub-Saharan Africa; by virtue of
women having a late head start in the business world, the stories were largely
dominated by men who had done great things to transform Africa.” (Wahi) 



In a short period of time, the magazine has risen to be the material of choice for inspirational women stories, with fantastic content being produced. Equality is discussed in an article by FORBES WOMAN AFRICA, Celebrating Five Years with The Founder and Publisher: Rakesh Wahi. 



“We
have discussed the trials and tribulations of women in the workplace and become
a champion for equality. The word ‘equality’ is a living value for us at the
ABN Group and I am so proud that we have been able to personify our values
through affirmative action.” (Wahi) 



READ MORE: <a href="https://www.forbesafrica.com/focus/2019/04/01/equality-as-a-living-value/">Equality As A Living Value</a>



According
to a partner of over 35 years, Rajiv Podar, “Wahi has always respected and
admired hard-working women and a firm believer of equality at workplace and
home… Most of his senior colleagues are women too” (Podar). In an example from
a former female executive at one of Wahi’s first ventures 20 years ago in
Dubai, Maha Al Abadilah discusses the value of equality she experienced as a
woman working with Wahi. “I have never experienced anything that distinguished
a man and a woman, nothing but full respect and treating us with our pure
qualifications and titles.” (Al Abadilah.14:19). 



Wahi
repeatedly demonstrates his firm belief in his statements amongst his team
members. When a decision is to be made for an important matter, all team
members discuss as equals. “It is both intuitively understood and explicitly
expressed that everyone’s ideas deserve equal consideration.” (Adkins).
Evidently, not only the value of equality is present within his ABN Group
amongst women in the workplace, but also amongst all employees. Gender and rank
are clearly not considered in any team discussions and decisions. 



Conclusion 



Wahi’s leadership approach and personality embodies unique values such as a life-changing incident, the collaboration and importance of people, a passion for education, and equality. As he was personally approached for research purposes of this analysis, he promptly welcomed connections with over 10 executives and partners of his global team who were all eager to help. Research results and personal interviews with warm responses from his team members and partners portray all qualities examined in this analysis positively. Wahi lives his statements and is a true people-oriented leader. 



Works
cited: 



Adkins,
Daniel. “Re: Business Paper Inquiry &#8211; Harvard University.” Received by Anahita
Negarandeh, 12 Dec. 2018. 



Africa,
Forbes Woman. “Celebrating Five Years With The Founder &amp; Publisher: Rakesh
Wahi.” Forbes Africa, 27 Sept. 2018,
www.forbesafrica.com/woman/2018/09/27/celebrating-five-years-with-the-founder-publisher-rakesh-wahi/.




Al
Abadilah, Maha. “Phone Interview, Rakesh Wahi Analysis” Voice recorder. 18 Dec.
2018. 



Bandyopadhyay,
Somshankar. “Military Lessons in Entrepreneurship.” GulfNews, 15 Mar.
2017, https://gulfnews.com/entertainment/books/military-lessons-in-entrepreneurship-1.1994221.




Bishop,
Chris. “Re: Chris Bishop CNBC Africa.” Received by Anahita Negarandeh, 12 Dec.
2018. 



CNBC
Africa. “Rakesh Wahi Reflects on CNBC Africa&#8217;s Decade of Broadcasting.” CNBC
Africa, CNBC Africa, 1 June 2017, www.cnbcafrica.com/videos/2017/06/01/rakesh-wahi-reflects-on-cnbc-africas-decade-of-broadcasting/.




CNBC
Africa. “The Entrepreneur&#8217;s Entrepreneur: Rakesh Wahi.” CNBC Africa, 4
Nov. 2016, www.cnbcafrica.com/news/special-report/2016/11/04/be-a-lion/. 



Jeppesen,
Lars. “Re: Business Paper Inquiry &#8211; Harvard University.” Received by Anahita
Negarandeh, 12 Dec. 2018. 



