Born on April 10, 1957 as Alhaji Aliko Dangote, the Nigerian tycoon has built a reputation not only as a wealthy man but also as a philanthropist. His story is similar to that of many billionaires around the world who started small and dreamed big.
Although Dangote was born into a wealthy family, he was a businessman from an early age. A graduate of Al-Azhar University in Cairo, Aliko Dangote did not become a billionaire overnight. On the contrary, his tenacity and his years of work have made him what he is today.
Dangote started making money as a kid. According to the entrepreneur, when he was only in elementary school, he would buy boxes of candy and sell them to earn money.
At 21, he borrowed $3 000 from his uncle to import and sell agricultural products in Nigeria. He imported sugar and rice at wholesale prices and sold them in small quantities at a lucrative profit margin.
It was from this business that he built an empire that is now worth billions of dollars. Indeed, rather than importing commodities, he decided to build a factory that produced them.
While many know him as the richest man in Africa, there are other interesting facts about him that are unknown to most people.
Dangote attributes his success to his grandfather Sanusi Dantata who was once a wealthy person in the Kano region. His grandfather earned his money by selling goods that Dangote currently trades, including rice and oats.
In 1965, Dangote’s grandfather became his guardian after his father's death. It was while growing up with his grandfather that he developed an interest in trade.
Dangote has announced his desire to buy Arsenal football club. At first, he announced that he would try to buy the club from 2020 but the philanthropic entrepreneur confirmed that he was postponing purchase plans until 2021. Nevertheless, Arsenal FC is a team he would like to buy someday.
According to the sources, the club is worth $2.268 billion. If Dangote realises his dream, he could become one of the richest football club owners of all time.
Since he established his businesses, Dangote reinvests the majority of the profits back into his companies. This is one of the reasons why the Dangote Group has grown tremendously in Africa.
According to the tycoon, his company's approach is different from that of other African-owned businesses, which keep their money in the bank.
Instead, he invests everything he has and keeps investing. It is an investment cycle.
While many billionaires like Mike Adenuga, Bill Gates, Mark Zuckerberg, Larry Page, Jack Ma and Sergey Brin have made their money from technology, investing in it is not part of Dangote's portfolio.
He considers that the telecommunications market is difficult because many players have already established their base. Instead, he plans to continue investing in cement production, oil refining, renewable energy, petrochemicals and food security.
Dangote's net worth has drastically decreased since March 2014. During this period, Forbes estimated her net worth at $25 billion. In December 2014, Aliko Dangote's net worth declined further by $7.8 billion after the Central Bank of Nigeria devalued the country's currency by almost 10%.
As of March 2015, he had a net worth of $14.7 billion. As of March 2019, his net worth was $10.4 billion. Although he lost a lot, he has been the richest man in Africa for nine consecutive years.
Today Dangote remains unbeatable financially in Africa and has remained at the top of the list for ten years. By understanding the methods and techniques he used to create wealth, you will be able to break through the barriers placed in your path to wealth and success.
- Sifiso Hlope /Channel Africa
