Aliko Dangote is the world’s richest black billionaire with an estimated net worth of $16.6 billion. He was 2014 Forbes 23rd Richest Person in the World and Africa Person of the Year. As the ranks of Africa’s billionaires soar from 9 to 11, no one has come close to displacing Dangote from first place, a position he has held for over 6 years. Dangote made it into the billionaires’ club in 2008 with a net worth of $3.3 billion and ousted Mohammed Hussein Al Amoudi as the richest black person in 2013 by a $2.6 billion margin. Dangote is currently the richest black billionaire in the world, the richest in Africa and West Africa.
The Nigerian business mogul was born on April 10, 1957 to a wealthy Muslim family and he hails from Kano, the second largest city in Nigeria and a centuries-old business hub. Following in the footsteps of his legendary business tycoon grandfather, Alhasssan Dantata, Dangote experimented with commerce at a very tender age – selling sweets out of interest – and ventured into the business with brighter intentions as he grew older. His first business funding came from his maternal uncles, the Dantata. From the ordinary local commodity of 1977, his company grew into a multinational conglomerate of over 13 companies with a commendable distribution network, a testament to an education he successfully completed with his maternal connections.
Today, Dangote is the CEO and founder of the Dangote Group of Industries with diversified interests in imports and exports, manufacturing and food/consumer goods investments. Dangote Group is present in 15 African countries including Nigeria, Benin, Cameroon, Ghana, South Africa, Togo, Tanzania and Zambia. Dangote Group is the largest chain of companies in West Africa and has a sugar refinery that is the largest and the third largest in the world with an annual sugar production of 800,000 tons. The Dangote Cement is the largest cement producer in Africa with a market capitalization of US$15 billion. The company produces 44 million tons annually and plans to increase its production by 33% by 2020. The subsidiary achieved assets of EUR 843 billion in 2013 (EUR 4.2 billion
Dangote also has stakes in listed salt, sugar and flour manufacturers.
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In a very big and significant way, Dangotewar has been tremendously helpful in employment and economic growth in Nigeria, a savior of the Nigerian economy. Dangote chairs the Nigerian Stock Exchange, where he owns 20% of the total market capitalization. He has served in various political capacities in alliance with the Nigerian government and officially bestowed the second highest honorary title of GCON – Grand Commander of the Order of Niger.
In 2014 Aliko Dangote supported the nation’s fight against Ebola with a donation of 150 million euros. Despite falling victim to Nigerian currency inflation, the most successful non-oil investor in Nigeria continues to call for national support and philanthropy. He chairs the Dangote Foundation, which focuses on initiatives in education, agriculture and health.
Dangote is also building an oil refinery, which is expected to produce 650,000 barrels per day of refined petroleum products to meet the country’s total refined petroleum product needs and reduce its dependence on petroleum imports given the $11 billion refinery prospect eager to do so. In January 2017, he announced plans to build a $100 million truck manufacturing facility in Lagos in partnership with Chinese company SINOTRUK.
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Dangote firmly believes the Nigerian economy will ultimately be saved by patriotic investment, so he has invested in the lucrative sectors of the Nigerian market – real estate, banking, transportation, textiles and more recently oil and gas; Gradually he also deals with telecommunications. A passionate and hardworking businessman, Dangote still has intentions to build multi-billion dollar manufacturing facilities and import terminals across Africa.