Amazing! The Richest Man In Africa

  • The richest man in Africa is Aliko Dangote. He is the founder of a multi-trillion naira conglomerate known as the Dangote Group which was established as a small trading firm in 1977.
  • Dangote’s fortune is derived from his 85% stake in publicly traded Dangote Cement. 
  • The $12 billion oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational.
  • According to Bloomberg, Aliko is worth $14.0 billion

The topic of who is the richest man in Africa is one that as Nigerians we are proud to discuss when the need arises. Because as a people we are fully aware of the menace that poverty represents and it is a matter of relief and hope to see an unusual display of wealth in the life of a Nigerian. Which many would take as a sign that they also can make it in life. Especially the success story of the richest woman in Nigeria.

It is true what you hear in the news that Nigeria is blessed with both natural and human resources but as a country badly mismanaged by corruption and tribal sentiments. Her people wallow in great poverty and hopelessness that is truly depressing.

But right there in the center of that financial doom and gloom are few Nigerians who are so rich that they have earned for themselves financial ranks worthy of envy, on a continent that has more poor people than rich ones.

The Richest Man In Africa is Aliko Dangote. He is that business mogul that Nigerians are happy to associate with irrespective of tribe and religion. But that is not to say, he is free from the tribal hate and envy that is the norm in many quarters in Nigeria, against wealthy Nigerians who do not share a tribal bond.

Who doesn’t admire a billionaire? Who doesn’t like the rich? And because over here on Dollar Naira we value wealth and the stories that make every kobo count. Stories like this post on Aliko Dangote would always remain a constant on this blog.

Some days back i wrote about the richest man in the world and continuing in that tradition. I am branching into Africa, precisely Nigeria. To talk about a philanthropist whose existence is both a blessing and curse (that is an article for another day) to his country.

The richest man in Africa

Aliko Dangote is from the northern part of Nigerian. And he is a Muslim from the Hausa ethnic group in Kano State. He was born on the 10th of April 1957 into a wealthy Muslim family. He is the great-grandson of Alhaji Alhassan Dantata, the richest African man at the time of his death in 1955. And today as a descendant of a great and wealthy forebear. He now fly’s that same flag and the only difference is that he has acquired more wealth and prestige than his great grand father from his mothers side of the family.

Even at this time and age, the name Dantata still rings through as a name of wealth. That name is mainly associated with construction right here in Nigeria as you would mainly see them at construction sites.

Interesting Facts About The Richest Man In Africa

As the richest man in Africa, Aliko Dangote is a man who love swimming in international waters. As can been seen in some of his business friendships abroad.

Dangote foundation was among the big brands like Gucci and Standard Chartered among others who collectively launched a Girls’ Education Task Force aimed at building a bridge over the barriers that discriminate against girls and their right to education.

And Dangote Foundation was nominated to co-chair the Task Force alongside Standard Chartered. Pledging to address the issue of 31 million out-of-school girls and leverage the resources, networks and know-how of business to ensure girls are completing school, developing skills and finding jobs to reach their full potential. [1]

In the same capacity of a co-chair the The U.S. Chamber of Commerce on September 20, 2016 named Aliko Dangote, Africa’s most successful businessman, as the co-chair of its U.S.-Africa Business Center.

Serving alongside alongside Jay Ireland, president and CEO of GE Africa, as a leader for the U.S.-Africa Business Center Board of Directors.

“We are honored to have Aliko Dangote on board to help guide the business communities’ efforts in pursuit of a new era of unprecedented growth between the United States and Africa,” said Scott Eisner, president of the U.S.-Africa Business Center. “The future of job creation lies in the hearts and minds of business leaders and their enterprises across Africa. We are fortunate to have an opportunity to tap into the expertise of Dangote and our board to ensure that U.S. companies have strong partners across Africa and can provide access to African companies interested in the U.S. market.” [2]

When it comes to other notable organizations his name is also written on most of their membership roasters.

Still on the international level. He sits on the board of the Corporate Council on Africa, and is a member of the Steering Committee of the United Nations Secretary-General’s Global Education First Initiative, the Clinton Global Initiative, the McKinsey Advisory Council, and the International Business Council of the World Economic Forum. [3]

He is not the kind of rich man that lives in isolation or afraid to share play ground with some of the wealthiest humans on earth. Rich men like Bill Gates who has enjoyed the title of the richest man in the world for almost 2 decades, falling from the spot and going back up again.

As friends and business partners Aliko Dangote is also collaborating with the Bill and Melinda Gates foundation.

A friendship that even Bill Gate took time out to write about on his blog. According to him:

“Have you ever met someone new and immediately felt like you could talk to them for hours?

That happened the first time I met Aliko Dangote. A couple years ago, he and I ended up going to the same event in New York. A mutual friend suggested that I meet him because he knew we were both super interested in global health. So we made sure to sit next to each other at dinner.

