Africa’s richest man , Aliko Dangote , became $4.3 billion richer of January 2020 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 $16 billion , making him the 90th wealthiest man in the world , according to the Bloomberg Billionaires Index .
Aliko Dangote’s net worth is more than the combined wealth of two South African richest men Johann Rupert and Nicky Oppenheimer. Johann Rupert, net $7.35 billion while Nicky Oppenheimer’s worth stands at $7.33 billion.
At approximately $16 billion, Aliko Dangote maintains his lead as Africa’s richest man for the 7th consecutive time and 90th richest man in the world.
Born into a wealthy family of traders in the north , Dangote incorporated his own business selling cement at 21 .
He shifted to manufacturing the building material in the 1990 s , 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.
Aliko Dangote founded Dangote Group over 30 years ago and has turned his enterprise into the largest business conglomerate in West Africa, with a market capitalization of $16.2 billion. The Dangote Group is the largest private employer in Nigeria. Mr. Dangote invests in 18 African countries, creating jobs and economic value across the continent in a range of industries.
A leading global philanthropist, Aliko Dangote has set up the largest Foundation in Africa with an endowment of $1.25 billion. Locally focused, but globally minded, the Dangote Foundation is at the forefront of improving the nutrition, health and education of Nigerians. He is passionate about lifting the most vulnerable people out of poverty through economic empowerment. The Foundation is a leading contributor to the ‘Saving One Million Lives’ every year in Nigeria initiative.
The Dangote Foundation was at the vanguard of containing the spread of Ebola in Nigeria and other parts of Africa. The Foundation was the biggest private contributor to the African Union Ebola Trust Fund with a donation of $3 million.
Aliko Dangote is a member of the United Nations Secretary-General’s Global Education First Initiative steering committee; founding member of the Private Sector Health Alliance of Nigeria, a coalition between the private sector and health organizations to achieve the MDGs; founding member of the Gordon Brown-led Global Business Coalition for Education; and sits on the Board of the Corporate Council on Africa. He is a member of the Clinton Global Initiative and the World Economic Forum.
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.
Dangote is also constructing a fertilizer factory on the same site.