How Dangote, The Richest Man In Africa Became Rich

By Getrude Mathayo / Published May 24, 2022 | 12:28 pm

KEY POINTS

Dangote's business interests encompass many industries, including oil and gas, consumer goods, and manufacturing.

However, Dangote Cement makes up the majority of the conglomerate's revenue, of which Dangote owns 85 percent.

KEY TAKEAWAYS

Dangote also owns the world's third-largest sugar refinery. As of March 31, 2021, Dangote Cement Group reported quarterly revenue of 332.7 billion Nigerian nairas, approximately US$808.5 million

The list of the world’s richest persons can vary from year to year, depending on their latest net worth and financial performance. No one is self-made. Wealth is a complex issue, especially extreme wealth. Many of us believe we can do it on our own.

Aliko Dangote is a Nigerian billionaire business magnate. For the tenth time in a row, Aliko Dangote was named the richest man in Africa in 2021, with an estimated net worth of $12.1 billion.

Born in 1957, Dangote grew up in an entrepreneurial household in Kano State, Nigeria. He was raised Muslim and lived an upper-class life. Dangote was born into extreme wealth and richness. His bloodline is business royal in Africa and Its runs in the blood.

Dangote’s grandfather, Sanusi Dantata, was once named one of the wealthiest people living in Kano. He made his fortune selling commodities like oats and rice. Dantata became Dangote’s guardian in 1965 after the death of his father

Having spent much of his childhood with his grandfather, Dangote quickly became interested in the world of business, once saying, “I can remember when I was in primary school, I would go and buy cartons of sweets (sugar boxes) and I would start selling them just to make money. I was so interested in business, even at that time.”

At age 21, Dangote graduated from Egypt’s Al-Azhar University, considered one of Islam’s most prestigious universities. It was there the budding entrepreneur furthered his education in business.

The business empire he began to build more than three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Dangote’s fortune is primarily built from his company, Dangote Cement, although he started his business empire by selling commodities such as sugar, salt, and flour.

Shortly after graduating from college at 21, Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations.

Ultimately, Dangote was able to turn a local commodity trading business into a multibillion-dollar corporation. While he grew up upper-class. Dangote was entrepreneurial from a young age and started his first business with a loan from his uncle.

Dangote’s business interests encompass many industries, including oil and gas, consumer goods, and manufacturing. However, Dangote Cement makes up the majority of the conglomerate’s revenue, of which Dangote owns 85 percent.

According to Forbes magazine, the subsidiary produces 45.6 million metric tons of cement every year and operates in 10 African countries

Dangote also owns the world’s third-largest sugar refinery. As of March 31, 2021, Dangote Cement Group reported quarterly revenue of 332.7 billion Nigerian nairas, approximately US$808.5 million

As of April 2022, Aliko Dangote was the richest man in Africa. He had a net worth of nearly 15 billion U.S. dollars and ranked 130th worldwide; His Great Grand Father was the richest in West Africa.