Aliko Dangote is a Nigerian business magnate. He is an entrepreneur, investor, and philanthropist whose impact is felt globally. Aliko Dangote is the chairman and CEO of Dangote Group; the largest manufacturing conglomerate in West Africa. Dangote started small and has scaled his business to an enviable height which has earned him the 51st spot on Forbes list of wealthiest billionaires in the world. Aliko Dangote is truly an inspiration to budding and aspiring entrepreneurs who believe in hard work. When you take time to study how he started, his business strategy, and what he has been able to accomplish, you will realise that he deserves all the accolades.
Come along with us as we look keenly into Aliko Dangote’s journey to eminence.
Aliko Dangote Biography
Aliko Dangote was born on the 10th of April, 1957 to Mohammed Dangote and Mariya Sanusi Dantata – a wealthy Muslim family in Kano State. He is the great-grandson of Alhaji Alhassan Dantata who was the richest African at the time of his death in 1955. Aliko was educated at Sheikh Ali Kumasi Madrasa, and went to Capital High School, Kano. He has a Bachelor’s Degree in Business and Administration from Al-Azhar University, Cairo.
Aliko Dangote is a muslim who is devoted to both his religion and family.
Aliko Dangote Net Worth
Real time net worth as of July 30th, 2018 is $12.3B. This is according to Forbes.com.
Aliko Dangote’s Business Career
Coming from a background of entrepreneurs, it is no surprise that Aliko Dangote picked interest in business at a young age. Lol. He even was buying and selling in primary school; he sold candies to his classmates. One would think that since Dangote came from a wealthy family, the right thing to do after completing his first degree would be to work in the family business but he didn’t do that rather he charted a new cause for himself.
Dangote borrowed N500,000 from his uncle with an agreement to repay the loan in 3month. With the loan, he started importation of Rice from Thailand and Sugar from Brazil. Due to his hard work and strong business ethics, he realized over $10,000 daily as net profit and was able to repay the loan before the due date.
Dangote once explained in an interview with Forbes, “When you are raised by an entrepreneurial parent or grandparent, you pick that aspiration. It makes you be much more aggressive–to think anything is possible.”
Aliko Dangote Dive Into Manufacturing
One common attitude of visionaries is the ability to foresee the future. Dangote discovered that importing goods from other countries costs more and may not get his business where he wants it to be. As a result, he started his own manufacturing company in 1997 to produce all the things he was importing from Brazil and Thailand. The company started with the production of Sugar, Flour and Pasta.
At about the same time, a state-owned cement company was awarded to Aliko. In 2005, he significantly expanded the operation of the company by constructing a multimillion-dollar manufacturing plant. The construction was done with the bulk of his money and a loan from the World Bank International Finance Corporation. Dangote Group has grown into a multibillion dollars company and has expanded into other sectors including oil and gas and has operations in different African countries.
Aliko Dangote’s Philanthropy
Aliko Dangote believes in giving back to the community which made Dangote Group start the Aliko Dangote Foundation. Through Aliko Dangote Foundation, the company and Dangote give back to society. The Foundation’s main objective is to reduce the number of lives lost in diseases due to malnutrition. They achieve their objectives by leveraging Aliko Dangote’s investment in different sectors. The Foundation also combats Severe Acute Malnutrition (SAM) and improves the outcome of children’s lives.
Aliko Dangote’s Personal Investments
- N50 million donation to the National Mosque.
- N200 million donation to the Presidential Library.
- $750,000 to halt the spread of ebola in 2014.
- $100 million to the fight against child malnutrition in Nigeria in 2017.
- In 2018, Aliko Dangote built homes worth $5.6million for internally displaced persons in Borno State.
- N7 billion to support displaced persons affected by Boko Haram terrorists in the Northeast.
- N50 million donation to the Lagos State Security Trust Fund.
- Built the Police Intelligence Hostel Complex in Kwara State.
- Donated 150 fully-kitted operational vehicles to the Police Force.
Little wonder he was given the second highest national honorary award.
