How Much is Aliko Dangote Worth?
| Net Worth | $12.4 Billion |
| Name | Aliko Dangote |
| Date of Birth | April 10, 1957 |
| Birthplace | Kano State |
| Country of Origin | Nigeria |
| Source of Wealth | Cement, Flour, Sugar |
| Updated | As of November 2023 |
As of November 2023, Aliko Dangote’s net worth is estimated at $12.4 billion. Alhaji Aliko Dangote is the chairman and president of one the largest industrial groups in Africa, Dangote Group. He also holds the title of richest man not only in Nigeria, but also in Africa. He is also the richest black person in the world.
Early Life
Aliko Dangote was born on April 10, 1957 in Kano, Kano state, Nigeria to a wealthy Hausa family. According to his lineage, Aliko Dangote is said to be from the family of business moguls. His mother was the daughter of a business man, Sanusi Dantata while his father, Sanusi Dangote was a business associate to Dantata. His maternal great grandfather, Alhassan Dantata was also the richest man in West Africa at the time of his death in 1955.
Dangote began living with his grandfather in 1965 following the death of his father. This development spiked up his interest in the world of business. Dangote once recounted that he was already interested in business during his primary school days. He would buy cartons of sweet to sell so as to make money.
Like most Nigerian Notherners, Aliko Dangote received his primary education at the local Modrasa owned by Sheikh Ali Kumasi before proceeding to Capital high school, Kano. He also attended Government college, Birnin Kuku and graduated in 1978. He also received a bachelor’s degree in business studies and administration from Al-Azhar University, Cairo.
Career
It is no doubt that Dangote owns one of the largest business empires in Africa. Coming from a family that consists mainly entrepreneurs, Dangote got the head start he needed to launch him into a position of one of the top business moguls of Nigeria. He started a small trading firm in 1977 which he later relocated to Lagos following an expansion. His uncle then granted him a loan of $500,000 at the age of 21 to trade in soft commodities which included cement, rice, sugar, and other agricultural products. He imported these products from countries like, Thailand, Brazil and sold them in small quantities to direct consumers in his village. The venture grew sporadically and became successful thereby enabling him to repay the loan within three months of commencing operations. During an interview with Forbes, Dangote recounted that he made a daily net profit of $10,000 on his high days.
With his business mind, Dangote approached the central bank of Nigeria in the 1990s to allow his transport company manage their fleet of staff buses which was approved.
In 1997, Dangote realized that being a middleman cost more which prompted him to establish his own plant to produce what he had been importing and exporting for over 20 years.
Over the years, Dangote managed to establish his business conglomerate, The Dangote group with operations in countries like Nigeria, Ghana, Benin, Zambia and Togo. Among the divisions of the group include: Dangote flour, Dangote sugar refinery, Dangote cement, Dangote pasta, Dangote salt, Dangote oil refinery, among others. Dangote sugar accounts for the major sugar consumed by Nigerians. It is also the main supplier of soft drinks companies, breweries and confectioners in the country. Additionally, the company is involved in the importation and exportation of food items and cash crops, like rice, cotton, pasta, fish, sesame seeds, ginger, cashew nuts and fertiliser to several countries. Other major investments are in real estate, transportation, textiles, banking, oil and gas. Dangote also has partnership with Stellantis Group, the parent company of Peugeot. The partnership saw the birth of a Peugeot assembling facility, Dangote Peugeot Automobiles Nigeria Limited (DPAN) in Kaduna and currently roll out Peugeot 302, 508, 3008, 5008 and Land trek.
Family
Dangote has been married and divorced twice. He has three daughters; Mariya, Halima and Fatima. He also has one adopted son, Abdulrahman Fasasi. His only bother and sibling, Sani Dangote who used to be the vice president of Dangote group died in November, 2021 after battling colon cancer.
Philanthropic Activities
Apart from being Africa’s richest man, Dangote is also a known philanthropist. He began partnering with the Bill and Melinda Gates Foundation in 2013 to eradicate polio and strengthen immunization. He donated 150 million naira in 2014 to the Nigerian government to curb the spread of Ebola. He has also donated several millions of naira to support the Nigerians affected by insurgency and terrorism. He also contributed his own part toward the fight against the spread of Covid-19 with a donation of 200 million naira.
Dangote Net Worth
Dangote’s massive investments made him Nigeria’s first billionaire in 2007. The billionaire has also been holding the position of Africa’s richest man for eleven years in a row owing to his ever increasing wealth. According to Bloomberg Billionaires Index, his personal wealth increased by $9.2 billion in 2013. As of October, 2022, Aliko Dangote’s net worth is estimated at $12.4 billion, making him the richest person in Nigeria and Africa.