The Richest Man In Africa

Aliko Dangote is Africa’s richest man; he has topped Forbes’ list of the richest African billionaires for the 11th year in a row in 2022.

Aliko Dangote is a Nigerian business entrepreneur with a net worth estimated at $14 billion as of April 2022. He is the chairman and chief executive officer (CEO) of Dangote Group, an industrial conglomerate.

Aliko Dangote was born into a wealthy family, so his story is not one of rags-to-riches. He is the son of Mohammed Dangote and Mariya Sanusi Dantata.  He is the great-grandson of Alhassan Dantata, the richest man in West Africa when he died in 1955.

How Aliko Dangote, Africa’s richest man, Made His Money

Dangote borrowed $3,000 from his uncle shortly after graduating from college at the age of 21 in order to import and sell agricultural commodities in his native country of Nigeria. His business concept quickly became a success, and he was able to pay off the whole loan within three months of starting. Dangote was able to grow a small commodities trading company into a multibillion-dollar empire.

The Dangote Group began as a small trading company in 1977 and has since evolved to become one of Africa’s largest conglomerates, with operations in Benin, Ghana, Nigeria, Zambia, and Togo. Dangote has expanded into the food processing, cement production, and freight transportation industries. The Dangote Group also controls the Nigerian sugar market and is a major supplier to the country’s soft drink producers, brewers, and confectioners. The Dangote Group has grown from a trading company to Nigeria’s biggest industrial conglomerate, with subsidiaries including  Dangote Cement, Dangote Flour and Dangote Sugar Refinery.

In the 1990s, he approached the Central Bank of Nigeria with the idea that letting his transport company handle the bank’s fleet of staff buses would save the bank money, the idea was accepted.

 In 2012 Dangote requested and received permission from the Nigerian Ports Authority to lease an abandoned tract of land at the Apapa Port. He then built flour-processing factories there.

The Dangote Group now supplies 70% of the market to Nigeria’s soft drink companies, brewers and confectioners, because of its dominance in the sugar market and refinery industry.   The Dangote Group has salt and wheat mills, and it is a major importer of rice, fish, pasta, cement, and fertilizer. Among the items exported by the company are cashew nuts, chocolate, sesame seeds,  ginger and cotton . It also has substantial holdings in real estate, finance, transportation, textiles, oil, and gas. The company employs over 11,000 people and is the largest industrial conglomerate in West Africa.

Following his cooperation with Stellantis Group, Peugeot’s parent company, Dangote announced the completion of a Peugeot assembling factory in Nigeria in February 2022. The new Dangote Peugeot Automobiles Nigeria Limited (DPAN) plant in Kaduna began operations with the launch of the Peugeot 301, Peugeot 5008, 3008, 508, and Land Trek.

My African-related posts, such as Wealthiest African Countries by Overall GDP and The Rise and Fall of Isabel dos Santos, once Africa’s richest woman, are among the most popular on this site.

Top 5 richest people in Africa and their net worth according to Forbes

1. Aliko Dangote – $14.5B (Nigeria)

Aliko Dangote  richest man in Nigeria

Aliko Dangote is a business magnate from Nigeria. He is the chairman and CEO of Dangote Group, an industrial conglomerate, and Africa’s wealthiest man.

2. Johann Rupert & family – $9.6B ( South Africa)

Johann Rupert & family  net worth

Johann Peter Rupert is a South African businessman and the eldest son of business magnate Anton Rupert and his wife Huberte. He is the chairman of Richemont, a Swiss luxury goods firm, and Remgro, a South African company. He took over as CEO of Compagnie Financiere Richemont on April 1, 2010. Rupert and his family were named the richest in South Africa as of  April 2022 Forbes list, with a fortune estimated to be US$9.6 billion.

3. Nicky Oppenheimer & family – $8.7B ( South African)

Nicky Oppenheimer 2rd richest man in south Africa

Nicholas F. Oppenheimer is a billionaire businessman from South Africa. He was formerly the chairman of De Beers and its subsidiary, the Diamond Trading Company, as well as the former vice chairman of Anglo American. He is Africa’s third richest person.

4. Nassef Sawiris – $8.5B (Egypt)

Egyptian billionaire Nassef Sawiris

Nassef Sawiris, is an Egyptian billionaire businessman. the youngest of Onsi Sawiris’ three sons,  His net worth was reported to be US$8.5 billion in April 2022, making him the richest Arab and fourth richest African.

5. Abdulsamad Rabiu – $6.3B (Nigeria)

Abdulsamad Rabiu Nigerian businessman

Abdulsamad Rabiu is a Nigerian philanthropist and billionaire businessman. Abdul Samad founded and chairs the BUA Group, a Nigerian conglomerate focused on manufacturing, infrastructure, and agricultural. In addition, he is the chairman of the Nigerian Bank of Industry. Rabiu is reported to be Nigeria’s second richest man as of April 2022, with Forbes estimating Abdul Samad’s net worth at $6.3 billion.

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