Africa’s richest man, Aliko Dangote, explains his unique approach to wealth management and why he chooses to own no residential property abroad, focusing instead on industrialization and development within Nigeria.
While many of the world’s wealthy invest in properties abroad as symbols of status or diversification, Aliko Dangote, Africa’s richest man, stands out for his distinctive approach. With a net worth of 13.4 billion USD as of mid-2024, Dangote’s wealth is primarily tied to his business ventures, including Dangote Cement, the largest cement producer in sub-Saharan Africa, in which he holds an 85% stake. Additionally, he is the founder of Dangote Fertilizer and Refinery, which boasts the world’s largest single-train refinery.
In a recent interview, Dangote shed light on his decision to refrain from owning residential properties outside Nigeria. Despite his substantial fortune, Dangote owns homes only in Lagos and Kano, and he rents a property in Abuja. His reasoning is rooted in his commitment to Nigerian industrialization and his passion for contributing to the country’s development. Dangote stated, “The reason I don’t have a London or America house is solely because I wanted to focus on industrialisation in Nigeria. I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state, Kano, and a rented one in Abuja.”
Dangote believes that owning properties abroad would distract him from his goal of building and improving industries within Nigeria. This focus has been evident in his recent ventures, including the launch of the Dangote Refinery. The 20.5 billion USD facility, which began operations in January, is currently producing diesel in Nigeria and has a capacity of 650,000 barrels per day. This refinery is ranked above Europe’s ten largest refining facilities.
Looking ahead, Dangote plans to list the fertilizer and petrochemical divisions of the Dangote Refinery on the stock exchange in early 2025, pursuing a dual listing on both the London and Lagos stock exchanges. His vision and commitment to Nigeria’s industrial growth highlight a different perspective on wealth management, one that prioritizes local development over global luxury.