Lancaster
University Ghana. “Rakesh Wahi Chairman.” Lancaster University Ghana,
www.lancaster.edu.gh/our-faculty-details.php?id=45. Accessed 8 Dec. 2018. 



Martin, Gary. “Re: Business Paper Inquiry &#8211;
Harvard University.” Received by Anahita Negarandeh, 12 Dec. 2018. 



Naicker,
Roberta. “Re: Business Paper Inquiry &#8211; Harvard University.” Received by Anahita
Negarandeh, 12 Dec. 2018. 



Podar,
Rajiv. “Re: Business Paper Inquiry &#8211; Harvard University.” Received by Anahita
Negarandeh, 12 Dec. 2018. 



Vettath,
Malavika. “Global Entrepreneur Rakesh Wahi: &#8216;I&#8217;ve Been a Very Bad Personal
Investor&#8217;.” The National, The National, 25 May 2018,
www.thenational.ae/business/money/global-entrepreneur-rakesh-wahi-i-ve-been-a-very-bad-personal-investor-1.733606.




Wahi,
Rakesh. Be A Lion. Penguin Books, 2016. Kindle eBook file. 



Wahi,
Rakesh. “Re: Business Paper Inquiry &#8211; Harvard University.” Received by Anahita
Negarandeh, 12 Dec. 2018.

Rakesh Wahi

Analysis: The Values That Make A CEO

Eleven years of CNBC Africa…on a personal level, what has the journey been like for you? 
They have been 11 very good years. Looking back to when we first moved to South Africa to establish it, we had challenges from a regulatory point of view and a distribution point of view. But all that is now behind us. We are looking at business confidence picking up in South Africa and the rest of Africa. We are looking forward to the future.
What is the future of the media industry in Africa? 
There are challenges in emerging markets. I sincerely believe universities and educators look at the curriculums across Africa. The whole environment is changing. We have digital coming in a big way globally. Print media is dying and how you give birth again to what was print on digital is quite a challenge even for television stations. There are challenges for media moving forward. The owners, from the management perspective, also have to consider what they would do with digital.
With that in mind, what are your plans for CNBC Africa? 
Luckily, we are a niche channel. Niche channels, up to now, have been alright. Whether you have a food channel or a fashion channel, music channel or news channel, you will have to look at how you mix both the digital part and TV part moving forward. Having a business channel depends on how the economies are moving. I believe Africa is on the verge of explosion as far as investment is concerned. There are not many places in the world that have the resources Africa has. People are looking at these things.
How are you looking to growing the company in the near future? 
When I started off [in the Middle East], we did the whole of Arabia, which was 37 countries, I did Africa and I did Pakistan – these are the three CNBC franchises, and we learned from each of these franchises, and we have an excellent relationship with CNBC. Moving forward, we are looking at various ways to grow. You need to target your demographic. On the digital side, it has to be millennials. Forget about the over 50s, and mobile is the way to go if you want to target the millennials.
<a href="http://www.forbesafrica.com/30-under-30/2018/06/04/under-30-technology/" target="_blank" rel="noopener">Read More: 30 Tech Entrepreneurs Under 30 </a>
What advice would you give young people trying to break into the media space? 
Go digital. Take advantage of the technology and keep your costs down when you start. You don’t have expensive cameras because you can use mobile. Also use citizen journalism, stick to quality and concentrate on demographics.
Should we be following global trends in the media space as a continent? 
People want things to drop from the sky. You have to market yourself well, make sure there are transparent rules and regulations for foreign investors who want to come in and make sure you have a level playing ground in the countries that make up the African Union…
How significant is the power of networking for young entrepreneurs? 
Networking works but remember to be yourself and be original. That’s how you succeed. Originality comes through. We know when a young person is trying to ‘network you’.
What lies ahead for CNBC Africa? 
We are looking forward to the next five years. We are positive both in Nigeria and South Africa. We might be going more digital and taking advantage of other niche channels we are thinking of partnering with outside of Africa.

