Aliko Dangote net worth: The billionaire cement king of Africa

Aliko Dangote, the Nigerian business magnate, has a staggering net worth of $28 billion, making him not only the richest man in Nigeria but also one of the wealthiest individuals on the African continent. Dangote’s immense fortune has been largely driven by his ownership and leadership of Dangote Group, a conglomerate that dominates several industries across Africa — with cement and sugar being its cornerstone businesses.

Aliko Dangote Net Worth: $28 Billion
Date of Birth: April 10, 1957
Place of Birth: Kano, Nigeria

Table of Contents

Early Life

Born on April 10, 1957, in Kano, Nigeria, Aliko Dangote hails from a distinguished Hausa Muslim family. His maternal grandfather, Sanusi Dantata, was a prominent businessman and Shell B.P. director. His great-grandfather, Alhaji Alhassan Dantata, was reportedly the richest man in West Africa at the time of his death in 1955.

Dangote showed entrepreneurial instincts early on — even as a schoolboy, he sold sweets to classmates at a profit. After high school, he studied business at Al-Azhar University in Egypt. His early exposure to Brazil’s industrial growth further inspired his vision of industrializing Nigeria.

Building a Billion-Dollar Empire

Dangote’s journey to multi-billionaire status began in 1977, when he used a $5,000 loan from his uncle to start trading in basic commodities like cement, sugar, rice, and flour. It wasn’t long before he realized that manufacturing these goods locally, rather than importing them, would be far more profitable and transformative.

By the 1990s, Dangote had started setting up production plants in Nigeria — a move that would revolutionize the country’s industrial landscape. He soon turned his attention to cement, founding Dangote Cement, which would go on to become Africa’s largest cement producer, with operations in over 10 countries and an annual production capacity of 44 million metric tons.

This venture proved to be the crown jewel of his empire. Dangote Cement alone is responsible for over 80% of the Dangote Group’s revenue, fueling his rise to the top of Africa’s rich list.

Strategic Expansion and Diversification

Beyond cement, Dangote Group is a powerhouse with investments spanning:

Food processing (sugar, salt, flour, pasta)
Oil and gas
Fertilizer
Telecommunications
Real estate
Banking and logistics

The Group is the dominant sugar supplier in Nigeria, controlling about 70% of the market and operating the largest sugar refinery in Africa, and the third largest in the world, with the capacity to produce 800,000 tons of sugar annually.

The company also exports commodities such as cotton, cocoa, sesame seeds, and cashew nuts, while importing essentials like fish and rice, contributing immensely to regional trade and employment.

The Role of Political Influence

While Dangote’s business acumen is undeniable, his political connections have also played a notable role in the expansion of his empire. He has supported key political figures, most prominently donating over N200 million (approx. $2 million) to support President Olusegun Obasanjo’s 2003 re-election bid, and N50 million to Nigeria’s National Mosque project.

Such contributions have led to criticisms and questions about business-political entanglements in Nigeria, but they have also helped cement his status as a key power broker in both economic and political spheres.

Philanthropy

Dangote is not just known for his wealth, but also for his philanthropic initiatives. He is the founder of the Aliko Dangote Foundation, launched in 2014, which focuses on healthcare, education, and economic empowerment across Nigeria and Africa.

Some of his major contributions include:

N150 million to support the fight against Ebola in 2014.
N200 million in March 2020 to combat COVID-19 in Nigeria.
Collaboration with the Bill & Melinda Gates Foundation to eradicate polio.
Board memberships with the Clinton Health Access Initiative and the Corporate Council on Africa.

He also serves on the steering committee of the Global Education First Initiative under the United Nations Secretary-General.

Personal Life

Aliko Dangote resides in Lagos, Nigeria. He has been married and divorced twice and is the father of three daughters, including Halima Aliko Dangote, and one adopted son. Despite his immense wealth, Dangote is known for his low-key, private lifestyle.