Africa's Billionaire, Dangote

Brief Profile



Aliko Dangote, the richest man in Nigeria and first Nigerian Billionaire to be listed on New York-based Forbes, was born on the 10th of April, 1957.
He is the founder of Dangote Group, which has subsidiaries that supply commodities like cements, sugar, salt, flour, rice, spaghetti, fabric and the like at affordable prices. This Dangote Group imports 400,000 metric tonnes of sugar annually which makes up about 70 per cent of the total requirements of the nation and is a major supplier of the product to the manufacturers of Coca Cola, Pepsi Cola and Seven-Up in Nigeria.
Dangote was ranked first (weath-wise) in Nigeria in the 2008 Forbes Magazine with an estimated fortune of 3.3 billion dollars. At the monment, he is estimated to be worth 17.9 billion dollars on Forbes in 2015.

 Background

Aliko Dangote was born in Kano, where his grandfather, the late Alhaji Sanusi Dantata provided him
Aliko Dangote and Bill Gates
with a small capital to start his own business. This led to the beginning of his business in Kano in 1977.
Dangote moved to Lagos in 1977 and continued trading in cement and commodities. Encouraged by his success and increase in business activities, he incorporated two companies in 1981. These as well as others that followed now make up The Dangote Group.
His interest in business started at a very young age where he would buy sugar boxes and sell them to make money. After studying business at the Al-Azhar University in Cairo, Egypt, he returned to Nigeria and got a loan of ₦500,000 from his uncle to start a business. Today, the Dangote Group is a multi-trillion naira conglomerate with many of its operations in Benin, Ghana, Nigeria, and Togo.

Achievements


At the moment, Dangote is ranked by Forbes Magazine as the 23rd richest person in the world and the richest man in Africa. In 2009,e hwas honoured as the leading provider of employment in the Nigerian construction industry and awarded Nigeria’s second highest honour, Grand Commander of the Order of the Niger (GCON) by the President of Nigeria, Goodluck Jonathan in 2011.

 

Quotes by Dangote

"Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes."
"Every morning when I wake up, I make up my mind to solve as many problems, before retiring home."
"In whatever you do, strive to be the best at it ."
"Manufacture, don’t just trade. There is money in manufacturing even though it is capital intensive. To achieve a big breakthrough, I had to start manufacturing the same product I was trading on; which is commodities."
"To succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand “Dangote,” which I diligently built in the course of my trading commodities."

Sources

www.naijan.com
www.forbes.com
www.bornrich.com
http://www.dangote.com/

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