Aliko Dangote hailed as Africa’s richest man

Reaching #51 on Forbes’ 2016 Billionaire list, Aliko Dangote is officially the richest man in Africa.

With a net worth of approximately £12 .5 billion , Dangote secures his place among the elite club of the wealthiest people in the world, including the likes of Bill Gates (Microsoft), Mark Zuckerberg (Facebook) and Larry Page (Google).

The 59 year-old Nigerian founded and currently chairs the Dangote group, which is now a multi-billion pound corporation that firmly holds its position as the largest industrial group in Nigeria. Today, the Dangote Group is responsible for Dangote Sugar Refinery, Dangote Cement, and Dangote Flour. It also has major investments in real estate, banking, transport, textiles and oil and gas. The company employs over 11,000 people and is the largest industrial conglomerate in West Africa.

The Dangote Group was established as a small trading firm in 1977 but now dominates the sugar market in Nigeria and is a major supplier to the country’s soft drink companies, breweries, and confectioners. It is the largest refinery in Africa and the third largest in the world, producing 800,000 tonnes of sugar annually.

Dangote descends from a very prominent business family. He is the great grandson of Alhaji Alhassan Dantata, the richest man in Africa at the time of his death in 1955.

Dangote said, “I can remember when I was in primary school, I would go and buy cartons of sweets and I would start selling them just to make money. I was so interested in business, even at that time.

“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”.

TNT Business 

 

Photo Credit: World Economic Forum

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