As soon as we shook hands, it was clear we had a ton in common. We both started successful businesses in the late 1970s. For our second act in life, we both chose to start foundations aimed at improving health and education. (Today, the Dangote Foundation is the largest such organization in sub-Saharan Africa.)

More importantly, we both love to geek out over things that make some people’s eyes glaze over, like cement, fertilizer, and iodized salt. Check out this video of Aliko’s recent visit to our foundation’s office in Seattle for proof:

That first meeting sparked the beginning of a fruitful friendship. In 2016, our foundations announced a joint, five-year $100 million commitment to reducing malnutrition in Nigeria.” [4]

The whole idea behind the list of references and those that would follow is to make solid the fact that Aliko Dangote is a hard core business man.

The richest man in Africa is also on the board of One Campaign. One Campaign was founded by Irish musician Bono and American attorney Bobby Shriver.

Which is focused on fighting extreme poverty and preventable disease, particularly in Africa , by raising public awareness and pressuring political leaders to support policies and programs that are saving lives and improving futures.

Tom Freston, Chair of ONE’s Board, said: “On behalf of the Board, and ONE’s seven million members worldwide, I am delighted to welcome Aliko Dangote. It is a great privilege to have someone with his stature, knowledge, and experience to help guide our efforts as a board member. This is a crucial time in the fight against extreme poverty, filled with many opportunities, but also many significant challenges. Working with someone of Aliko Dangote’s calibre enhances our possibilities for success” [5]

And he is not just anybody from Africa claiming the richest man title without true asset and capital to back it up.

His personal wealth is really strong because he owns 85% of publicly-traded Dangote Cement through a holding company.

Also as a cement producer Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa. [6]

In 2013 Dangote surpassed Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi with over $2.6 billion to become the world’s richest person of African descent. Looking through the list of Africa”s billionaires it was nice to see two black faces (Nigerians) top the list at the number one and second spot at that time, in the person of Aliko Dangote and Mike Adenuga.

Dangote group has the largest refinery in Africa and the third largest in the world, producing 800,000 tonnes of sugar annually.
The sugar refining factory at Apapa port was commissioned in 2001 with an initial installed capacity to process 600,000 MT of raw sugar per annum. In December 2007, Dangote Sugar Refinery successfully exported its first consignment of 1,500MT of sugar to Ghana.

Dangote Group owns salt factories and flour mills and is a major importer of rice, fish, pasta, cement, and fertilizer. The company exports cotton, cashew nuts, cocoa, sesame seeds, and ginger to several countries. It also has major investments in real estate, banking, transport, textiles, oil, and gas. The company employs more than 11,000 people and is the largest industrial conglomerate in West Africa. [7]

In November 2011, Dangote was awarded Nigeria’s second-highest honor, the Grand Commander of the Order of the Niger (GCON) by the former President, Goodluck Jonathan.

By adding $9.2 billion to his personal wealth in 2013, according to the Bloomberg Index, made him the thirtieth-richest person in the world at the time, in addition to being the richest person in Africa.

In 2014, the Nigerian government said Dangote had donated 150 million Naira (US$750,000) to halt the spread of ebola.

He also donated 200 million as aid in the fight against Corona virus. Which is small compared to the other billionaires in the country that donated 1 billion and above.

The wealth of Dangote as the richest man in Africa is not just a recent event. He has stayed at that position for eight years in a row. Which is indeed an amazing financial feat.

As the richest man in Africa Dangote is worth $14.0 Billion. But that is not his highest financial mark that has ever been recorded, in February 2014, his net worth reached a peak of $25 billion.

There is another beautiful part to the story, In June 2013, he would become the first African businessman to amass a personal fortune of $20 billion.

Aliko Dangote is not only considered the richest man in Africa but is also considered the biggest African billionaire loser in dollar terms due to the fact that between December 31, 2014 and December 31, 2015, his net worth would drop by $3 billion.

The major factor behind the decline of his net worth was due to some financial policies of the Nigerian government. It is said that his fortune began to decline on the back of a Central Bank devaluation of the Nigerian Naira.

His advice to people out there who want to be like him:“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me 30 years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” [8]

I believe the above is one of the most important advice Aliko Dangote, as  Africa’s richest man can give to the youths of his own country who are one of the most desperate minds on the continent when it comes to money making.

A fact that has seen young Nigerians embrace dubious means of making money. They want to become the richest men and women on the continent without first laying a foundation of hard work free from corrupt practices.

It is often the way of things that Africans with money, marry many wives and have plenty children. But Aliko Dangote who is from the North where such practices is very common, has only three children. All of them females.

Maritally he has created a very solid standard, that future billionaires from his region can emulate. As the richest man in Africa, Dangote is a man that is an inspiration to black people everywhere.

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