Aliko Dangote Net Worth (Updated 2023)

Aliko Dangote Net Worth is estimated to be $21.1 billion, as at June 2023. Dangote Cement, the largest cement company on the African continent, was created and is chaired by Africa’s richest man, Aliko Dangote.

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Dangote Cement, a publicly traded corporation, is 85% owned by a holding company he controls.

Introduction

Dangote Cement operates in ten African nations with a total yearly production capacity of 48.6 MMT.

After years of planning and construction, Dangote’s fertiliser plant in Nigeria finally opened for business in March of 2022.

The Dangote Refinery, which has been under construction since 2016, will be among the largest oil refineries in the world once it is finished.

Aliko Dangote Biography and Net Worth

After finishing school, he moved back to Nigeria. He started a modest trading firm called Dangote Group in 1977 with the help of a loan from his uncle to start his own cement trading business. Dangote Group was founded in 1981 after he had already spent years transforming the firm. Dangote diversified his business into producing sugar, fish, milk, wheat, rice, and other commodities between 1980 and 1990. 

He learned the ropes of the industry and positioned himself to profit from the burgeoning Nigerian middle class and the country’s rising population. Dangote expanded his business empire in 1999 to include a pasta factory, wheat mills, sugar refineries, and salt processing plants. The largest cement factory in Sub-Saharan Africa, Obajana, was commissioned under his leadership a year later.

Dangote said, “My great-grandfather was a kola nut trader and the richest man in West Africa at the time of his death,” in an interview with Time. My dad’s a successful businessman and former state senator. My granddad indeed reared me. In my culture, grandparents often take in and raise the first grandchild (Dangote’s older sister was killed as an infant in a vehicle accident). A lot of affection surrounded me, and it bolstered my self-assurance.

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Dangote is a Nigerian billionaire who has been married twice but is currently single. Halima, Mariya, and Fatimah are his daughters, while Abdulrahman Fasasi is his adoptive son.

 Aliko Dangote Income from Business

Following another successful fiscal year, Dangote Cement will distribute a dividend to Africa’s richest man, Aliko Dangote of N295 billion ($640.6 million).

Dangote Cement has retained earnings of N969.48 billion ($2.1 billion) as of Dec. 31, 2022. It will pay a dividend of $640.6­million, more than the yearly budgets of nations like Rwanda, Burkina Faso, and Malawi combined.

With the ability to produce 51.55 million tonnes of cement annually across 10 African nations, Dangote Cement dominates the African cement market.

The top cement maker finished its fiscal year 2022 on an excellent financial note under the direction of Dangote, the world’s richest Black man, who has an 86 ­percent interest in the firm.

Due to increased sales and effective negotiation of its tax expense down to N142.7 billion ($310 million) from N173.9 billion ($377.7 million) the previous year, the company recorded a 4.9% rise in earnings, from N364.44 billion to N382.31 billion ($830.3 million).

With higher cement sales in the second half of 2022 and pricing benefits from the year’s rise in cement prices, the Dangote ­led cement company reported a 17­percent increase in revenue from a record of N1.38 trillion ($3 billion) in 2021 to a new all­-time high of N1.62 trillion ($3.52 billion).

Aliko Dangote Business Career 

In 1977, Dangote moved his small trade company, the Dangote Group, to Lagos to develop. Dangote borrowed $500,000 from his uncle to buy bagged cement and agricultural products like rice and sugar to start the commodity trading business. In the 1990s, he proposed to the Central Bank of Nigeria that having his transport firm oversee the bank’s fleet of staff buses would save money for the institution.

The Dangote Group has expanded its foreign activities to include Benin, Ghana, Zambia, and Togo, making it one of Africa’s most significant corporations. Dangote Sugar Refinery, Dangote Cement, and Dangote Flour are all part of the Dangote Group, which has expanded from its original trade roots to become Nigeria’s largest industrial conglomerate. Dangote Group’s refinery division supplies most of the sugar used by Nigeria’s beverage, brewery, and confectionery manufacturers. Around 11,000 employees are working with the firm throughout West Africa.

Aliko Dangote Net worth 2023

In June 2023, his net worth was assessed by the Bloomberg Billionaires Index to be $21.1 billion, making him the wealthiest person in Africa, the richest black person in the world, and the 74th richest person in the world.

 

 

 

 

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