Dangote: Making of Africa’s richest man
By Emma MaduabuchiHead, Cover & Investigation
Many things that would make the head of any individual spin have been written about Aliko Dangote, founder and president of Dangote Group of companies in Nigeria. Acclaimed newsmaker, Dangote is described by admirers as the ‘golden child’ of Nigerian business, even as his business consortium is famed for running across different sectors of the Nigerian economy.
His admirers revere him, especially for the fact that his companies and business outfits provide employment for a host of Nigerians, both young and old, thereby helping to take crime off the country’s streets. His conglomerate has for years been providing such products as cement, sugar, salt, flour, rice, spaghetti, textile, and services like transportation, packaging, and security, among others, to the Nigerian people. Dangote’s group also imports fish and owns big fishing trawlers for fishing with 5,000 MT capacity. The concern also exports cotton, cocoa, cashew nuts, sesame seed, ginger and gum Arabic to foreign countries. Dangote is further involved in diverse forms of manufacturing in different parts of Nigeria. He manufactures textiles in factories across Northern Nigerian produces spaghetti and flour, and refines sugar in the western parts. He has a polypropylene bagging factory which produces the required bags for its products, over 600 trailers for efficient distribution network and goods in the country.
To his admirers, his charity begins at home. In their attempt to explain their conviction, they describe him as one Nigerian who makes his money in Nigeria and spends it in Nigeria for the benefit of the country’s economy; unlike several other Nigerians who spend their wealth buying houses and other choice properties abroad, or stacking it into foreign banks to the detriment of the growth of their own country.
Dangote made news again last week Wednesday, March 9, when he was declared Africa’s richest man by Forbes annual world’s billionaires ranking with $13.8billion. The report showed that his fortune surged 557 per cent in the past year from 336 to 51 position in 2011, thereby making him the world’s biggest gainer in percentage terms and Africa’s richest individual for the first time. With presence in 14 countries in Africa, Dangote emerged the continent’s biggest cement maker, contributing significantly to other African countries’ economy.
The Nigerian business magnet is now richer than long-time white South African billionaire, Nicky Oppenheimer of Debeers and Johann Rupert of luxury goods group Richemont, who owns Cartier, Dunhill and other premium brands.
Dangote made his debut in the world’s rich list in 2008, when he was rated 261 in the world with a net worth asset of $2.5billion. Incidentally, same year, he did not only make the list, he also became the richest black person in the world, thereby helping to bring Nigeria more into world attention. While the economic meltdown, during that period, made many who made the list with him to drop out, the Kano-born businessman did not go down with them; instead he has continued to rise in leaps and bounds and to dare where others would not.
Dangote has, however, been accused by critics of exploiting his connection with men in power to get concessions that no other business man in the country has.
They allege that he has often breached gentlemen’s agreements he had with business friends just to get on top of others. His critics give example with an alleged incursion into the petroleum downstream sector, which was against an agreement with a friend. The allegations are, however, yet to be proved.
Notwithstanding, with his latest achievement, he has been described as a rare breed and pride of Africa in international business by many who are currently rejoicing with him. Some see him as one Nigerian who has exhibited the excellent spirit of Africa.
Chief Amos Akigba, Chairman of Nigeria Reinsurance Corporation is among many Nigerians who have wished the Kano State- born Dangote well. “For the fact that most of his businesses are in Nigeria here, I say, Goodluck to him and to those who work for him.”
Dangote began his career as a commodity trader; built his group into a conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, real estate, oil and gas among others. He was born in Kano, April 10, 1957. His grand father, late Alhaji Sanusi Dantata was actually the one that started him off in business after seeing his interest and drive to do business. Dantata provided him with a small capital, as was the practice then, with which he started. He started in Kano in 1977 trading in commodities and building materials, before spanning out into other areas of business, and to other parts of the country.
Dangote, later moved to Lagos in June 1977 and continued trading in cement and commodities. Encouraged by tremendous success and increase in business activities, he incorporated two companies in 1981. These and others that followed now make up the conglomerate known as Dangote Group.
As he continues in his money-making ventures, Dangote has also tried to lead life as one who has arrived. Recently, he bought for himself, a $45 million Bombardier aircraft for his birthday, and has been shuttling back and forth, from London to Nigeria for months, said to be in anticipation of a public offering in London later in the year.
Known as a very non-partisan and detribalized businessman, he is said to have been generous to different political parties, religious groups and cultural organizations.
