Aliko Dangote GCON (born April 10, 1957) is a Nigerian business giant, investor, and owner of the Dangote Group, which has a commodity interest in Nigeria and other African countries. As of March 2018, his estimated net assets were $14.1 billion.
Dangote was named the world’s 100th richest man and the richest person in Africa by Forbes magazine, and in 2014 became the world’s 23rd richest man. He surpassed Saudi-Ethiopian billionaire Muhammad Hussein Amudi in 2013. More than $2.6 billion has become the richest African descendant in the world.
His business has appeared in many countries. As of January 2015, Dangote’s estimated net assets were $18.6 billion. His property is cement, sugar, and flour.
In April 2014, a few months before the oil price plunged, he announced a $9 billion financing from a local and international banking consortium to build a private refinery and a fertilizer and petrochemical complex in the country. In August 2014, he said he would invest $1 billion in commercial rice cultivation and modern rice mills.
His publicly traded Dangote Cement is also opening up new markets in Africa, with plans to invest $750 million in Kenya and Niger. His net worth fell sharply from $25 billion in February 2014 due to weak Nigerian currency and falling cement demand.
Thirty years ago, when he started trading large commodities with his powerful uncle’s loan, he earned his first property.
HERE ARE THE FACT ABOUT DANGOTE
- Dangote once works for someone, he worked for his uncle Sani Dangote. He worked hard to serve his master. He said in accordance with the statement that if you must lead, you must serve. While working for his uncle, he has accumulated experience, skills, and confidence.
- He started his business with a loan. Aliko Dangote started his business with a NGN 500,000 loan he got from his uncle/owner. He found his uncle in 1977 and told him about his plans to build a commercial outfit, and his uncle gave him a loan to start the company. However, he received a three-month deadline and repaid the loan within three months.
- He started his business through merchandise trade. Sugar, rice, pasta, salt, cotton, millet, cocoa, textiles, and vegetable oils are the commodities he started to operate. He imported these goods into Nigeria.
- He established a strong distribution network. Since the production was not completed before the goods reached the final consumer, Dangote developed a strong distribution channel to make his goods delivered faster than the competitor’s goods.
- He switched from import to manufacturing after years of importing, Aliko Dangote transformed into a manufacturer of products he imported. In one of his statements, he revealed that the transition from importers to manufacturers has been his best move so far. The move created the Dangote Group, an organization that controls 13 companies.
- He built a brand, Dangote, to create a vibrant brand for his business. He confirmed this in an interview: “To be successful in business, you must build a brand and never destroy it. A competitive advantage when I venture into manufacturing is my brand (Dangote), I am Strive to establish during the transaction process.”
- He sells cheap quality products In order to win customer loyalty; Dangote began selling his competitive products at a cheaper price than competitors.
- He made a major breakthrough in Dangote’s networking skills and the ability to create unprecedented connections that made him a major breakthrough in his business prosperity. When he obtained a permit to import cement, he broke through.
- He works very hard as a savvy businessman, and Alhaji Aliko Dangote spends most of his time on strategies and brainstorming about how to grow his business. According to reports, he slept at 2 am and got up at 5 am every day. Can you beat it?
- He abides by land laws. Unlike other shackles, Dangote is an upright person who abides by the rules and regulations governing business ethics. He kept his credit history and his tax records neat and tidy and also preaches to every businessman that business should be in accordance with the regulations of the regulatory body.
- In 2014, the Nigerian government said that Dangote donated a total sum of 150 million nairas ($750,000) to stop the spread of Ebola.
- In May 2015, Dangote expressed interest in acquiring the British football team Arsenal. He said that if he can buy, he will sack the long-term manager of the club, Arsène Wenger.
- The British “Daily Mirror” reported that Dangote was interested in buying a 16% stake in the Premier League team Arsenal belonging to Mrs. Nina Bracewell-Smith in May 2015. Dangote later denied these rumors.
- In November 2011, Dangote was awarded the second highest honor in Nigeria by former President Goodluck Jonathan, the Niger Medal Commander (GCON).
- Dangote played an important role in Olusegun Obasanjo’s 2003 re-election campaign, and he provided more than $200 million ($1 million) for this. With the support of “Friends of Obasanjo and Atiku”, he donated 50 million naira (about $0.25 million) to the National Mosque. He donated 200 million naira to the presidential library. Despite the public anti-corruption campaign during Obasanjo’s second term, these highly controversial gifts have drawn great attention to the ruling PDP party members.
- Dangote married four times, and the first three wives he got married to ended in divorce, he has a total number of 3 children from four wives, he lives in Lagos with his wife and children
- Dangote was named the 2014 Forbes African character. Other nominees were African Development Bank Governor Donald Kaberuka, Nigerian writer, Chimamanda Ngozi Adichie, South African public protectors, Thuli Madonsela, and, Securities and Exchange Commission (SEC) Director General, Arunma Oteh
- Dangote won the Clinton Global Citizen Award in 2015