Who is Aliko Dangote?
Aliko Dangote is a Nigerian who is one of the richest men in the world. At present, he is the richest man in Africa, and the world’s richest black man.
Against all odds of the business environment in Nigeria, Dangote is still able to explore and make great fortunes in many areas of the country, such as the sugar industry, oil sector, salt, cement sector, and others.
As of June 2023, the Bloomberg Billionaires Index estimated Dangote’s net worth to be not less than $17.8 billion.
Forbes also listed him as the ‘Most Powerful Man in Africa’ in 2013. Also, in April 2014, TIME Magazine rated him as one of the 100 ‘Most Influential People in the World.’
He is also on the list of ‘Top 25 Businessmen in the World’ that transformed the century, according to the CNBC list.
Early Life and Education
The business mogul was born on April 10, 1957, in an entrepreneurial and aristocratic family in Kano State, northern Nigeria. His maternal grandfather was Sanusi Dantata, one of the wealthiest businessmen in Kano, who was one of the richest men dealing in goods like rice and oats.
Dangote’s father, Mohammed Dangote, was a business partner of Sanusi Dantata. When Dangote’s father, Mohammed, died in 1965, Dantata became his guardian.
His maternal great-grandfather was Alhassan Dantata, who was the richest man in the whole West before he passed away in 1957. You can see that Dangote grew up and was raised in a business household. He made use of the lessons he learned in the entrepreneurial household to build his own business empire later in the future.
Because of the kind of family he came from, he had a great passion for business and entrepreneurship. His passion for business started burning in him as early as his primary school days.
He once said in an interview that: “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.”
He attended the prestigious Al-Azhar University in Egypt at the age of 21. He graduated with a degree in business administration. The academic program equipped him with more skills and knowledge in business and entrepreneurship.
Journey into the Business World
When Dangote graduated from the university in 1978, in that same year, he began trading in different commodities after his uncle lent him 500,000 when he saw his passion and seriousness.
He relocated to Lagos, the commercial capital of Nigeria, and began trading in bagged cement and agricultural products, which include sugar and rice.
With the help of the loan he collected from his uncle and good managerial and business skills, he started expanding his business empire gradually. He started dealing with international suppliers by bringing in soft commodities at wholesale prices into Nigeria.
He was importing rice and sugar from Thailand and Brazil, respectively. He would then sell those products to consumers in Nigeria in small quantities. His business acumen made him successful in business relationships with his international partners.
Like the wind, his business activities became very productive, with massive profits coming in. He was smiling at banks on a daily basis. He was raking in not less than $10,000 on a daily basis at the beginning. It was interesting to note that he was able to repay his uncle just three months after he collected the loan.
Business Achievements
Dangote made a landmark success in the 1990s when the Federal Government, through the Central Bank of Nigeria,granted his request to use his transportation firm for the distribution of government cement. The achievement laid the foundation for his success as the foremost cement manufacturer in Nigeria.
In 1992, he established the Dangote Cement Plc. This move marked a turning point in his business career and wealth creation in Nigeria as he started constructing cement factories across every geopolitical zone in Nigeria and many neighboring countries. He has extended his business empire to many sectors, like real estate, telecommunications, oil and gas, agriculture, banking, transportation, and automobiles.
Dangote Group is one of the largest firms on the continent of Africa. Apart from Nigeria, the group is operating in other African countries like Ghana, Zambia, Togo, and Benin.
At present, Dangote Sugar Company is the largest sugar firm in Nigeria. It is the major source of supply (about 70 percent) of sugar to breweries.beverage and soft drink firms in Nigeria. Apart from the sugar refinery company, he also has Dangote Cement,Dangote Flour, and Dangote Refinery.
In May 2023, Dangote Refinery was commissioned. His plan is to turn Nigeria into a hub for petroleum product exports, including diesel. The refinery is situated at Lekki Free Trade Zone, in Lagos, the commercial nerve center of Nigeria. It is built on 2,500 hectares (6,180 acres).
Philanthropic Activities
Like other billionaires in the world, Dangote is also a passionate philanthropist. In 2014, he made an initial endowment of $1.25 billion to his foundation, known as the ‘Dangote Foundation’, so as to make a significant impact in the areas of health, economic empowerment for poor people, and education. He has collaborated with the Bill and Melinda Gates Foundation in their efforts to eradicate polio.
A Major Lesson to Learn
One major lesson to learn from Aliko Dangote is that we should always make use of opportunities when we find ourselves in them. He was born into a business and aristocratic family, but he didn’t allow this to get into his head.
He made use of the opportunities of the wealthy people around him by learning from their business attributes. He was even able to convince his uncle to get a loan of N500,000 from him. The money is the foundation of his wealth.
