Africa’s wealthiest man ends year $4.3bn better

By Anthony Osae-Brown, Bloomberg Businessweek Africa

0
108
Aliko Dangote, Nigerian businessman, industrialist and Africa’s richest man.

Alh. Aliko Dangote, Africa’s richest man, became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar.

The 62-year-old Nigerian businessman and Africa’s most prominent industrialist ended the decade with a net worth of almost $15 billion, making him the 96th wealthiest man in the world, according to the Bloomberg Billionaires Index.

Born into a wealthy Muslim family of traders in the Northern Nigeria, Dangote incorporated his own business selling cement at 21. He shifted to manufacturing the building material in the 1990s, helped by government policies that encouraged ways to reduce the need for imports.

His conglomerate, Dangote Industries, includes the biggest cement company on the continent, the Lagos-listed Dangote Cement Plc. That’s one of four publicly traded companies under the Dangote umbrella that account for more than a fifth of the value of the Nigerian Stock Exchange.

The year 2020 could be a significant one for the billionaire, who is close to completing one of the world’s largest oil refineries in Nigeria. The plant has the capacity to meet more than Nigeria’s entire fuel consumption and could transform the economy.

Dangote is also constructing a fertilizer factory on the same site.

Amaka E. Nliam