Zafar-Siddiqi-559

How CNBC Africa Plans To Go Digital

As 2017 gets into full swing I am reminded of the launch of CNBC Africa 10 years ago on June 1, 2007. To say time flies is an enormous understatement. I can only imagine how the Founder and Vice Chairman of the Africa Business News Group, Rakesh Wahi, must feel considering he first arrived in Africa with just a briefcase in hand 12 short years ago. Now he has a business news conglomerate with Africa’s only continent-wide business channel and Africa’s number one monthly business publication, namely and FORBES AFRICA respectively.
Back in 2007, months of rehearsals finally led to the evening of June 1 when CNBC Africa, with a flick of a switch, came to life. Then South African President Thabo Mbeki was the first interviewee on that auspicious occasion. Corporate South Africa was in full attendance. The rehearsals paid off and CNBC Africa’s first broadcast to 48 countries across sub-Saharan Africa went off without a glitch.
<img loading="lazy" decoding="async" class="alignleft size-medium wp-image-4484" src="/wp-content/uploads/2017/04/IMG_3203-200x300.jpg" alt="" width="200" height="300" />
The next morning, broadcast began in earnest with eight hours of African business aired around the channel’s flagship shows: Open Exchange, Power Lunch, Closing Bell and Business Tonight. Ten years ago, the Africa rising story was burning bright but aggregating business content across Africa was still an enormous challenge. CNBC Africa was pioneering territory that no one else had attempted on such a large scale. Businessmen and women across Africa were not well versed in regular, live television interviews and market commentators were still relatively media shy.
Over the last 10 years the channel has played a significant role in unlocking the continent’s business talent and today, as the depth and breadth of African capital markets rapidly improves, African business interviews are happening with regularity at across the continent.
Today, CNBC Africa is taking regional integration to the next level. It’s hard to beat a real-time pan-African conversation with Lagos, Nairobi, Kigali and South Africa all simultaneously on screen exchanging West, East and southern African business news throughout the day.
Those early days also bring to mind some of the many lighter moments that are an inevitable part of any TV channel’s launch phase. One such moment was with my then co-anchor Byron Kennedy, who now heads up corporate affairs for Vodacom. Let me try and talk you through this.
Business Tonight was in full swing, Byron and I were co-anchoring. In the early days we were heavily reliant on the shows production script which detailed which guests were expected at what time during the show. Two guests down and the live show was progressing well. The third guest was seated and, relying on my script, I confidently introduced the guest as Kevin Weeks, Head of the South African Automobile Association. At this point we were on a wide shot – the audience could see Byron, myself and the guest, who was shaking his head violently. Byron immediately jumped in and stated to both the audience and to me “No, it’s definitely not Kevin Weeks…”. But he had no idea either who the guest was and threw me a hospital pass. The director had at this point not established that we were in trouble and instead of cutting to a commercial break – the default if something goes horribly wrong – he maintained the wide camera angle which meant that the audience was not missing a beat. I had no option but to lean over slightly and asked the now bewildered gentlemen the following question “Excuse me sir, what is your name?” followed by “What are we speaking about?”
Needless to say, we have come a long way from then. I felt much better when I was told to google “BBC Taxi Driver” and realized that it happens to the best of us.
But back to the present and the fact that we are now all grown up, in business years that is. Happy 10th birthday CNBC Africa in 2017; it’s been an incredible journey and I look forward to the next decade as we continue to tell the African business story unlike anyone else.

