Business
Aliko Dangote @ 63: Money Making In His DNA
By Chuks Ekpeneru and Augustine Adah
Making money was in the DNA of Aliko Dangote at birth. His great grandfather, Alhassan Dantata (1877– 17 August 1955) was the wealthiest man in West Africa at the point of death having built a fortune as a kola nut trader.
Aliko was born on 10 April 1957 and reportedly started his business with a N500,000 loan he took from his uncle/master. He had approached his uncle in 1977 and told him about his plan to establish a business outfit and his uncle gave him the loan to start the business.
With that seed fund, he has been able to conquer in different fields of business and produced an estimated net worth of US$8.1 billion, as at January 2020. He is now reckoned as the 88th wealthiest person in the world and the richest person in Africa.
Dangote Group, the fulcrum of his businesses prides itself as one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.
Dangote’s business interests encompass many sectors including oil and gas, consumer goods and manufacturing. About 80% of his conglomerate’s revenue comes from Dangote Cement.
Through his Dangote Foundation, which has an endowment of a reported $1.25 billion, Dangote has given more than $100 million over the last 5 years to causes in education, arts, and humanitarian relief.
That is perhaps in line with Dangote’s stance in the past that he wants to be Africa’s biggest philanthropist. He probably already is.
On the occasion of his 63rd birthday, President Muhammadu Buhari lauded his large-heartedness.
The President noted that Africa’s wealthiest man had at various occasions exhibited his unique philanthropic spirit by involving himself in humanitarian causes.
In a statement issued by his Special Adviser on Media and Publicity, Mr Femi Adesina, the President noted that Dangote had distinguished himself as one who knew the reason for his blessings.
The President salutes the large-heartedness of Africa’s wealthiest man, noting that it is one thing to be so blessed, and another to use the wealth to the glory of God and for the good of humanity”, he said.
According to him, “Alhaji Dangote has always stood to be counted whenever it mattered, judging by his generous contributions to the fight against polio, Ebola disease, the current Coronavirus, and many other challenges which have faced Nigeria, and indeed, the African continent.”
One other quality that the president did not mention is his detribalized nature a quality that has made his business interests to be appreciated in virtually every area of the country.
At 63, Dangote has undoubtedly endeared himself to the high and low in a way that only few with the kind of his wealth can ever do.
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