Vanguard (Lagos)

2 November 2012

Nigeria: Bloomberg Names Dangote, 62nd Richest Man in the World

Photo: Vanguard
President and Chief Executive Officer of Dangote Group of Companies Aliko Dangote

The President and Chief Executive Officer of Dangote Group of Companies, Mr. Aliko Dangote has been rated the 62nd richest man in the world with a net worth of $13.5 billion.

According to a report by Bloomberg tagged, 'The World's 200 Richest People,' Dangote is said to be richer than Mark Zuckerberg, founder of Facebook, Rupert Murdoch, CEO and founder of News Corporation, Giorgio Armani, founder of Armani designs who were stated as having net worths of $10.7 billion, $10.4 billion and $7.8 billion respectively.

In the report, Mexico's Carlos Slim, Chairman, America Movil SAB Emeritus, emerged the richest, with a net worth of $77.5 billion, followed by the founder of Microsoft Company Bill Gates who has a net worth of $64.4 billion, while the chairman of Inditex SA, Amancio Ortega, with a net worth of $53.6 billion made the third position.

Others on the top ten list include: Warren Buffett with a net worth of $48.4 billion; Ingvar Kamprad $41.8 billion; Charles Koch, $38.6 billion; David Koch, $38.6 billion; Larry Ellison, $37.2 billion; Christy Walton, $30.5 billion, and Jim Walton with a net worth of $29.3 billion.

However the founder of Facebook Zuckerberg, is ranked 88th on the list, while the owner of Chelsea Football Club, Roman Abramovich, is ranked 51 with a Net worth of $14.7 billion and Sunil Mittal the owner of Bharti Airtel with a net worth of $6.2 billion is ranked 182nd on the list.

On the bottom list are: Walter Faria with a Net worth of $6.1 billion; Leonid Fedun, with a net worth of $6.0 billion; Terry Gou with a net worth of $6.0 billion; Richard LeFrak with a net worth of$6.0 billion; Miuccia Prada Bianchi with a net worth of $6.0 billion; Ivan Glasenberg with a net worth of $6.0 billion; Silvio Berlusconi with a net worth of $6.0 billion; Jeffery Hildebrand with a net worth of $6.0 billion; Shiv Nadar with a net worth of $5.9 billion; Steve Schwarzman with a net worth of $5.8 billion and John Sall with a net worth of $5.8 billion.

Alhaji Dangote, MFR, GCON, born 10th April 1957 in Kano, Nigeria, is a self-made business magnate of the Dangote Group, with an estimated net worth of $13.5 billion.

Born into a wealthy Hausa-Muslim family, his mother Mariya Sanusi Dantata was the granddaughter of legendary Hausa businessman Alhassan Dantata, and his father Mohammed Dangote was Dantata's business associate.

Dangote had an early interest in business: "I can remember when I was in primary school, I would go and buy cartons of sweets [sugar boxes] and I would start selling them just to make money. I was so interested in business, even at that time." he said during an interview.

He attended the Al Azhar University in Cairo, Egypt where he studied business,and later returned to Nigeria to work with his uncle Sanusi Abdulkadir Dantata who eventually gave him a business loan of N500,000 when he was just 21 years old.

The Dangote Group, originally a small trading firm founded in 1977, is now a multi-trillion naira conglomerate with operations in Benin, Ghana, Nigeria, and Togo.

Dangote's businesses include food processing, cement manufacturing, and freight. The Dangote Group dominates the sugar market in Nigeria: it is the major sugar supplier to the country's soft drink companies, breweries, and confectioners.

Dangote Group has moved from being a trading company to Nigeria's largest industrial group including: Dangote Sugar Refinery,, Dangote Cement, and Dangote Flour amongst others.

Today, Dangote Group dominates the sugar market in Nigeria and Dangote Sugar Refinery is the main supplier (70 per cent of the market) to the country's soft drinks companies, breweries and confectioners.

It is the largest refinery in Africa and the third largest in the world producing 800,000 tonnes of sugar annually. Dangote Group also owns salt factories and flour mills and is a major importer of rice, fish, pasta, cement and fertilizer. The company also exports cotton, cashew nuts, cocoa, sesame seed and ginger to several countries.

Dangote Group also has major investments in real estate, banking, transport, textiles and oil and gas. It employs over 11,000 people and is the largest industrial conglomerate in West Africa.

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InFocus

Nigerian Dangote Named 62nd Richest Man in the World

President and Chief Executive Officer of Dangote Group of Companies Aliko Dangote

The President and Chief Executive Officer of Dangote Group of Companies, Aliko Dangote has been rated the 62nd richest man in the world with a net worth of U.S.$13.5 Billion. Read more »