10 Years  Of Magic And  The Odd Mishap

As in a sibling relationship, Natascha Jacobsz is extremely protective of her continent and its people. She describes herself as a typical white South African child, who’ll deal with anyone who dares to chastize Africa.
The 32-year-old started her career at CNBC Africa in 2008 and says she was a wet-behind-the-ears business features producer, with no business news experience. She’d previously worked in current affairs and general news.
Even though Jacobsz studied law at the University of Pretoria, the journalism bug bit her when she joined the local campus radio station, Tuks FM, as a newsreader.
In 2005, Jacobsz joined CNBC Africa and worked as a business news producer for seven years.
In 2015, Jacobsz relocated to the Netherlands with her family and joined the Dutch media NGO, RNW Media as a project manager for This is Africa, a website dedicated to providing an alternative, non-Western narrative of Africa.
“I am innately curious with a passion for Africa, people and story-telling. In the words of [former South African President] Thabo Mbeki – I am an African. It’s who I am at my core and it plays a huge part in my sense of identity, especially since relocating to Europe,” she says.
Although she admits business news is a tough but extremely gratifying industry to work in, her career has given her first-hand experience of the untapped potential of people in Africa.
“We have some of the most innovative men, women and youngsters on the planet. However, when it comes to economics, I’m hesitant to blanket Africa as a whole. Unlike the European Union (EU), our sense of ‘oneness’, at least on an economic level, is a lot more complicated,” she says.
Living in Europe has made her aware that financial challenges, especially those at a macro- economic level, are the same everywhere.
“Economic growth has all but stalled across many developed nations and, according to reports such as the International Monetary Fund’s (IMF) recent World Economic Outlook, which highlights projected GDP growth levels above 5% in more than 10 countries, one can’t help but get excited about Africa as a whole,” Jacobsz says.
It hasn’t been all work and no play for the travel enthusiast. One of her fondest memories includes a Mt. Kilimanjaro expedition with CNBC Africa Vice Chairman, Rakesh Wahi, who led it in 2013.
“It was an incredible bonding experience and a great lesson in humility,” she says.
Jacobsz foresees Africa’s full potential being unlocked, along with the hope that every African woman will be able to pursue any dream without restriction, be it personal or professional..
&nbsp;
– Thandi Xaba

Tasch

A Sibling Of Africa

Rakesh Wahi, founder of the Johannesburg-based ABN Group including CNBC Africa, FORBES AFRICA and this magazine you hold in your hands, has been a leader in media, IT, telecoms and education. Also based in Dubai as Chairman of CMA Investment Holdings, prior to moving to the UAE, Wahi served in the Indian Armed Forces for about nine years, and was awarded the Vishisht Seva Medal by the President of India in1985, for distinguished services to the country in peacetime.
Wahi has built companies in over 22 countries, employing a little over 1,000 people. It’s his vision to set up educational institutions in Africa; the first of which he launched in Ghana in 2013.
Here, Wahi tell us about his debut book, Be A Lion, which will be unveiled at the finale of the 2016 CNBC Africa All Africa Business Leaders Awards in Johannesburg on November 11.
&nbsp;
<h3>A few words on the book&#8230;?</h3>
