Dr Naushad Merali, billionaire businessman who founded Sameer Group, with vast interests in Kenya and the region, died in Nairobi on Saturday at the age of 70, his family announced.

Merali, an industrialist, is expected to laid to rest on Saturday, according to a statement released to newsrooms by the Shia Ithna Ashri Jamaat secretariat.

According to the secretariat, only close members of Dr Merali’s family will be permitted to attend the burial ceremony based on the government’s strict Covid-19 measures on burials.

“It is with profound grief and sorrow that we inform you of the sad demise of Dr. Naushad Noorali Merali in Nairobi. He was a businessman the owner of Sameer group. Burial will be held today 3rd July, 2021,” the statement read.

It went on, “It is the family’s request that Covid protocols be adhered to firmly hence, only immediate members of the family and those assisting with the burial proceedings to attend. The family thanks you for honouring this request. Details of a Memorial for the wider Community and friends will be circulated in due course.”

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The statement, however, fell short of revealing the cause of the billionaire industrialist’s death.

In his initial days, Merali made his wealth by buying out struggling companies, turning them around then selling them off at a profit before moving on to the next lucrative venture.

Naushad Merali. PHOTO/COURTESY

In 2015, he was ranked by Forbes as the third richest man in Kenya and 48th in the African continent, with his net worth then estimated at $370 million (approx. Sh39.96 billion).

His vast business interests through his multi-billion-shilling Sameer Group empire included Airtel Kenya, Swift Global, Kenya Data Networks and Spire Bank.

Naushad Merali. PHOTO/COURTESY

Merali owned a 40 per cent stake in Airtel (then KenCell) together with French partner Vivendi in 2000 then took advantage of a planned exit of the French company to reap big.

He made a cool $20 million in a few hours three years later after he bought Vivendi’s stake in KenCell at $230 million and sold it to Celtel International for $250 million in the same day!