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Tunde Folawiyo of Nigeria, new to Forbes list of Richest Africans, is the managing director of the Yinka Folawiyo Group, a large conglomerate which his father, Wahab Folawiyo, founded in 1957. The group started off in the import and export business and grew to become one of the largest private companies in Nigeria with assets in shipping, banking, construction, agriculture, energy trading and power. Tunde took over the group in 2008 when his father passed away. He also owns a minority stake in mobile telecom firm MTN Nigeria's operations.