Nigeria is full of incredibly wealthy people. But who is the richest man in Nigeria? Who has managed to end up on the Forbes Billionaires list as the Africa's richest man? We will tell you all about this person, his net worth and how he became who he is today. Check it out!
Who's the richest man in Nigeria?
Unless you have been living under a rock for the last few decades, you might have already guessed that the richest man in Nigeria is none other than Aliko Dangote, the owner of Dangote Industries. For many years, he has been topping all sorts of lists of the wealthiest individuals in Nigeria and the whole of Africa. Let’s talk about this man in a little bit more detail.
Mr. Dangote was born on April 10, 1957 in Kano in a rather wealthy family of Mariya Sanusi Dantata and Mohammed Dangote. His great-grandfather, Alhaji Alhassan Dantata, was the richest person in Africa up until his death in 1955.
Ever since he was a young boy, Aliko was very interested in business, so he tried selling things to earn some pocket money when he was little. When he grew up, he attended the Al-Azhar University in Egypt, where he received a diploma in Business in 1977. After graduation, he started his own business, which has grown into a large industrial empire.
Aliko Dangote is a family man. He is also a practicing Muslim, and he goes by Alhaji, meaning a person who completes a pilgrimage to Mecca. Now that we have talked about the personal life of the richest man in Nigeria (and Africa), it is time to get into the secrets of his wealth.
How did Aliko Dangote become the richest man in Nigeria?
So how did Dangote manage to get the title of the richest man in Africa 2018? Well, it all started with a small loan from Aliko’s uncle that he used to open his cement trading business back in 1977. Things were going well for him, and Dangote was able to move from his home in Kano to Lagos.
When 1981 came about, everything was so great that he managed to start his own corporation, which later became the well-known Dangote Group. For the next few decades, Dangote diversified his business by venturing into iron, milk, rice, fish, flour and sugar trading. In 1996, he went to Brazil to study manufacturing and upon return home decided to shift the focus of his company from trading to manufacturing.
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In 1999, Aliko Dangote started building flour mills, sugar and salt refineries, as well as a pasta factory. In the year 2000, he decided to buy Benue Cement Co from the government. Later (in 2003), he commissioned Obajana Cement Plant, which is currently the biggest cement facility in sub-Saharan Africa.
These days, Dangote Group makes up around 1/3 of the market capitalisation of the NSE (Nigerian Stock Exchange). It is the largest industrial conglomerate in the whole of West Africa, and Dangote Sugar refinery in particular is the third biggest refinery in the world. It is only logical that such success would bring Aliko Dangote quite a lot of money, so let’s find out exactly how rich he is.
Aliko Dangote net worth 2018
According to Forbes, Aliko Dangote’s net worth is currently at $13 billion, making him the richest person on the African continent and earning him the 110th spot on the Forbes Billionaires list.
That said, according to Bloomberg, his net worth is floating around $12.8 billion. It is about 0.24% of the total wealth of the world’s 500 wealthiest people. The website also reports that at its peak, Dangote’s net worth was almost $26 billion (in July 2017).
Most of the money that makes this net worth comes from Dangote’s 85.2% stake at Dangote Cement. He holds these shares both through Dangote Industries and directly. Other assets of Aliko Dangote include the stakes in Dangote Flour Mills, Nascon Allied Industries, Dangote Sugar and United Bank for Africa.
Another large source of Dangote’s wealth is his beverage maker by the name of Dansa Foods. He also owns six commercial and residential properties in Lagos. The spokesperson for Mr. Dangote, Anthony Chiejina, also admitted that Dangote has around $1.62 billion in cash. It is reported that Aliko Dangote’s private jet costs $45 million.
All things considered, Dangote does not spend all of his money on himself. Over the years, he has donated hundreds of millions of dollars to various charities and causes. For instance, Aliko Dangote has donated millions to the victims of flooding all across Nigeria, as well as several million for victims of flooding and famine in other countries.
He is also a big supporter of education and empowerment of women. His donations have helped several Nigerian universities and many enterprising women that needed funds to start their own businesses. In 2010, he established Dangote Academy to provide people with useful knowledge and skills for working in industrial factories, mainly his own.
As years go by, Aliko Dangote still remains the richest person in Africa, and it seems like nobody would be able to surpass him any time soon. The man has managed to achieve great heights, and he does not forget about other people, which means that he is worthy of the wealth he owns.
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