By Francis Awowole-Browne
Considering the vast immensity of the global business landscape, few names command the same reverence and admiration as that of Aliko Mohammad Dangote, the richest black man in the world. Not given to one and done, Dangote, a serial investor and a visionary entrepreneur has indelibly etched his mark on the annals of commerce, transforming not only his native Nigeria but also the African continent and beyond. His is a story of relentless determination, astute business acumen, and an unwavering commitment to excellence.
An enigma of sort, born in April 10, 1957, the business he founded currently has presence in 17 African countries and is a market leader in all the economic sub-sector where he operates on the continent. One of the Group’s subsidiaries, Dangote Cement Plc, is the largest listed company in West Africa and the first Nigerian company to join the Forbes Global 2000 Companies list. The Group has other subsidiaries: Dangote Petroleum Refinery, Dangote Fertiliser Limited, Dangote Sugar Refinery and NASCON Allied Industries, with the latter two business Units listed on the Nigerian Exchange Limited (NGX).
His business group is fully diversified and operates in major sectors of the Nigerian economy including agriculture, foods, Sugar, salt, rice, real estate, steel, mining, communication, logistics, maritime, automotive, packaging, energy and infrastructure. The Dangote Fertiliser was commissioned on March 22, 2022 while the Dangote Petroleum Refinery was commissioned on May 22, 2023. The South Africa-based Brand Leadership Movement in collaboration with the Johannesburg Stock Exchange (JSE) awarded Dangote ‘the most admired African brand’ in 2018, of African continent origin. Dangote 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. He was named Co-chair of the US-Africa Business Center, in September 2016, by the US Chamber of Commerce.
Dangote amassed laurels both within and outside Nigeria in recognition of his achievements and philanthropy. On November 14, 2011, the Nigerian Government conferred on him the Grand Commander of the Niger (GCON), becoming the first person outside government functionaries to bag the honour. In 2013, he was conferred with the highest national honour in the Republic of Benin, the Grand Commander of the National Order of the Republic of Benin.
In 2014 he also made the list of CNBC’s ‘Top 25 Businessmen in the World’ that changed and shaped the century. In November 2019, the Nigerian Government conferred on him the National Productivity Order of Merit Award in recognition of his contributions to the Nigerian economy. In June 2021, he received the highest civilian honour in Cameroon – the Commander of the National Order of Valour – from the President of the Republic, Paul Biya.
Also in April 2014, TIME Magazine listed him among its 100 ‘Most Influential People in the World. For six consecutive years, 2013 2014, 2015, 2016, 2017, 2018 Forbes listed him as the ‘Most Powerful Man in Africa’ alongside the Egyptian President Abdel Fatteh el Sisi. In December 2014, he was named ‘Forbes Africa Person of the Year.’ In September 2015, he was named ‘African Businessman of the Year’ by London-based IC Publications. In October 2015, Aliko Dangote was listed among ‘50 Most Influential Individuals in the World’ by Bloomberg Markets.
In August 2022, Dangote was conferred with the Commander of the Order of Merit of Niger award by the then President of the Republic of Niger, Mohamed Bazoum in Niamey, in appreciation for services he rendered to the Republic of Niger and as well as a tribute to his business acumen and philanthropy.
The President, as fondly called by hundreds of thousands of his employees, who earn a living through his investments, is a symbol of what can be achieved when ambition, innovation, and determination converge. Nothing speaks to these qualities better than his latest foray into midstream sub-sector of the oil and gas industry at a time Nigeria’s oil refineries have languished in a state of disrepair, plagued by inefficiencies, corruption, and a lack of political will to implement necessary reforms for over three decades. The country’s four state-owned refineries—located in Port Harcourt, Warri, and Kaduna—have failed to operate at optimal capacity, resulting in the paradox of an oil-rich nation heavily dependent on imported petroleum products, which has not only strained the economy but also exposed the nation to the volatility of global oil markets.
