Madagascar’s richest man eyes $450m Nigerian broadcasting deal

Madagascan billionaire Ylias Akbaraly is in talks for a $450 million (€400 million) contract to modernise Nigeria’s television and radio infrastructure.

Thomson Broadcast, a French broadcasting technology company controlled by Akbaraly’s Redland Group, is facilitating the proposed deal.

Thomson Broadcast is seeking final approval from the Nigerian government with negotiations expected to receive attention during French President Emmanuel Macron’s postponed visit to Nigeria.

Africa Intelligence reported 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’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.

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.