African richest man Aliko Dangote has significantly moved up in the World billionaires’ list as he emerged 96th richest person in the world, with an estimated worth of $14.8 billion, as against his previous ranking of 103rd in the world. Dangote, who remains the richest man in Africa for the 8th year running, was the only Nigerian on the list of the top 100 billionaires, as released last week by Bloomberg in its yearly billionaires list. Jeff Bezos remains the richest in the world with $115 billion in his kitty while Bill Gates and Bernard Arnault followed as 2nd and 3rd respectively with $11.3 billion and $105 billion.
Africa’s richest man, Aliko Dangote, 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.
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Africa’s richest man, with his improved worth of $14.8 billion, controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of N901.2 billion naira ($2.5 billion) in 2018. It also has interests in sugar, salt, flour, fertiliser and packaged food. It would be recalled that Aliko Dangote, was also recently named as the sixth most charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom.
Born into a wealthy Muslim family of traders in the north, 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 an economy that currently imports all its refined product needs.