Interested who is the richest black man in the world? How much does he own? How he made his fortune? Find out many interesting facts in this article!
Who is he?
Interesting to know that the richest black man is from Nigeria! His name is Aliko Dangote. He was born on 10 April in 1957 into a wealthy Muslim family. He is an ethnic Muslim Hausa, from Kano State. Dangote was business-minded from the childhood.
He recalls his early years as following: "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." Aliko studied at Al-Azhar University and has a bachelor degree in Arts.He is married and has three children. Nowadays Aliko lives in Lagos.
He is the founder and chairperson of Dangote Cement, the continent’s largest cement producer. Dangote Cement has plants in Cameroon, Zambia, Ethiopia, and Tanzania.
How rich is he?
Dangote is ranked by Forbes magazine as the 67th richest person in the world and the richest in Africa. Aliko Dangote is Africa’s richest man for the 8th year.Also, he peaked on the list as the 23rd richest person in the world in 2014.
He has even surpassed Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi in 2013 by over $2.6 billion to become the world's richest person of African descent. At this moment, his net worth equals to $18.3 Billion.
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The company produces more than 30 million metric tons annually and plans to double capacity by 2018. Dangote owns about 90% of publicly-traded Dangote Cement through a holding company; this percentage exceeds the 80% ownership ceiling set by the Nigerian Stock Exchange. A spokesman for Dangote told that the company has until October 2016 to lower Aliko Dangote's stake and plans to do so by then. Other companies in the Dangote Group, which is active in 15 African countries, include publicly-traded salt, sugar, and flour manufacturing companies.
Today, Dangote Group with its dominance in the sugar market and refinery business is the main supplier to the country's soft drinks companies, breweries, and confectioners. It coveres 70% of the market. Dangote Group is the largest refinery in Africa and the third largest in the world, producing 800,000 tons of sugar annually.
The company employs over 11,000 people. It is the largest industrial conglomerate in West Africa.
How he made his fortune?
The Dangote Group was established as a small trading firm in 1977. However, year after year, the company has expanded to cover food processing, cement manufacturing, and freight.
The Dangote Group has moved from being a trading company to being the largest industrial group in Nigeria including Dangote Sugar Refinery, Dangote Cement, and Dangote Flour.
In addition to that, the company owns salt factories and flour mills. It is a major importer of rice, fish, pasta, cement and fertilizer. The company exports cotton, cashew nuts, cocoa, sesame seed and ginger to several countries. It also has major investments in real estate, banking, transport, textiles and oil and gas.
But Aliko didn't stop there. He has diversified the company into telecommunications, building 14,000 kilometers of fiber optic cables to supply the whole of Nigeria.
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