Africa is a continent that is commonly associated with poverty and a majority of people would not imagine that there are billionaire tycoons hailing from that area. Among the various personalities worldwide considered to be the richest man, 18 of them come from Africa. When Forbes released a list of the richest black people, the person at the top is a native of Nigeria. Alhaji Aliko Dangote is the richest black man in the world, in Africa, and in his home country. This self-made billionaire is even richer than the famous television show host Oprah Winfrey.

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Dangote showed signs of excelling in business from a very young age and had even begun selling sweets to his peers while he was only 8 years old. Aliko’s journey of becoming a billionaire was very long and tedious; one he says took him a torturous 30 years.

Source Of Vast Wealth Of Richest Black Man In The World

At an estimated net worth of $25 billion, Aliko Dangote is the wealthiest black man in the world as of December 2013. Forbes magazine also ranked him as the 43rd richest man in the world for the same year. Aliko’s source of wealth is his huge business conglomerate, Dangote Group. Alhaji Aliko Dangote was born in 1957 to a family that had a natural talent for successfully managing business enterprises.

Profile of Aliko Dangote on Forbes

Aliko Dangote’s maternal great-grandfather was a super-rich man who was the leading exporter of kola nuts in West Africa. He used to transport the kola nuts via rail in the early 1900s and turned the venture into a family business. After his death, his son, Aliko’s maternal grandfather, Sansui Alhassan Dantata, took over the business. Sansui inherited the family business while it was doing well and managed to steer the company to greater heights. Under his reign, the company was able to make millions thus earning Sansui the title of Nigeria’s first millionaire and making him the richest man in the country at that time.

Aliko was brought up by his maternal grandfather, Sansui after the premature death of his father, Mohammed Dangote. Aliko attributes his business talent to Sansui who began imparting him with knowledge of the corporate world from a tender age.

After graduating from Al Azhar University in Cairo, he decided to build his own empire and become the richest man in the world. He acquired capital from his grandfather to start his company. His first company was developed in 1977 and dealt with the importation of cement. Aliko used a combination of his keen business eye and the knowledge he gained from his grandfather and in school to expand his newly formed company. His cement company was a huge success from the get-go and enabled him to build a huge diversified business conglomerate he called the Dangote Group.

Aliko’s cement company has enjoyed its successful upward trend and is currently the largest cement manufacturer in Africa. Having been around for several years, Dangote Cement, a company under the Dangote Group, operates cement plants in several African countries such as Ethiopia, Senegal, South Africa, Congo, Zambia, and Cameroon. His company also boosts the economy of Nigeria as it provides employment to 26000 people.

Aside from having major dominance in the cement industry, the Dangote Group also operates several other companies that offer services and products ranging from the real estate industry to the processing of food. Aliko’s natural business talent has made him successful in all his various companies and it is one of the keys that unlock the secrets of the richest man in Africa.

African Richest Man Business Success Secrets

Aliko Dangote began his business career as a trader of cement and decided to diversify his company as it expanded. He says that his wisest and the most strategic business move was moving away from being a trader and becoming a manufacturer. His conglomerate company ‘Dangote Group’ deals in the manufacture and production of several products, including salt, fertilizer, flour, sugar, and foodstuff. Dangote also says that becoming a manufacturer will help your business grow, provide job creation, and lead to the development of your economy.

Dangote Group has a reputation for providing quality services and goods, thus developing loyal customers. Dangote advises entrepreneurs to ensure that their goods and services are of high quality and affordable if they are keen on expanding their businesses.

One of the main reasons that made Dangote’s businesses successful is the presence of his powerful brand name Dangote Group. Aliko advises all business people to create a brand name for their company and spend time building the brand’s image. A good example is the Coca-Cola Company. Some time back the company’s assets were estimated to be worth $3 billion, but the brand name ‘Coca Cola’ was worth over $80 billion.

Aliko believes that one of the secrets that have made him a successful businessman knows how to deal with competitors. Dangote advises business owners to avoid engaging in dirty tactics that kill the competition. Instead, one should find ways of engaging in healthy competition. He claims that competition is good for business as it keeps one on his toes thus making your work interesting.

Other business success secrets of Aliko include having connections, a natural inborn talent, hard work, and determination.

The Giving Nature Of The Richest Black Person: A Philanthropist

The richest man in Africa believes in giving back to society. He claims that it is only right that you give back to those who made you rich. In this case, the people who made you wealthy include loyal customers, society, your employees, business associates, investors, and even political associates. In the spirit of giving back to society, Aliko leads by example and is famous for donating a lot of money to noble causes. Aliko is an active philanthropist who is involved in several charitable deeds. Aside from running his very own charitable organization, the Dangote Foundation, the world’s richest black person also participates in the management of several charitable organizations. He acts as one of the board members of a number of organizations.

The dream life of Dangote

Dangote lives in a huge mansion on Victoria Island on the eastern shore of the Atlantic ocean. With its big gate, bulletproof windows, secret entry, and a small army of guardians, the house looks more like a fortress.

He is a 57-year-old man with a generous look and a shy smile. His appearance is not spectacular, but his smile keeps living on his face even when he discusses serious subjects like wealth and politics. His meal is thin and simple. He likes to fish, sweet potatoes, and smoked chicken. He loves to travel with his beautiful yacht Mariya which was specially built for him in 2013 and for a long while he was passionate about cars. He had at least 25, Maybach, Bentley, Bugatti, Ferrari, and Porsche among them. Now, he travels around the world in his private jet, one day at the World Economic Forum in Nigeria and the next day flying to Geneva to see his grandchildren.

Appearances may be deceiving as this man survived ten different regimes in Nigeria and he is such a powerful businessman. Remember, he is the richest man in Africa and also the wealthiest black man in the world. His dream is to buy an Arsenal soccer club and become the first African to win a Premier League team.

A key point in the list of African billionaires

If you look at the compiled list of the richest people in Africa, a majority of them hail from the Arab country of Egypt and South Africa. The list contains only one woman who is both the richest woman in Africa and the only African female billionaire.