It’s about people and the impact they have had on me. I think this entire journey I have made is about how people have influenced me. First, on your way up, it’s your parents who are your greatest influencers as that’s where you get your identity from; and then, over a period of your lifetime, it’s the people who come into your life and make an impact, some positively, some otherwise. And that is the greatest experience you can talk about.
&nbsp;
<h3>Why the fascination for the lion?</h3>
Every human being is inspired by animals, be it rhinos, elephants or gorillas. For me, the fascination has always been the lion. It’s something that’s inherent and perhaps speaks about my character in many ways. A lot of the conversations in the book are extrapolated towards the king of the jungle, the human jungle.
<h3>Do you often find that business can draw lessons from the military?</h3>
Absolutely! You will find that a number of army officers have made great business leaders; the reason is that the core of any business is people, and the one thing the military teaches you is to look after these assets. And right from the day I joined the forces to when I left, the only thing ingrained in me was how to motivate people towards a common objective. Military officers know it’s important to look after their people, starting with basic things, such as making sure they got hot food, they wrote home, they went to pray&#8230; These are the softer things of life that business sometimes tends to forget. The army teaches you these core values. And that’s the inherent need in business. If somebody is working for you – even if it’s one person on the job – you have to be there with him.
&nbsp;
<h3>While in the army, you once almost stared death in the face. What was that experience like?</h3>
It was a defining moment in my life. I was about 23. We were on a specialized task force in India’s western front. I was electrocuted and they couldn’t revive me quickly; I was clinically dead. And then my second-in-command saw my fingers move. I came to in 24 hours, and although they asked me to go home to rest, I returned to my troops in 72 hours.
But I realized at that young age that life is not something you take forgranted, therefore, whatever you want in this world, you have to set out to achieve it. At the end of the day, you are either there or not there; if you are not there, and if there are unfulfilled dreams, they will always be unfulfilled. You must always set out to do what comes to your heart.
&nbsp;
<h3>Your advice to entrepreneurs in emerging markets…?</h3>
If there is one lesson you will learn in emerging markets, it’s patience. Always remember to look at business for the long-term, make sure you have ticked all the right boxes, do your homework – don’t take short-cuts. When you go into these difficult regulated industries, people will tell you ‘we can fix this and that’. I have never ever gone to Mr Fix-Its. There is no quick-fix solution for setting up sustainable businesses and the reason for that is there are a lot of variables and if you haven’t set your foundations strong, you open yourself up to retroactive actions that result in many issues including corruption. And people talk a lot about corruption in emerging markets. But the businesses that we have been in, for the last 26 years, we have never once had to pay anybody to do anything for us, and the reason is that we have taken our time setting them up and making sure our foundations are strong.
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– Interviewed by Methil Renuka; Read more about Wahi in the November 2016 issue of FORBES AFRICA.

