Africa's Richest Man, Aliko Dangote Rejects Forbes' $38bn Ranking, Gives Reason
- Aliko Dangote has dismissed Forbes’ $38 billion estimate of his wealth, saying such rankings do not reflect the value of his businesses
- He said his Dangote Refinery alone is worth more than $40 billion and revealed plans to grow the group’s revenue to over $100 billion by 2030
- Dangote said the continent has huge human and natural resources that can drive economic growth
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Africa’s richest man and President of Dangote Group, Aliko Dangote, has dismissed recent estimates of his personal wealth, saying such rankings do not accurately reflect the value of his business empire.
Speaking in a viral interview with popular TikToker School of Hard Knocks, Dangote described wealth rankings as “very distractive” and said he does not pay much attention to them.
Source: UGC
“I don’t really look at those things, they are very distractive,” he said when asked about a Forbes estimate of his fortune.
Dangote Says Refinery Is Worth Over $40bn
Dangote specifically highlighted the value of his massive oil refinery, saying the facility alone is worth more than the $38 billion wealth attributed to him by Forbes.
“Our refinery, I know, is worth over $40bn, just the refinery,” he said.
He also pointed out that most of his businesses are privately held and have not yet been listed on the stock market.
“Forbes said I am worth $38bn but most of our businesses are not listed yet,” Dangote said.
Rather than concentrating on his personal fortune, the billionaire said his focus is on expanding his businesses, creating jobs and generating greater economic value across Africa.
He disclosed that Dangote Group is targeting more than $100 billion in revenue by 2030, with the bulk of its activities and value creation coming from the continent.
“We have a vision in 2030 to be more than $100bn revenue, all coming out of Africa,” he said, adding that the group generated about $10 billion in revenue in the first quarter.
Why Dangote Wants More African Investment
Dangote said his investment strategy was partly shaped by the economic transformation he witnessed across Asia, where local investors played a major role in developing their economies.
“The issue is that I have seen the development of Asia and I have seen that Asia is only being developed by Asians,” he said.
According to him, Africa needs more investment from within the continent while also attracting foreign capital to accelerate industrialisation.
He said Africa’s long-standing dependence on imported goods, including cement and sugar, has weakened local production and limited opportunities for job creation.
“What we are actually doing is importing poverty and exporting poverty out,” he said.
Source: Getty Images
Dangote said his goal is therefore not only to build industries but also to encourage other investors to commit capital to Africa and help expand its productive capacity.
He added that the continent has major advantages that could position it as a global economic powerhouse, noting that about 70 per cent of Africa’s population is below 30 years old, while the continent has around 60 per cent of the world’s arable land and two-thirds of its mineral resources.
Source: Legit.ng