Some Of Dangote’s Businesses
Dangote Cement is a subsidiary of Dangote Industries and was founded by Aliko Dangote in 1981. It was incorporated as Obajana Cement Plc in 1992 and was later changed to Dangote Cement Plc in July 2010. The company started by importing cement into Port Harcourt and Apapa terminals but later made a strategic decision to commence full-time manufacturing. The cement is known for quality and is been used by many companies and individuals when carrying out their building projects across Africa.
Dangote Industries Limited ventured into sugar business in the 1970s importing sugar for sale. Today, the company has a sugar producing refinery known as Dangote Sugar Refinery Plc in Apapa, Lagos State. Dangote Sugar grades in 50kg, 1kg, 500g & 200g packages.
Salt Refining & Seasonings
NASCON Allied Industries Plc produces edible and Industrial salt marketed under the brand name “Dangote Salt”. The salt is available in retail packs of 250g, 500g and 1kg sachets.
Flour & Semolina
Dangote Flour & Semolina is produced by Dangote Flour Mill which commenced operations in 1999 as a division of Dangote Industries Limited. DFM has mills across Nigeria – Apapa, Ikorodu, Ilorin, Kano and Calabar. The company also produce Pasta and Ball Foods.
Dangote Agro Sacks Limited produces packaging bags for easy carriage of goods produced by companies within the group. The company produces over 36 million bags in a month.
Dangote Group manages properties through MHF Properties Limited founded in 2011. The company is a service oriented company specializing in the management and development of luxury properties.
Dancom Technologies Limited is one of Dangote’s investment. The company provides IT services to the group.
Aliko Dangote also invested in Port Operations offering terminal operations, stevedoring, bulk cargo operation and containerization.
Food & Beverages
One of Dangote’s associated group known as Dansa Foods Limited produces bottled water and juices on behalf of the group.
Dantrans Limited provides transport monitoring for Dangote Groups through advanced GPS systems.
Aliko Dangote Other Projects and Investments
Refinery and Petrochemical
The Group invested in a landmark integrated Refinery and Petrochemical project which is by far the largest Industrial complex in Nigeria history.
Dangote Group is currently building a Fertilizer Plant which is envisaged to be the largest in Africa.
Dangote will also be partnering with smallholders and contract rice farmers to grow rice paddy and sugarcane.
There is an ongoing alliance between Dangote Groups and Andrade Gutierrez (AG) Group referred to as AG – Dangote. AG is one of the largest infrastructure conglomerates in South Africa.
Dangote Group is starting a truck assembly plant in Lagos with the aim of producing 10,000 trucks annually. $100 million is used as capital outlay.
The Group is partnering with First E&P to start East West Offshore Gas Gathering Pipeline System (EWOGGS). This project is the single largest gas infrastructure investment in the history of Nigeria.
Aliko Dangote’s Principles
Aliko Dangote believe in re-investing the company’s profit back into the business. This principle has in no doubt contributed to the growth rate and diversification of Dangote group of companies over the years. He also believes in Nigeria and encourages Nigerians in diaspora to invest back home. He believes there is nothing that will grow Nigeria better than when we all come together to invest in our country.
Recognition and Awards of Aliko Dangote
Leading provider of employment in Construction Industry 2009
Grand Commander of the order of the Niger 2011
Honorary citizenship of Arkansas State 2013
Forbes Africa Person of the Year 2014
100 most influential people in the world 2014
Clinton Global Citizen Award 2015
Love to the world Initiative Builders Award 2016
Guardians Manufacturing CEO of the year 2017
Ahmadu Bello University Corporate Award 2018
Aliko Dangote’ Quotes
- “Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work”.
- “To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme”.
- “When you are raised by an entrepreneurial parent or grandparent, you pick that aspiration. It makes you be much more aggressive – to think anything is possible”.
- “I enjoy myself a lot but I derive more joy in working. I believe in hard work and one of my business success secrets is hard work”.”It’s hard to see a youth that will go to bed by 2 AM and wake up by 5 AM. I don’t rest until I achieve something”
- “Let me tell you this, and I want to really emphasize it… nothing is going to help Nigeria like Nigerians bringing back their money. If you give me $5 billion today, I will invest everything here in Nigeria”.
- “Every morning when I wake up, I make up my mind to solves many problems, before retiring home”.
- “After my death, I want to be remembered as Africa’s greatest industrialist”.
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Photo Credit: Connectnigeria