Madagascan billionaire Ylias Akbaraly, who transformed his family’s detergent business into an international conglomerate spanning manufacturing, finance, aviation and broadcasting, is seeking a $450 million (€400 million) contract to modernise Nigeria’s television and radio infrastructure.
The proposed deal is being pursued through Thomson Broadcast, a French broadcasting technology company controlled by Akbaraly’s Redland Group.
Thomson Broadcast is seeking final approval from the Nigerian government, with negotiations expected to receive attention during French President Emmanuel Macron’s visit to Nigeria which has now been postponed.
According to a report by Africa Intelligence, the project would involve the Nigerian Television Authority (NTA), Federal Radio Corporation of Nigeria (FRCN), Voice of Nigeria (VON) and National Broadcasting Commission (NBC).
Thomson Broadcast’s chief executive, Stéphane Bollon, has reportedly held discussions with Nigeria’s Minister of Information, Mohammed Idris, following a memorandum of understanding signed in 2025.
However, the proposed contract has not been finalised, and the company would still need to secure financing to execute the project.
For Akbaraly, the potential deal represents another step in expanding a business empire that began with household cleaning products in Madagascar.
Akbaraly grows family detergent business into international conglomerate
Akbaraly’s business roots date back to 1918, when his grandfather, Merally Manjee, migrated from Gujarat, India, to Madagascar and established a trading business.
His father, Sermamod Akbaraly, subsequently founded Sipromad in 1972, initially specialising in detergents and other household products.
Born in Madagascar, Akbaraly pursued his education abroad, studying management in Paris before obtaining a master’s degree in marketing from the University of California, Berkeley.
- He returned to the family business in the early 1990s and eventually took control in 2000, embarking on an expansion strategy that transformed Sipromad into one of Madagascar’s largest privately held conglomerates.
- Under his leadership, the business diversified into pharmaceuticals, agribusiness, renewable energy, tourism, real estate, aviation, finance and telecommunications.
- The group also developed interests in banking and security services, including investments in Brink’s Madagascar and Banque des Mascareignes Madagascar.
Today, Akbaraly chairs Redland, the holding company overseeing Sipromad and its international investments.
The group has operations across Africa, Europe and other international markets, with more than 3,000 people employed directly and indirectly across its businesses.
Building wealth through diversification
Akbaraly is widely regarded as Madagascar’s richest businessman, having appeared on the cover of Forbes Afrique in 2016.
At the time, Forbes valued his stake in Sipromad at approximately $700 million. In a 2019 interview with Forbes Africa, Akbaraly estimated his personal fortune at more than $1 billion.
However, there is no publicly verified current valuation of his net worth. His wealth is largely associated with privately held businesses, making it difficult to determine his fortune through publicly traded share prices.
In 2019, Forbes Africa reported that Akbaraly had transformed a family business generating approximately $34,000 annually and employing 20 people into a conglomerate targeting more than $265 million in revenue.
More recent reports have placed Sipromad’s annual revenue at approximately $350 million, reflecting the expansion of its operations across multiple sectors.
Beyond industrial manufacturing, the group has invested in commercial real estate, including the 33-storey Orange Telecommunication Tower in Antananarivo, Madagascar’s capital.
Akbaraly’s expansion into international broadcasting
One of Akbaraly’s most significant international investments came in August 2018, when Groupe Sipromad acquired the civilian television and radio broadcasting operations of France’s Arelis Broadcast.
The acquisition followed the financial difficulties of Arelis Broadcast and led to the creation of Phenixya, which continued operating under the Thomson Broadcast brand.
- Through the transaction, Akbaraly expanded into television transmission systems, digital broadcasting equipment and communications infrastructure.
- Thomson Broadcast subsequently strengthened its international presence through projects involving digital television and radio infrastructure across several countries.
In August 2022, the company acquired GatesAir, an American manufacturer of television and radio transmission equipment, expanding Akbaraly’s broadcasting interests into the United States.
However, GatesAir was subsequently sold to private equity firm Saothair Capital Partners in October 2025.
The proposed Nigerian contract would represent another significant international project for Thomson Broadcast, following its involvement in broadcasting infrastructure development in countries including Guinea and Mali.
Akbaraly’s philantropy and personal interests
Beyond his business investments, Akbaraly is involved in philanthropy through the Akbaraly Foundation, which he established with his wife, Cinzia Catalfamo Akbaraly, in 2008.
The foundation supports healthcare, education and social development initiatives, particularly programmes addressing breast and gynaecological cancers among women in Madagascar.
Akbaraly has also advocated stronger investment in African industries, arguing that economic diversification and local industrial development are essential to the continent’s long-term growth.