Rakesh-1

5 Minutes With Rakesh Wahi

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FORBES AFRICA has told many spellbinding business stories in its five years. The story of its own difficult birth is one of the most riveting.
The idea of the pan-African business magazine was born in the heart of a financial crisis which wiped out many investors and left businesses lucky to survive. The media suffered the most.
In the depths of the downturn in 2007, soon after launching CNBC Africa, a business and finance TV channel, the two founders, Rakesh Wahi and Zafar Siddiqi, wanted a magazine. It was the worst time to launch.
“The whole publishing market was collapsing around us. To launch a new title at that time; people externally would have said you are foolish. Some of our other shareholders did not want to invest in the publishing business owing to the economic downturn,” says Wahi.
The pair refused to throw in the towel.
“I had a strong feeling this was going to work. When I told Zafar about it, he only asked if how I felt about it and I told him that the brand would be an instant success and after his thumbs up, we ran with it.”
Towards the end of 2009, a meeting in New York sparked the interest in joining the worldwide FORBES family. The magazine has a string of franchises around the world, from FORBES MEXICO to FORBES INDONESIA.
Wahi followed his gut, in the face of scepticism.
“Every time we spoke about FORBES, people’s eyes would light up,” he says.
It was the right time, he believed. The pair waited for the market to turn around slightly and made their move.
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“We didn’t like that very few African business leaders had made it into the international version of FORBES… people didn’t understand that there is so much entrepreneurship going on in the continent,” says Wahi.
It wasn’t easy. Building a pan-African magazine was expensive and complicated; but the gap in business and finance reporting in the continent was there to be filled.
It took about two years to complete the legal agreements of the franchise. The most difficult challenge was hiring the right people to steer the magazine to the top. Wahi’s 13 years in the Indian army, where he had become one of the youngest to receive the Vishisht Seva Medal (a military decoration in India) in 1986, helped.
“The army teaches you about looking after people. The core of it is that you have to do things together and you have to inspire people.”
He brought these principles with him to the world of entrepreneurship.
“When we were looking at finding an editor for the magazine, I searched around trying to see who would be the right fit… I was impressed by the experience people brought to the table but something was always missing… Chris Bishop’s name came up because he had done a great piece of work for me a couple of years before that, and impressed, so we took him on… He said he would even do this job for free,” recalls Wahi.
Magazines were in trouble everywhere. In the United States, according to MediaFinder, 152 closed in 2011 and 82 in 2012. In South Africa, Heat, Seventeen, FHM, Sports Illustrated and Shape are a few magazines that shut down because of declining advertising, circulation and competition from online.
Despite this, on September 28, 2011, on a night of glitz and glamour in Johannesburg, billionaire Patrice Motsepe unveiled the historic first cover of FORBES AFRICA.
It turned out that Wahi’s decision to hire Bishop was the right one. In just five years, the team has turned FORBES AFRICA into the leading business magazine in Africa against the odds.
The magazine came out ahead of its competitors in the IPSOS Affluent Survey Africa in 2014 and 2016. The independent research study, released on August 4, shows FORBES AFRICA reached 163,000, or 4.7%, of the 3.4 million qualifying adults, aged between 25 and 64, across seven markets.
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“What we have managed to achieve in just five short years is truly remarkable. Our success is attributed to the hard work and dedication of our teams from across the continent,” says Sid Wahi, Executive Director at ABN Publishing (FORBES AFRICA).
The IPSOS 2016 figures show a 7% increase from the 2014 survey.
“As the founding editor of this magazine it gives me immense pride to see our circulation figures increasing; all this at a time when magazine circulation around the world is falling. I think this is a tribute to the hard work and determination of our young band of highly talented journalists,” says Bishop.
FORBES AFRICA’s work has been recognized by various accolades awarded to the journalists and the editor. The hard work is also appreciated by readers. In Zimbabwe, entrepreneur, Blessed Mushamiri, says he drives around the city looking for a copy each month.
“Sometimes I have to drive to five different uptown shops to bump into one but I don’t stop looking. If I can’t find one, I ask people in South Africa to send me some copies. When I read FORBES AFRICA it engages me in an affair of pure pleasure, an exciting brush with business in Africa that shows me, as a young entrepreneur, that I can participate in something rare and thrilling. It is a must-read for every businessperson,” says Mushamiri.
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In West Africa, Emeka Akano, CEO and Co-Founder of Jara Mobile Ltd, says reading about entrepreneurs from different backgrounds who make it to the FORBES lists has inspired and motivated him.
“Features in the prestigious FORBES AFRICA magazine have gone a long way in giving me much more exposure to a credible audience, increased my personal profile beyond measure, opened doors for new business opportunities and business connections,” says Akano.
No matter the praises, Wahi says there is still more work to be done. He wants to grow the magazine to an even bigger success story, as with many of his other businesses.
Wahi is a smart entrepreneur and risk taker. An audacious one, five years ago, put this magazine in your hands.

