The Richest Black Man Aliko Dangote Ended 2019 $4.3 Billion Richer

Nigerian industrialist and richest man in Africa, Aliko Dangote became $4.3 billion richer in 2019 as his fortune continued to grow following investments in cement, flour and sugar. According to Bloomberg Billionaire Index, Dangote ended the decade with a net worth of about $15 billion. This recent report based on data obtained from the index makes Aliko Dangote the 96th wealthiest man in the world.

The billionaire, Dangote was born on the 10th of April 1957, into a wealthy family of prominent traders in Kano. At a relatively young age of 21, Mr Dangote incorporated his own cement business and has since diversified into manufacturing of different goods. One of his numerous companies is the Dangote Cement Plc, a Nigerian multinational publicly traded cement manufacturer headquartered in Lagos. The company is engaged in the manufacture, preparation, import, packaging, and distribution of cement and related products in Nigeria and has plants or import terminals in about nine other African countries.

For a long time, Dangote Group has been a recurring feature in the Nigerian economy and has extended its reach beyond the West African sub-region to other parts of the continent and beyond.

In 2016, Dangote Industries Limited (DIL) bought Twister B.V., a company headquartered in the Netherlands delivering reliable, high-yield and robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors. The acquisition at the time complemented DIL’s portfolio of investments in the upstream, midstream, and downstream segments of the sector.

Even though there are reports that it has not really been all smooth for the business mogul and his chain of companies, he has managed to triumph despite business uncertainties.

In November 2019, shareholders of Dangote Flour Mills (DFM) approved the sale of DFM to Olam International Ltd. for the sum of N120 billion ($331 million). This came after Olam International Ltd. submitted a binding offer to acquire 100% equity of DFM in April 2019. As part of terms and conditions for the transaction, Olam International acquired all the outstanding and issued shares of DFM that it does not currently own through a Scheme of Arrangement. The Nigerian Stock Exchange (NSE) had earlier put shares of the company on full suspension and subsequently delisting it from the Main Board of the NSE.

Dangote is reportedly close to completing one of the world’s largest oil refinery in Nigeria which is expected to impact fuel consumption and the economy in Nigeria. There are also reports that Dangote took delivery of the World’s largest single Crude Distillation Column built by Sinopec at the refinery site in Lagos, Nigeria. Dangote is also constructing a fertilizer factory on the site. 

In order to strengthen Dangote cement production outfit, the company is engaging in some restructuring moves which could see the company outperforming competitors. Recently, Dangote Cement Plc announced the appointment of Michel Puchercos as the new managing director of the company, effective from February 1, 2020.