How Aliko Dangote Became the Richest Black Man on Earth

Aliko Dangote, a Nigerian businessman is the first on the list of black billionaires globally. Aliko Dangote after his tertiary education ventured into business and has today become the richest black man on earth.

With an estimated net worth of $15.5 billion, according to Bloomberg data, the Dangote Group founder is the richest black man and the richest African alive. According to Forbes, Dangote is also the richest black person in the world too. Most of Dangote’s wealth is gotten from his over 83% percent majority stake in Dangote Cement, which is the highest cement manufacturer in sub-Saharan Africa.

The Dangote Group was first launched in 1981, the Dangote Group now owns and operates more than 19 subsidiaries across a range of industries, including Dangote Cement, Dangote Flour, Dangote Refinery and Dangote Sugar among others.

Dangote, the 67-year-old billionaire credits much of his business success to his maternal grandfather, who instilled a business mindset into him at a young age. At just eight years old, Dangote would buy sweets with his allowance, which he sells to people for a profit.

According to Dangote, when you are raised by an entrepreneurial parent or grandparent you pick that aspiration,” he told Forbes during an interview in 2015. “It makes you be much more aggressive to think anything is possible says Dangote.”

Dangote’s entrepreneurial pursuit followed him into adult age. In the year 1977, Dangote graduated with a business degree from Egypt’s Al-Azhar University. When he returned to Nigeria, Dangote moved to Lagos, one of Africa’s richest city and Nigeria’s largest financial center.

Dangote’s uncle offered him a $500,000 loan to start a business, Dangote started trading in commodities such as bagged cement and agricultural goods like rice, sugar etc. These business ventures became so successful that he was able to repay his uncle within 6 months of starting the business.

In 1999, Dangote diversified into manufacturing, building Dangote sugar refinery and flour mill. When Dangote Sugar was listed on the Nigerian Stock Exchange in 2010, sales had quadrupled to $450 million, according to Forbes magazine, making it the largest sugar refinery in Africa and by some estimates, the second largest sugar refinery in the world. Similarly, Dangote Flour tripled revenue to $270 million.

Dangote describes his professional journey as “exciting,” but notes that he had also encountered obstacles along the way. According to Dangote, overcoming these challenges in business required big thinking and an innovative approach. “You have to dream big to be able to be big and that’s what we’re doing,” said Dangote, who was then building an oil refinery that’s projected to cost over 14billion dollars

On his part, Dangote emphasized he’s driven by the impact he can have on humanity.

In fact, “You would like to be remembered for things that you have actually done,” he told Forbes. “We Africans are the only ones that can make Africa great.” Says Aliko Dangote