In summary
- Amina once made millions by exporting 500 train wagons full of cement to Uganda.
- She is the daughter of Sarah Hersi Ali, a woman who is arguably the richest individual in Bungoma.
From humble beginnings and armed only with a business acumen she picked from her mother, Amina Moghe Hersi became a billionaire with investments in real estate, hardware and manufacturing.
She owns among other assets Oasis Mall in Kampala, Laburnum Courts luxury apartments and has a 60% stake in Atiak Sugar factory.
Here is her story as told by WoK:-
Conservative Somali family
Amina Moghe is of Somali descent and her family settled in Western Kenya around 1956. She was born in 1962.
Their family first lived in Namwela in Sirisia Constituency and her mother sold paraffin and mandazi just to make ends meet. On the other hand, her father invested in a restaurant and a butcher. Sadly, the dad passed away when she was only 9 years old.
Education
Amina began her studies at Chwele Mixed, before joining Lugulu Girls High School.
However, her mother wasn’t keen on her performing well or pursuing higher education. Instead, she only wanted her to learn English and thereafter assist in managing various business roles.
“My mother’s vision for me and my elder sister was never to go far in school but rather to take over the family business as soon as we came of age,” she says.
Nail business
As soon as she was done with secondary education, her mother tasked her with setting up a nail business in Bungoma town. When she started out, she felt discouraged by the little sales she made. At one particular day, she only sold a few kilos of nails, much to the satisfaction of her mom who tapped her shoulder and encouraged: “For someone who is just starting out, that is a job well done.”
She later on realized that most sellers in town did not break bulk and only sold nails packed in 50kg sacks. She noted that this was not affordable for many buyers and began the sale on smaller quantities.
“I wasn’t getting customers to buy other things but let me tell you – almost the whole of western province was told there is a shop now which can give you half kilo of nails, a quarter – what you need,” she said in a past interview.
She adds: “I used to have long queues of people coming from different areas to buy.”
Good will
With the spike in number of customers, some would ask for various commodities which they didn’t stock. However, relying on good will, she would convince them to leave some money with her, and they would come later and pick the goods. With this, their family business took an unprecedented upward trajectory.
Venturing in Uganda
Through the hardware business, Amina Moghe’s family made enough to venture into Uganda. The big reward came in 1989 when they had become a Bamburi Cement agent, hence did not require capital.
“Cement was very lucrative and as an agent, I did not require capital,” she says.
While she continued doing the cross-border trade, it was until 1998 when she sadly lost her two children in an accident that she decided to settle in Uganda. This was in order to escape the turmoil of people reminding her, a matter that disturbed her.
According to her, she began her investment in Uganda on a high note when she ordered 500 train wagons of cement and pitched tent on the Kampala – Jinja Highway.
“When I came to settle, I brought with me 500 train wagons full of cement from Bamburi Cement factory in Kenya,” she says.
Oasis Mall
Though she didn’t have enough money, Amina later decided to invest in real estate. She wrote to various government institutions including Kampala City Council and Statehouse of her ambitious plan. This enabled her to get land allocation for Oasis Mall and Laburnum Courts luxury apartments.
She then visited several banks with the proposals but none agreed to finance her, while others wanted her to do one project first, then the other later. However, Barclays Bank agreed to pump in money after her mother gave part of her buildings in Kenya as collateral.
Atiak Sugar factory
Atiak Sugar factory is an ambitious albeit controversial project which Amina owns 60% while 40% is owned by the Ugandan Government through Ugandan Development Corporation.
The project is said to have consumed up to $ 204 million for the 6 years since inception yet it has not come to life. Various challenges have emerged including persistent fires which has destroyed thousands of acres of cane. The feasibility of the project has also been questioned, with reports that the industry doesn’t have enough cane.
The government of Uganda has however pumped in more money into irrigation. However, critics, including various MPs have argued that the government has pumped in more money than Amina despite of her being the major shareholder.
According to reports, the government had already invested $ 147. 2 million while Amina Moghe has invested around $ 43.6 million.