Dangote Net Worth 2020 and Biography
|Birth Name:||Aliko Dangote|
|Birth Date:||10 April 1957|
|Birth Place:||Kano, Nigeria|
|Profession:||Businessman, Investor, Philanthropist|
|Years active:||1977 till date|
|Net Worth:||$7.7 Billion|
|Last Updated:||April 2020|
Nigerian businessman and entrepreneur Aliko Dangote is the richest man in the whole of Africa. He is best-known as the owner of the “Dangote Group”, the largest cement producer in Africa. Born and brought up in a rich Muslim family in Kano State, Nigeria, he completed his studies in Cairo, Egypt, and founded a small trading firm in 1977. Gradually, his company embarked into a refinery and sugar business and further expanded to the neighboring countries. He diversified and ventured into several other businesses and made a name for himself not only in his home country Nigeria, but also all around the world as he is currently the 67th richest man alive (according to Forbes) and the present richest person of African descent in the whole world.
The Dangote Group company presently dominates the markets in many countries such as Nigeria, Ghana, South Africa, Benin, Ethiopia, and Cameroon, among others. The rest of this article contains Aliko Dangote net worth 2020 and biography, as well as his personal life which has also been a major topic of interest for both the local and foreign media.
Dangote’s Early Life
Aliko Dangote was born to Mohammed Dangote Hajia and Mariya Sanusi Dantata on 10 April 1957, somewhere in present-day Kano State, Nigeria. He was born into a very wealthy family. His great-grandfather, Alhaji Alhassan Dantata used to be one of the richest man in Africa.
In a revealing interview, Dangote disclosed his childhood story which depicts his love and passion for business, which also made him study business in school. He sold candy to fellow students when he was in school in order to make money. Dangote studied Business at the Al-Azhar University in Cairo, Egypt, from where he graduated.
After he graduated from school, Dangote came home to Nigeria from school and borrowed a sum equivalent to $2,500 from Alhaji Alhassan his grandfather and promised to pay back the loan within three years. It was a big amount of money at that time.
Using the money he had collected from his grandfather, Aliko Dangote settled down in Lagos, Nigeria, and started importing sugar and rice from Brazil and Thailand, respectively, in a carefully planned business move. He then sold the imported goods in Nigeria and recorded substantial amount of profit. Soon enough, the demand for those goods skyrocketed and the profits from his importation business laid down the platform for Dangote net worth. Within the first year he established his business venture, he began to earn great profits, and was able to pay back the sum of money he collected from his grandfather within just three months of starting his operations.
As his business grew bigger, he discovered the more profitable option of manufacturing goods instead of relying on imports. He came top of the league among all his competitors, and by the end of the 1990’s, he had established different manufacturing units by himself.
He started to manufacture flour, sugar, and pasta. In no time, he started being recognized among the very few billionaires in his country.
Having earned the trust of the federal government of Nigeria, he was awarded a cement plant. His company the ‘Dangote Group’ went on to take a place as the biggest sugar supplier in Nigeria, with diverse clients, including breweries, soft-drink manufacturers, and confectioneries, meaning more money for the ambitious Aliko.
His fortunes even got better with his entry into the cement-manufacturing industry. He approached The Nigerian Ports Authority (NPA) in 2012 to seek permission to make use of an abandoned piece of land. Once his request was approved, he became the owner of the land and built his own flour-manufacturing industry.
The ‘Dangote Group’ controls over 70% of the current Nigerian sugar market. It operates as one of the largest sugar refineries in the world and the biggest in Africa. The company manufactures approximately 8,00,000 tonnes of sugar annually, making them the third-largest sugar producer in the whole world.
Dangote’s group has expanded it’s reach to the import of cashew nuts, sesame seeds, cocoa, and cotton. The group also invests in transportation, gas, oil, and real estate. It is also the current largest business conglomerate in the whole western African region.
Awards & Achievements
- In 2007, Africa Investors Index awarded Dangote’s Sugar Refinery with the Best African Initial Public Offer.
- In 2014, Forbes magazine honored him as “Africa Person of the Year”
- In 2007, his company was awarded the Global Excellence Company of Year
- In 2009, his group was crowned the International Quality Award
- He is the 67th richest man alive
- He is the present richest person of African descent in the whole world
- Aliko Dangote has been awarded the GCON (Grand Commander of the Order of the Niger). It is Nigeria’s second-highest honour which he received by then, President, Goodluck Ebele Jonathan in 2011
Personal Life & Family
By virtue of his fame as the richest African alive, a lot about Dangote has been under speculation for quite a long time, and this includes his private life away from business, and family. He is the grandson of Alhaji Alhassan Dantata, a former Nigerian millionaire. On his own part, Dangote has been married two times. As with most Muslims, not much is known about any of his wives. He is known to have a big family that consists of several relatives although he has just four children.
Alhaji Aliko Dangote has a very generous heart. He has pledged his wealth to assisting Nigeria, and even promised that his country will benefit from his fortunes. Reports suggests that at the moment, his company “Dangote Group” has provided jobs for over 30,000 Nigerian youths in other to minimize unemployment in the country.
His charity organization ‘Dangote Foundation’ was established to coordinate the philanthropic endeavors of the company. Every year, Dangote, through this organization, spends many millions of dollars for the betterment of healthcare and education in the country. The foundation also works toward fixing structures and roads, and indulges in the provision of scholarships to financially backward students.
In 2014, the Nigerian government reported that Aliko had donated the sum of $750,000 to help combat the spread of the deadly ‘Ebola’ virus in Nigeria.
The 63-year-old is only 167cm tall, and weighs around 69kg. The color of his hair is black, same with his eyes.
Dangote Net Worth 2020
Dangote net worth 2020 is assembled from his business module, smart investments, and his organization, the Dangote Group. Alongside billionaires in the likes of Elon Musk, Bill Gates, Femi Otedola, Michael Bloomberg, Jeff Bezos, and Warren Buffet, Aliko Dangote is one of the richest men in the world.
Despite coming from a family of fortune, Dangote never relaxed nor took the family’s wealth for granted. Through his successful career as a businessman and investor, he has made sure his family is established as the richest in the whole of Africa.
His wealth receives contributions from his ownership of shares in several businesses. He also gets royalty from his family business that also helps in fueling his fortune.
Aliko Dangote net worth 2020 is approximately $7.7 billion.