Ranked as the richest person in Africa, Alhaji Aliko Dangote is a marvel whose name has become a byword for stupendous riches. Remarkably, he is the continent’s richest person for the 11th consecutive year, worth an estimated $13.9bn, according to the 2022 edition of Forbes Africa’s billionaires list.
Importantly, the magazine said his wealth grew from $12.1bn in 2021 following a 30 per cent increase in the stock price of Dangote Cement, his main asset, said to be Africa’s largest cement producer, producing about 45.6 million metric tons annually in 10 countries on the continent.
This shows that his wealth can be explained, which is a plus for his image. Born in Kano, in present-day Kano State, he turned 65 on April 10, and has been active in business for about 45 years. He started as a small trader, with a loan from his uncle, but is today a giant industrialist, and chairman and CEO of Dangote Group, one of the largest conglomerates in Africa, operating in Nigeria, Ghana, Republic of Benin, Togo and Zambia, among others.
He has a degree in business studies and administration from Al-Azhar University, Cairo, Egypt, and his business empire includes cement manufacturing, food processing and freight, and he also has major investments in real estate, banking, textiles, oil and gas.
His ambitious oil refinery project, valued at more than $7bn, demonstrates not only his prosperity but also the magnitude of his business sense. The Dangote oil refinery, under construction in Lekki, Lagos, will have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world.
This refinery is expected to be able to meet Nigeria’s domestic fuel demand and also export refined products. It has been described as a “game-changing initiative,” which should ultimately enable Nigeria to stop importing petroleum products, a situation that is an embarrassment to the country as a major oil producer. It is a gigantic project, and all eyes are on Dangote to deliver.
Yet another business move demonstrated his entrepreneurial energy. This year, he launched Dangote Peugeot Automobiles Nigeria Limited (DPAN) factory, based in Kaduna. The Peugeot assembling facility is the result of his partnership with Stellantis Group, the parent company of Peugeot, and the governments of Kano and Kaduna states. The business commenced operations with the roll-out of Peugeot 301, Peugeot 5008, 3008, 508 and Land Trek.
Explaining his investment choices, he said in an interview: ”First, I only enter a business that I can fully understand. I never enter a business that is not clear to me. The second principle is that I have to be able to become number one or, at worst, number two in that business.”
It is striking that the man of plenty has an awareness of lack. In 2018, for instance, the Aliko Dangote Foundation inaugurated the Dangote Village, built for Internally Displaced Persons in Maiduguri, Borno State, and valued at N2bn. Dangote was quoted as saying the foundation had donated about N7bn to support displaced persons affected by the Boko Haram crisis in the country’s northeast geopolitical zone.
There are other instances that show his philanthropic side. In 2014, the Nigerian government said he had donated N150m to halt the spread of Ebola. In 2020, he donated N200m towards the fight against the spread of COVID-19 in Nigeria. He also donated money to the country’s sports ministry to renovate the National Stadium, Abuja.
His success story has attracted widespread recognition. He received Nigeria’s second highest honour, the Grand Commander of the Order of the Niger (GCON), in 2011. In 2014, Time magazine listed him among its 100 most influential people in the world. In 2015, Bloomberg Markets listed him among its 50 most influential individuals in the world.
As he grapples with the challenge of giving back, which is the burden of the super-rich, we wish Dangote greater success and more years of service to society.