How Dangote Made His Billions And Exactly How Much Money He Is Worth
Net Worth $16.1 B
- Age: 55
- Source of Wealth: cement, sugar, flour, self-made
- Country of Citizenship: Nigeria
- Education: Bachelor of Arts / Science, Al-Azhar University
- Marital Status: Married
- Children: 3
Nigerian Cement tycoon retains his position as Africa's richest
man for the third year in a row. The past year has been eventful for
Dangote. In October, he sold off a controlling stake in his flour
milling company to Tiger Brands of South Africa. He pocketed $190
million in cash. In February, his Dangote Sugar Refineries acquired a 95% stake in Nigerian sugar producer Savannah Sugar in a bid to maintain its
dominant position in the Nigerian sugar industry. Dangote stepped up
his philanthropy in the past year, giving over $100 million to causes
ranging from education to health, flood relief, poverty alleviation and
the arts. He also acquired a yacht, which he named after his mother,
Amiya. Dangote started building his fortune more than three decades ago
when he began trading in commodities like cement, flour and sugar with a
loan he received from his maternal uncle. He delved into full
production of these items in the early 2000s and went on to build the
Dangote Group, West Africa's largest publicly-listed conglomerate, which
now owns sugar refineries, salt processing facilities and Dangote
Cement, the continent's largest cement producer. A fitness buff, Dangote
jogs everyday.
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