We all know that Kabirou is rich. But how rich? Let’s see.
We'll start with a very simple document, his Declaration Patrimoine (pdf version), which is supposed to cover all of his assets. As we'll learn later, it's neither complete, nor correct.
Kabirou's response to "How rich are you?" very much depends on who is asking, there are so many versions, that we'll probably never learn the whole truth. Let's see for example, what he told one of the banks about his revenues, while trying to get a personal line of credit:**Salary in Wari: 20 million CFA monthly**
**Salary in Interlinq: 32 million CFA monthly**
**Salary in CSI**: According to Kabirou's contract in 2018 it should be 21 million CFA monthly.
With 13-th month, his total annual income as employee of Wari Group in 2018 should amount to 949 million CFA. But that’s not all - according to this сontract Kabirou gets a minimum of 200 mln CFA yearly for the “Wari” trademark.
Altogether it takes us to a fixed yearly revenue of 1149 million CFA.
This is certainly good news for Senegal, it means Kabirou will pay roughly 430 million CFA in taxes. But it’s bad news for Wari: in the best case scenario Wari Group’s EBE (Excédent Brut d’Exploitation - similar to EBITDA) will be 3373 million CFA in 2018, which means that Kabirou is getting a significant portion of the company’s money as his own fixed income. But who will blame him - it’s his company, after all.
Unfortunately, all of that is just another lie for another bank, where he was eventually rejected.
The reality is much more complicated. In the following posts we’ll research in detail, where Kabirou gets his money and what he does with them. We’re going to study the ownership structure of and cashflows of Wari, and together we’ll try to understand why Kabirou is so willing to sell Wari shares right now.