Behold The Business Bible Of Africa

Roberta Naicker is watching CNBC Africa in her sunny corner office in Johannesburg’s upscale Sandton suburb, and she is not looking happy. A series of bomb blasts have ripped Abuja, Nigeria, only days before the World Economic Forum (WEF) on Africa summit, and she has a team of cameramen, TV journalists and managers leaving to cover the continent’s most important business meet.
As Managing Director of the ABN Group in South Africa that operates CNBC Africa, she has the onerous task of deciding the course of action: news first, or people first?
The coffee on her table is cold. Her fingers are perhaps clammy, as she clasps them, pursing her lips, making her decision. Her people come first.
For the group’s 40-year-old managing director, family has always been a pertinent part of her life, and this, her 300-employee company, is family too.
Hailing from Durban, in South Africa’s KwaZulu-Natal province where the weather is warm and the Indian population numerous, Naicker spent most of her girlhood aspiring to become a chartered accountant. Where others dreamt of Barbie dolls, she dreamt of a college education.
Money was always in short supply, but her parents encouraged her to study. It was 1991, three years before a free South Africa, when Naicker completed her matriculation. She recalls boycotting classes and participating in the ‘Free Nelson Mandela’ campaign in school. Somewhere in the mind of the young girl, the stirrings of change. Would she have known that 17 years on, she would be at the forefront of a large media organization covering the country Mandela envisaged?
After school in 1992, Naicker enrolled for a BCom degree at the University of Durban Westville (now UKZN).
“My parents said, ‘you worry about getting into university, we will worry about paying for it’,” says Naicker. But that was not to be. Naicker discontinued college, opting to pursue her second year BCom part-time through the University of South Africa (UNISA). In 1993, she signed up for a full-time job in her hometown at the age of 19.
“I always had a passion for numbers and my first job was as a junior accountant in a small manufacturing firm. I knew that if I am not going to get somewhere through a formal education, I am going to have to do it through hard work. Those were the goals I set for myself and that is the way I have lived my life the past 20 years,” says Naicker.
Marriage in 1998 saw her relocate to Johannesburg with her husband; this is where her career blossomed, starting in the commercial property management industry. Next up was an assignment as the finance manager of a large organization for six years until 2006.
This was before joining the ABN Group in March 2008. The group had just launched CNBC Africa, and she was hired as Head of Finance. Naicker admits it was an industry she had little knowledge of at the time.
“I was comfortable from the finance perspective, but I didn’t understand media at all. It was completely nerve-racking walking in here and thinking, ‘what am I honestly going to do’? But I saw it as a challenge.”
Naicker calls it the start of an association with an organization that believed in her, and placed all faith in her to do the job, and do it well. For this, Naicker gives all the credit to ABN Group’s Co-founder and Vice Chairman Rakesh Wahi.
As Managing Director, Roberta Naicker is responsible for the overall operations of the ABN Group, which includes CNBC Africa and FORBES AFRICA. She plays an instrumental role in the strategic planning, financing and implementation of FORBES AFRICA, ABN Productions and ABN Training Institute. She currently also serves as a board member; Chair and Managing Director of ABN Productions, ABN Pictures and the ABN Training Institute, Chair of the ABN Education Trust, and Chair of ABN Nigeria and Kenya.
A firm believer in the empowerment of women, here, Naicker speaks about how she made every opportunity – and adversity – a part of her learning curve.

Nothing But Belief

A deep horn blast was used in a slice of history at Africa’s biggest stock exchange. It was from the lungs of Rakesh Wahi, Founder and Vice Chairman of Africa Business News (ABN), signaling the opening of the bourse, as CNBC Africa crossed a new frontier in business broadcasting on the continent.
CNBC Africa – the sister of FORBES AFRICA in the ABN stable – became the first African broadcaster to beam shows from the Johannesburg Stock Exchange (JSE). It came on the eve of the company’s seventh anniversary.
“It’s an exciting time; I haven’t stopped smiling since yesterday. It is to the credit of the people around you who have all done a fantastic job,” says Wahi.
CNBC Africa is emulating the example of CNBC in the United States (US), which has broadcast from the New York Stock Exchange since 1995. This move is all part of a bigger plan.
“Our vision is to be in all 48 countries in sub-Saharan Africa. We have to be in all the major exchanges and report from the smaller ones. We need to be able to integrate all these exchanges through information flows. We need to be able to go out and educate people about what markets are,” says Wahi.
The new studio is state of the art. It includes an eight cube video wall, six interview positions and robotic cameras – which will be fully controlled out of the gallery and will minimize additional camera crew. The main anchor desk, resembling a star, is a copy of the one used both in Europe and the US.
It will host Open Exchange, Power Lunch and Closing Bell, with regular crossings to Nigeria, Kenya, South Africa, Mauritius, Uganda, Zambia, Namibia, Rwanda, Mozambique, Botswana, Gabon and Ghana.
Jean Landsberg, the head of technical and operations for the ABN Group, traveled to New York and Singapore to check out the latest technology.
“When I traveled to the SGX in Singapore and New York, I got an idea how they put their infrastructure in place… whereas Singapore still link in to their [stock exchange], from the main studio, we will be actually running everything and all the operations from the JSE studios. So it’s a little more advanced than what Singapore is doing,” says Landsberg.
LED technology will be used to reduce the power consumption by the studio lights and the video wall. Landsberg says, as time goes by, small technological frills will be added.
The new technology is in the interest of keeping business people better informed about what’s happening inside Africa’s biggest bourse.

