The Richest Black Man in the World – Aliko Dangote

Who is the Richest Black Man in the World: According to the Forbes ranking of the world’s billionaires published in 2021, Nigerian business magnate Aliko Dangote had a net worth of $11.5 billion and was the world’s richest black man.

The Richest Black Man in the World

Aliko Dangote who was born on 10 April 1957 is the richest black man in the world. He is a Nigerian business entrepreneur who has amassed considerable wealth. He is the chairman and chief executive officer of Dangote Group, an industrial giant that has amassed a net worth of US$12.7 billion as of September 2021, making him the wealthiest person in Africa.

Mr. Aliko Dangote is an ethnic Hausa Muslim who hails from Kano in Nigeria. He was born on April 10, 1957, into a wealthy Muslim family in Nigeria, the son of Mohammed Dangote and his wife Mariya Sanusi Dantata, who was the daughter of Sanusi Dantata. He is the great-grandson of Alhassan Dantata, who was the wealthiest man in West Africa at the time of his death in 1955 and was the richest man in the world at the time.

Dangote received his early education at the Sheikh Ali Kumasi Madrasa in Ghana, followed by Capital High School in Kano, Nigeria.

Read Also Funke Akindele Jenifa Biography, Career and Net Worth

He received his bachelor’s degree from Birnin Kudu Government College in 1978.  He graduated with honors from Al-Azhar University in Cairo with a bachelor’s degree in business studies and administration.

In 1977, Dangote launched the Dangote Group as a small trading company, the same year he relocated to Lagos to build the company. In today’s world, it is one of the greatest conglomerates in Africa, with many of its businesses in Benin, Ghana, Nigeria, Zambia, and Togo, among other African countries. Dangote has expanded its operations to include food processing, cement manufacturing, and freight transportation. The Dangote Group also leads the Nigerian sugar market, and it is a key supplier to the country’s soft drink firms, breweries, and confectioneries, among other businesses. Originally a trade concern, the Dangote Organization has grown to become the largest industrial group in Nigeria, with subsidiaries such as the Dangote Sugar Refinery, Dangote Cement, and Dangote Flour.

Dangote approached the Nigerian Ports Authority in July 2012, seeking permission to lease a parcel of property at the Apapa Port that had been abandoned. The request was approved. Later, he used the land to construct buildings for his flour industry. It was in the 1990s that he contacted the Nigerian Central Bank with the concept that it would be more cost-effective for the bank to enable his transport company to handle their fleet of staff buses, a proposition that was also approved.

He also made a donation to the Nigerian Sports Ministry, which will be used to restore the national stadium in Abuja.

Read Also Toyin Abraham Ajeyemi Biography, Career and Net Worth

Nigeria’s soft drinks firms, breweries, and confectioners rely on the Dangote Group for their raw materials, thanks to the company’s dominance in the sugar market and refinery industry. Dangote Group accounts for 70% of the country’s sugar market. It is the largest refinery in Africa and the third-largest refinery in the world, with an annual sugar production of 800,000 metric tons. As a result of its ownership of salt plants and flour mills, the Dangote Group has become a major importer of commodities such as rice, fish, pasta, cement, and fertilizer. Cotton, cashew nuts, cocoa, sesame seeds, and ginger are among the products that the company sends to other nations. It also has significant investments in real estate, finance, transportation, textiles, and the oil and gas industries. This industrial behemoth, which employs more than 11,000 people, is the largest in West Africa and the largest in the world.

As part of his diversification strategy, Dangote has begun construction of 14,000 kilometers of fiber optic cables that would bring electricity to the entire country of Nigeria. The outcome was that Dangote was recognized in January 2009 as the leading provider of employment opportunities in the Nigerian construction industry.

He has stated “Let me tell you something, and I want to emphasize it strongly: nothing will help Nigeria more than Nigerians returning their money to the country. If you give me $5 billion today, I would put every penny of it into Nigerian businesses. Let’s get our collective brains together and get to work.”

Dangote is also leading the development of a ground-breaking refinery with the capacity to process 650,000 barrels of crude per day, making it the world’s largest single-train refinery. The refinery, which is expected to cost $19 billion, is located in the Lekki Free Zone in Lagos, Nigeria, and will be the world’s largest single-train refinery.

Dangote played a significant role in the financing of Olusegun Obasanjo’s reelection campaign in 2003, contributing more than N200 million (US$2 million) to the campaign. His contribution to the National Mosque, which was made possible by the “Friends of Obasanjo and Atiku,” was N50 million (US$500 thousand). He made a donation of N200 million to the Presidential Library and Museum. This very controversial presents to members of the ruling PDP party have raised serious concerns, despite the fact that anti-corruption campaigns were heavily publicized during Obasanjo’s second tenure in the presidency.

Following the publication of the Bloomberg Billionaires Index in 2013, Aliko Dangote reportedly increased his personal wealth by $9.2 billion, ranking him as the thirty-fifth richest person on the planet as well as the richest person in Africa at the moment.

According to the Nigerian government, Dangote has donated 150 million nairas (US$750,000) to the fight against the spread of Ebola in 2014. In March 2020, he made a donation of 200 million nairas (US$500,000) to the Nigerian government to aid in the fight against the spread of COVID-19.

Every goal scored by the Super Eagles of Nigeria during the African Cup of Nations (AFCON) 2019 would earn Aliko Dangote and Femi Otedola US$75,000 in prize money. He is also a passionate supporter of Arsenal F.C. in England, and he has shown an interest in purchasing the club.

Personal life

Dangote who is the richest black man in the world is a Nigerian businessman who resides in Lagos. He has been married and divorced twice in his adult life. He has three daughters – Mariya, Halima, and Fatimah – as well as an adoptive son, Abdulrahman Fasasi, who is his adopted son.

Sani Dangote, Aliko’s brother, passed away on November 14, 2021, from an unclear ailment.

Awards and recognition

  • Dangote was awarded Nigeria’s second-highest honor, the Grand Commander of the Order of the Niger (GCON) by the former president, Goodluck Jonathan
  • Dangote was named the Forbes Africa Person of the Year 2014 
  • For six consecutive years, 2013, 2014, 2015, 2016, 2017, and 2018 Forbes listed him as the “Most Powerful Man in Africa”.
  • In 2014, he was listed CNBC’s “Top 25 Businessmen in the World” who changed and shaped the century.
  • In April 2014, Time magazine listed him among its 100 most influential people in the world.
  • In October 2015, Dangote was listed among “50 Most Influential Individuals in the World” by Bloomberg Markets.
  • He won “The Guardian Man of the Year 2015”.
  • He won the “2016 African Business Leader Award”, organized by the Africa-America Institute (AAI).
  • Dangote was cited as one of the top 100 most influential Africans by New African magazine in 2015, 2017, 2018, and 2019.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: