Dangote, the Wealthiest African Business Magnate - Prime Insights - Business Magazine

Dangote, the Wealthiest African Business Magnate

the Wealthiest African Business Magnate
Dangote, the Wealthiest African Business Magnate
  • Has anyone been ever curious to know about the richest man in Nigeria? Well, he is none other than Aliko Dangote. He is a business magnate, investor and the owner of a mega-successful conglomerate, the Dangote Group. He comes as one of the richest people in the world in the top 100 list. Currently, this businessman holds the rank of 66 in being the world’s most powerful businessmen.
  • Dangote is a native from Kano State and lives on Banana Island in Nigeria. He was born on 10th April 1957. He was a student in High School, Kano and then obtained his higher education degree at Al Azhar University, Cairo in Business Studies and Administration.
  • The story of his life is quite inspirational only because although belonging from a wealthy family, he still valued in hard work and believed personal accomplishment is the ultimate achievement. At an early age, he was interested in business and would go out to buy candy cartons and then sold them to his known ones to make some money.
  • At 21 years of age, Dangote planned on importing and selling agricultural goods in Nigeria. After having received success, he settled in Lagos and began his rice and sugar importation from Brazil and Thailand. His business took peak starting with trading agricultural goods.
  • In 1977, the Dangote Group was established and Dangote decided to expand his company within the same year. Apart from agricultural goods, the Dangote Group was also selling pasta, flour and sugar. It was not late for this man to become one among the many Nigerian billionaires. After winning the government’s approval he set up his cement plant that became a worldwide success.
  • In no time, Dangote became the largest supplier of sugar in Nigeria and secured a wide client base. Some of his clients were from breweries, confectionaries and soft drink manufacturers. His cement plant still accounts to be the most successful cement manufacturing industry in the world.
  • Presently, the three main branches of Dangote Group are Dangote Cement, Dangote Flour and Dangote Sugar Refinery. Dangote’s Refinery is the largest in Africa and third largest in the world that produces approx. 800 thousand tons of sugar per year.
  • The flour mills are the primary importers of fish, rice, cement, pasta and the fertilizers. Products such as cocoa, cotton, ginger, cashew nut and sesame seeds are exported. Over 11,000 people are employed in this company due to which it can rightly be called Western Africa’s biggest industrial conglomerate.
  • Dangote also got an opportunity to build a flour company in Apapa Port in 2012. His sole motto was not to make profits and keep money in the bank but to make full investments wherever he can and continue successful investing.
  • He established a Lagos-based oil refinery in 2007 that produced around 650,000 oil barrels per day. His kind nature has made him donate about N150 million to prevent the spread of the Ebola virus. Some of his awards were Forbes Africa Person of the Year (2014), Clinton Global Citizen Award (2015) etc.

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