Who is the richest black man in the world?
The answer is Aliko Dangote, a Nigerian billionaire who has built a business empire that spans across Africa and beyond.
Dangote is the founder and CEO of the Dangote Group, a conglomerate that produces cement, sugar, flour, salt, pasta, and other products.
He is also investing in oil refining, fertilizer production, and power generation.
His net worth as of September 2023 is estimated at $20 billion, making him the 94th richest person in the world and the richest person in Africa.
But how did Dangote achieve this remarkable feat?
What are the secrets behind his success?
And what does he do with his wealth?
In this article, we will explore the life story of Aliko Dangote, his business ventures, and his philanthropic activities.
PHOTO Courtesy | bloomberg/bloomberg via Getty Images
Early Life and Education
Aliko Dangote was born on April 10, 1957, in Kano, Nigeria.
He came from a wealthy family of traders who had roots in the Hausa ethnic group.
His great-grandfather, Alhassan Dantata, was the richest person in West Africa at the time of his death in 1955.
The grandfather, Sanusi Dantata, was also a successful businessman who dealt in commodities like rice and oats.
Dangote’s mother, Mariya Sanusi Dantata, was the daughter of Sanusi Dantata, while his father, Mohammed Dangote, was a business associate of his grandfather
Dangote inherited his entrepreneurial spirit from his family.
He showed interest in business from an early age and started selling sweets to his classmates when he was eight years old.
He used the pocket money he got from his grandfather to buy the sweets and then sold them at a profit.
Later, he said, “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.”
Dangote attended Sheikh Ali Kumasi Madrasa School and Capital High School in Kano before enrolling at the Government College Birnin Kudu.
He then went to Al-Azhar University in Cairo, Egypt, where he graduated with a bachelor’s degree in business studies and administration in 1977.
How did Dangote become rich? Business Career
After graduating from college, Dangote returned to Nigeria and started his own business with a loan of ₦500,000 (about $1,400 at that time) from his uncle.
Aliko began by trading commodities like cement, sugar, salt, and flour.
Soon, he realized that there was a huge demand for these products in Nigeria and that he could make more money by producing them locally rather than importing them.
He also saw the potential of expanding his business to other African countries where there was a lack of infrastructure and industrial development.
In 1981, he incorporated his company as the Dangote Group and moved to Lagos to grow his operations.
He diversified into various sectors such as food processing, cement manufacturing, textiles, real estate, banking, oil and gas, and telecommunications.
Also, he invested in research and development to improve the quality and efficiency of his products.
He built factories across Nigeria and established distribution networks across Africa.
List of Dangote companies
- Dangote Cement: The largest cement producer in Africa with operations in 10 countries. It has a production capacity of over 45 million metric tons per year and accounts for about 60% of Dangote’s revenue.
- Dangote Sugar Refinery: The largest sugar refinery in Africa and one of the largest in the world with a capacity of 1.44 million metric tons per year.
- Dangote Flour Mills: The largest flour miller in Nigeria with a capacity of over 6 million metric tons per year.
- Dangote Salt: The largest salt producer in Nigeria with a capacity of over 400,000 metric tons per year. It produces table salt, industrial salt, iodized salt, and seasoning products.
- Dangote Oil Refinery: The largest oil refinery project in Africa with a capacity of 650,000 barrels per day.
- Dangote Fertilizer: The largest fertilizer plant project in Africa with a capacity of 3 million metric tons per year of urea and ammonia.
- Dangote Power: A power generation company that aims to provide 12,000 megawatts of electricity to Nigeria and other African countries.
Philanthropy
Aliko Dangote is not only a business tycoon but also a generous philanthropist.
He has donated billions of dollars to various causes, especially in the areas of health, education, and empowerment.
He established the Aliko Dangote Foundation (ADF) in 1994 as his private charitable foundation.
In 2014, he endowed the foundation with $1.25 billion, making it the largest private foundation in Africa.
Some of the notable initiatives of the ADF include:
- Eradicating polio and strengthening routine immunization in Nigeria and other African countries in partnership with the Bill and Melinda Gates Foundation, the World Health Organization, UNICEF, and other stakeholders.
- Supporting the fight against malnutrition, malaria, HIV/AIDS, tuberculosis, and other diseases that affect millions of people in Africa.
- Providing scholarships, bursaries, and grants to thousands of students in Nigeria and other African countries to pursue quality education at various levels.
- Empowering women and youth through microfinance, vocational training, entrepreneurship development, and job creation programs.
- Supporting disaster relief and humanitarian interventions in Nigeria and other African countries affected by conflicts, floods, droughts, epidemics, and other emergencies.
Who is the top 10 richest person in Africa?
| Rank | Name | Country | Net Worth |
|---|---|---|---|
| 1 | Aliko Dangote | Nigeria | $20 |
| 2 | Johann Rupert and family | South Africa | $10.7 |
| 3 | Nicky Oppenheimer and family | South Africa | $8.4 |
| 4 | Abdulsamad Rabiu | Nigeria | $7.6 |
| 5 | Nassef Sawiris | Egypt | $7.3 |
| 6 | Mike Adenuga | Nigeria | $6.3 |
| 7 | Issad Rebrab and family | Algeria | $4.6 |
| 8 | Naguib Sawiris | Egypt | $3.3 |
| 9 | Patrice Motsepe | South Africa | $3.1 |
| 10 | Mohamed Mansour | Egypt | $2.9 |
Where does Dangote rank in world richest?
Dangote, currently holding the 124th position among the wealthiest billionaires globally, stands as the sole Nigerian among the top 200 billionaires worldwide.
Additionally, he is one of the two Africans within this category, alongside South Africa’s Johann Rupert, an entrepreneur in the luxury goods sector, who is ranked 157th with a net worth of $11.1 billion.
Conclusion
Aliko Dangote is a remarkable example of an African entrepreneur who has risen from humble beginnings to become one of the most influential and respected business leaders in the world.
He’s built a business empire that has created wealth, jobs, and opportunities for millions of people across Africa and beyond.
Also, he used his fortune to make a positive impact on the lives of millions of people through his philanthropic activities.
He is a role model for aspiring entrepreneurs and a source of pride for Africa.
Aliko Dangote is truly the richest black man in the world.