Recall that Dangote had in 2007, in the twilight of administration of former President Olusegun Obasanjo had purchased the carcass of Kaduna refinery in the hope that he would resurrect it and return it to full operations. Rather than see in the idea a national economic interest, the hawks felt otherwise and threw spanner in the works. Less than two weeks on assumption of office, they mounted pressure on the government and the late President Musa Yar’Adua rescinded the sale of the refinery, a singular decision that motivated Dangote to go back to the drawing board and opted for building his own refinery which has now become the real game changer in the troubled Nigeria’s oil and gas sector.
In an audacious move for which no Nigerian businessman has ever taken, Dangote led the management of his Group, Dangote Industries Limited on September 4, 2013 to Abuja, in the full glare of many state governors and other stakeholders to sign a $6billion term loan agreement with a consortium of banks. The loan was part of then $9billion estimated cost to build a 400,000 bpd refinery initially planned for Olokola Free Trade Zone, in Ondo State, to be financed with $3billion equity and the rest from the banks. However, certain business considerations necessitated changing the location to Lagos Free Zone, Ibeju-Lekki and also increasing the refinery size to 650,000bpd thus shooting up to the cost to $19billion.
It took Dangote over a decade to realize this dream of erecting a world class refinery in a country proliferated by rent seekers camouflaging as genuine investors. What stands out Dangote among the pack is his patriotic obsession with manufacturing which most Nigerian money men avoid like a plague as it takes time to bring returns. Kudos to Dangote because this is what Nigeria economy needs and not importation that reeks quick returns.
Today, beautiful to behold is the world single largest train Dangote Petroleum Refinery and Petrochemicals, a monumental achievement that stands tall in the heart of Africa, symbolizing innovation, progress, and the relentless pursuit of excellence. This colossal refinery not only marks a significant milestone in industrial achievement but also underscores the pivotal role of private enterprise in addressing longstanding infrastructural deficits in Nigeria and Africa as a whole.
Interestingly, while overburdened suffering Nigerians are hailing him for this feat chanting and labeling him as a liberator over the completion and subsequent roll out of petroleum products, the development rather created a deep seated hatred in the circle of Nigeria’s oil sector Cosa Nostra, members of which are the beneficiaries of the protracted logjam in the energy sector. To them Dangote is an irritant and a kill-joy kind of for delivering on the project. They never gave him a chance of final completion given the humongous size. They thought he was on a wild goose chase. How wrong they were.
They just couldn’t stand the fact that the man already touted as the richest man in Africa is adding another prime asset to his crammed wealth collection. It doesn’t matter to them what the project means to Nigerians who have had to contend with vicious circle of fuel scarcity all year round. Dangote refinery is seen as a ploy to take their hands off the cookie jar or so it would seem, then Dangote has stirred the hornet’s net and should therefore bear the consequence. Even the official regulators who should celebrate the project went all out to disparage the refinery and demonize the founder.
Given the Nigerian government’s long-standing inability to revitalize its own refineries, Dangote Refinery to ordinary Nigerian emerges as a testament to what visionary business leadership and private sector dynamism can achieve in the face of governmental irresponsibility that has dogged the nation’s socio political and economic landscapes. A visit to the refinery’s Single Point Mooring System (SPM) located 20km in the middle of ocean offshore through which crude is received and refined products sent out, leaves one with one question as to what could have been the motivation for the project. Certainly, profit only could not have been for the construction of the facility but also sheer patriotism and love for dear country.
None of his traducers could have put their money into a business that will take over a decade to complete. Little wonder, scores of them that were given refinery licenses years before him failed to erect a single pole but converted them to fuel import license that brings returns almost immediately especially with the regime of obnoxious subsidy.
At 68, Aliko Dangote continues to chart new territories and explore innovative opportunities, his legacy as a transformative entrepreneur remains firmly intact. His vision for a self-reliant Africa, driven by industrialization and economic empowerment, is gradually taking shape. Through his pioneering efforts, Dangote has demonstrated that Africa’s potential is boundless, and that with determination and vision, remarkable achievements are within reach.
Happy birthday to the Grand Commander of the Order of the Niger (GCON) standing tall at the helm in Dangote Group.
