Dangote Enjoyed Tax Waivers: Reactions Trail Africa's Richest Man's Rising Wealth Profile

Dangote Enjoyed Tax Waivers: Reactions Trail Africa's Richest Man's Rising Wealth Profile

  • The recent report by Legit.ng that Africa's richest man, Aliko Dangote, is richer than over 30 countries in Africa has divided Nigerians
  • While some say he was given an unfair advantage that propelled him to the billionaires club, others believe luck is on his side
  • Dangote's wealth surged as his Cement company saw a massive turnover and his fertilizer plant started exporting to Brazil and the U.S.

Nigerians have attributed Aliko Dangote's rising wealth to favours he allegedly enjoyed from successive governments in Nigeria.

Bloomberg's Billionaires' Index ranks him the richest man in Africa. His wealth increased by N8.4 trillion in 2021 to N8.71 trillion.

Aliko Dangote
Aliko Dangote is Africa's richest man and his wealth keeps soaring. Credit: Wei Leng Tay/Bloomberg
Source: Getty Images

He has consistently maintained the richest man's top spot in Africa since 2014 when his wealth reached an all-time high of $12.7 billion (N49 trillion).

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Dangote is touted to be richer than more than 30 African countries.

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Nigerians react

Nigerians were reacting to a story published by Legit.ng that Dangote's wealth has surpassed 30 countries in Africa some of whom their Gross Domestic Product are as low as $777 million (N3.2 trillion).

Babarinde Ademola said:

"He makes billions every day at the expense of the poor masses. All his products keep increasing in price to sustain number one in Africa. No problem, we shall wait to see how much he will be buried with."

Olumide Adebayo said:

"He enjoyed tax waivers a lot, Aboki are the one controlling Nigeria, but are the same time they are the most backward tribe. Just drawing Nigeria back instead of forward."

Olajide Adedeji said:

"More money at the expense of Nigerians. Are we benefiting from his riches in Nigeria? I don't think so, the prices of his products are gradually becoming unbearable for the common people of this country."

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Emmi George wrote:

"He doesn't have competitors in Nigeria and for that reason, he's extorting us with the high price of goods, and it doesn't help us economically."

Dangote not a crook, just providence

But others attribute his wealth to pure favour and providence.

Fanenter Robert wrote:

"Government may support whomever, however, some must have hustle more than him, I call him lucky. that's all.

Salathiel Chibulongo said:

"It’s called destiny folks, he is a destined businessman. God blesses whom He chooses."

Aliko Dangote, Rabiu Abdulsamad make N30.4bn in 8 hours

Legit.ng previously reported that Aliko Dangote, founder of Dangote Industries Limited, and Rabiu Abdulsamad, founder of BUA Group, made a combined N30.4 billion in eight hours on Tuesday, October 12. The two billionaires recorded this amount at the end of the capital market.

While Dangote remains the richest man in Africa, the cement producer fell short of the earnings his counterpart, Abdulsamad, made as their wealth grew by 0.03 percent and 1.62 percent respectively.

The wealth of Dangote Cement founder rose to $13.4 billion to maintain his lead on Nigeria and Africa's richest person list. According to a tracking billionaire index by Reuters, he gained N1.64 billion in eight hours.

Source: Legit.ng

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