Aliko Dangote

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Aliko Dangote, a Nigerian businessman is Africa’s richest man, with a net worth of $20.2 billion.

Dangote started building his fortune three decades ago after taking a business loan from his maternal uncle to begin trading in commodities such as flour, sugar, rice and cement. In the early 2000s, he started producing these items himself.

The Dangote Group is now the largest manufacturing conglomerate in West Africa and owns sugar refineries, salt processing facilities, a beverage manufacturer and a string of cement plants across Africa.

In October 2012, Dangote sold a controlling stake in his flour milling company to Tiger Brands, a South African manufacturer of consumer goods. He pocketed $190 million from the sale.

Dangote’s biggest asset is Dangote Cement, a $20-billion, market cap cement manufacturer with operations in 14 countries and an annual production capacity of 30 million metric tonnes.

In June 2013, South Africa’s Public Investment Corporation acquired a 1.5% stake in the company for $290 million.
Dangote is also Africa’s most generous philanthropist. Within the last 12 months, he has given away over $100 million to causes ranging from youth empowerment to flood relief, religious causes and education.

Dangote’s younger brother, Sani Dangote, is Vice Chairman of Dangote Group.

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