The Richest Black Person in the World: Billionaire Lesson 3

Aliko Dangote was born in Kano, Nigeria on April 10, 1957. He was born into a wealthy family, having a great grandfather who was one of the richest men in West Africa in the 1940s. Dangote’s father, Mohammed Dangote, worked in business and politics but passed away when he was eight years old. Dangote was raised by his maternal grandfather. Dangote’s grandfather, Sanusi Dantata, was one of the most affluent Nigerians of his time from trading rice and oats. His grandfather is who he credits for his business background.

Dangote’s entrepreneurial spirit started at childhood. He would buy sweets and then give them to other kids to sell, and then they would give him the profit. The Nigerian economy also started to grow in his childhood and teenage life, “Post-colonial instability, including countless coups and a civil war in the 1960s, was eclipsed by an oil boom in the 1970s. During that decade, the economy grew 18% annually, with many of the spoils going to well-connected elites.” In 1977, he received his Bachelor of Arts/Science degree in Business from Al-Azhar University in Cairo, Egypt. After graduation he received a $3,000USD loan from his uncle, jumpstarting his involvement with the cement industry.

Dangote in 1978 moved to Lagos, Nigeria, the largest city in Africa and one of the most populous, to start his career in trading. He began local trading by buying and selling cement. In 1980, he was importing sugar and rice, making up to $10,000 a day. In 2000, he started importing cement. Believing that he could produce the things he was trading in his own country. When he started manufacturing cement in 2003, he realized he made a smart business move, which changed everything.

Founded in 1981 in Lagos, Nigeria, Dangote Cement PLC became the leading and largest cement manufacturer in Africa, operating in over 10 countries in the continent. The company has about $3.4 billion in revenue. According to Forbes, Dangote has over 85% stake in the company, contributing to most of his wealth.

Dangote began Dangote Sugar in 2000 which debuted on the Nigeria Stock Exchange seven years later, making $450 million. After many successful manufacturing ventures, he was named the first Nigerian on Forbe’s World’s Billionaire list in 2008 with $3.3 billion. He is currently valued at $14.1 billion by Forbes, making him the richest Black person in the world. Dangote now lives in Lagos, Nigeria and has three children.

The Dangote Group has been able to become the top provider of sugar and cement in Nigeria and all of Africa. There are currently 17 subsidiaries. The Dangote Group’s mission is to bring Nigeria to a self-sufficient status by using construction and manufacturing projects in various industries including cement, sugar, salt, condiments, packaging, energy, port operations, fertilizer, and petrochemicals. These projects have been extended to other countries in Africa to bring them closer to the self-sufficient status as well.