Story Source: Business Insider Africa
July 16, 2024
While many wealthy individuals invest in assets and properties for reasons such as diversification, luxury, status, or residential use, Nigerian industrialist Aliko Dangote, the richest person in Africa, takes a different approach.
With a net worth of $13.4 billion mid 2024, Dangote is the founder of Dangote Cement, the largest cement producer in sub-Saharan Africa, in which he holds an 85 per cent stake. He also founded Dangote Fertilizer and Refinery, the world’s largest single-train refinery.
During a recent event in Nigeria, Dangote revealed that despite his immense wealth, he does not own any residential property outside Nigeria. His only homes are in Lagos and Kano, with a rented property in Abuja.
“The reason I don’t have a London or America house is solely because I wanted to focus on industrialisation in Nigeria,” he stated. “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.”
“If I have houses all over, in America and co, I would not be able to concentrate and build something for my people,” he added.
Dangote has recently been in the spotlight due to the launch of his Dangote Refinery, which is currently producing diesel in Nigeria.
The $20.5 billion facility, which commenced operations in January, will eventually have the capacity to produce 650,000 barrels per day.
The refinery was recently ranked above Europe’s 10 largest refining facilities, with a processing capacity of 650,000 barrels per day.
Dangote has revealed plans to list the fertilizer and petrochemical divisions of the Dangote Refinery on the stock exchange in the first quarter of 2025. He plans to pursue a dual listing on both the London and Lagos stock exchanges.
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