The First Lady of the road

On The Pulse Of The Markets

I have not worked a day in my life, because I love what I do. The daily adrenalin rush of live television is a necessity and I thrive on the pressure. Recently, CNBC Africa went global with an exclusive interview with President Jacob Zuma. To prove my mettle as a financial journalist, I asked a number of tough questions. The more challenging aspect was that CNBC Europe had booked a satellite link the following morning, directly into their live shows. We would cross ‘live’ six times during the morning into the global CNBC network and introduce segments of the president’s interview live from Parliament in Cape Town, South Africa.
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Each of the first five live crossings to London was a nerve-wracking two-minute ad lib leading into the interview. It was as though this is what I had been training for the last 13 years. Five crossings down, and congratulatory emails started streaming in from our global network affiliates, the most notable from CNBC Europe’s Head of News and Programming, Patrick Allen: “Watching from New York, very happy with the outcome, interview good, report great, you and shot look great, bravo.” But in the live television business, it is not over until it is over.
Our biggest moment was still to come – our live link directly into Squawk US. The controllers out of the US spoke to me: “Bronwyn, this is New Jersey, we are linking you into Squawk US. This is CNBC US, the biggest financial broadcaster in the world, they have a very different broadcast style, no mistakes tolerated. You must conduct a precise 45-second ad lib, then throw forward to a 15-second sound bite from President Zuma.”
My heart was pounding and my knees shaking, as
I waited for the cue from Becky Quick, the CNBC US anchor. Then it happened.
“Thank you Becky – emerging markets are out of favor and their currencies are all under pressure. South Africa has one of the most volatile currencies in the emerging market space having fallen some 17% against the dollar over 2013. Many economists in South Africa feel ongoing allegations of corruption against the ruling party and unrest in the mining sector are fueling further rand weakness. In a CNBC Africa exclusive, I sat down with South Africa’s President Jacob Zuma and asked him what he thought was behind the rand’s fall.”
And just as suddenly as it began, it was over. South Africa’s minute of fame on the world’s biggest financial network had come and gone. How did it go? The broad smile on my producer’s face and her thumbs-up indicated it was a clean execution. My reputation intact, I was ready to face another day in the world of live broadcasting.

‘I Have Not Worked  A Day In My Life’

FORBES AFRICA’s publisher, Rakesh Wahi, is also the co-founder and vice chairman of Africa Business News (ABN), which also owns CNBC Africa.
<div id="attachment_43" style="width: 484px" class="wp-caption alignleft"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-43" class="size-large wp-image-43" src="/wp-content/uploads/2017/04/FORBES_MAG_027-1024x682.jpg" alt="" width="474" height="316" />Deal of a lifetime: Rakesh Wahi signs the FORBES AFRICA franchise agreement with Gary Alfonso, editor-in-chief; Roberta Naidoo, general manager; and Sid Wahi, project manager in attendance.</div>
<h3>As an entrepreneur in the media space in Africa, why did you choose FORBES AFRICA as your next venture?</h3>
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.
<h3>How did it come about?</h3>
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.
<h3>What did the process entail? Was it complicated or simple?</h3>
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.
<h3>Why did you see FORBES AFRICA particularly as an opportunity? Isn’t print journalism a dying breed in the world of publishing?</h3>
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.
<div id="attachment_42" style="width: 484px" class="wp-caption alignleft"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-42" class="size-large wp-image-42" src="/wp-content/uploads/2017/04/IMG_5509-2-1024x683.jpg" alt="" width="474" height="316" />Co-founder and Chairman Zafar Siddiqi with publisher and co-founder Rakesh Wahi</div>
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.
<h3>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?</h3>
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.
<h3>What’s your view on Africa as a marketplace? And the future of the media industry on the African continent?</h3>
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.
<div id="attachment_44" style="width: 484px" class="wp-caption alignleft"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-44" class="size-large wp-image-44" src="/wp-content/uploads/2017/04/FORBES_MAG_049-1024x683.jpg" alt="" width="474" height="316" />The FORBES AFRICA team</div>
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.
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Tag: CNBC Africa

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