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Who is the richest man in Africa

Learn about the biogrpahy and of the fortune of richest man in Africa in this article!

Alico Dagnote lives in Nigeria and his fortune is about $ 14.7 billion US. He is the richest man in Africa 2016. In 2015 Alico took the 67th place in the top 50 richest men in the world (according to Forbes).

alico dagnote

He is the owner of the Dangote Group, which is engaged in the production of cement, sugar; it also includes the food industry. The scope of the company also includes transportation.

Dangote was born April 10, 1957 in the state of Kano, Nigeria, in a rich family. After the death of his father he was brought up by his grandfather. Dangote was interested in business since his childhood. He got really excited even when he was buying and selling a box of chocolates.

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The future billionaire graduated in Cairo, at the University of Al-Azzhar. Then Alico returned to Nigeria to start working. He asked his uncle for the seed capital and he gave him a loan of 500 thousand naira (back than it was $3 thousand.). How did he spend this money? Alico started to buy rice, sugar, millet, salt, cotton, vegetable oil and other things for the wholesale price.

richest man

 Then he resold those products in the local market with an extra charge. Trade went really well and Dangote paid all his debts.  Four years later he founded two companies that later became the foundation of Dangote Group.

Dangote Group was created in 1977, when he was only 20 years old. Today it is a multi-million dollar company, which includes companies in Ghana, Togo, Benin and Nigeria. The Group is the largest supplier of sugar confectionery, breweries and companies producing soft drinks in Nigeria, taking up 70% of the sugar in the country.

In addition, Dangote Group is the largest manufacturer of flour and salt. The company sells cashew nuts, cocoa, ginger, and cotton to export. He owns more than 90% of the shares through its holding company. The largest asset of Dangote -Dangote Cement – is the leader in the production of cement in Africa.

dagnote

 Four enterprises controlled by Dangote produce a total amount of 20 million tons of cement per year. Another company, Dangote Sugar Refinery, is the first company in the West Africa and the second company in the world in terms of production of refined sugar. According to the company, it is 1.44 million tons per year.

Over the past years Dangote has invested in refineries and in the cultivation of rice.

Dangote Group is the largest company in West Africa. There are about 12 000 people working for it. Over the next few years, the company is planning to hire another 22 thousand and provide nearly 10% of the GDP of Nigeria.

Aliko Dangote is a generous sponsor and patron. In 2003, he made a $ 2 million donation to the election program of President Obasanjo. He also donated 500 thousand dollars for the reconstruction of the National Mosque and $ 2 million for the restoration of the Presidential Library.

richest man in africa

 Dangote is also the head of the National Committee for making workplaces created by the federal government. They expect him to help stimulate the growth of workplaces and create more opportunities in all kinds of businesses.

However, 2015 was a really bad year for Dangote. According to Forbes, he was recognized as the main loser of 2015. The loss of his fortune amounted to about $ 10 billion. After all, his fortune was estimated as $ 24 billion in 2014. It decreased to 14 billion in 2015. Therefore, he lost his 43rd place in the top 50 richest people in the world. Such a state of affairs resulted in a сollapse of the national currency and a reduction in demand for cement.

However, he is still the richest man in Africa today. The billionaire hopes that 2016 will be more successful for his business due to the new capital investments.

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