Dangote is an investor and owner of the Dangote Group which has interests in commodities in Nigeria and other African countries.
The Dangote Group, established as a small trading firm in 1977, the same year Dangote relocated to Lagos to expand the company, is a multi-trillion-naira conglomerate with many of its operations in Benin, Ghana, Nigeria, and Togo.
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Dangote has expanded to cover food processing, cement manufacturing, and freight. The Dangote Group also dominates the sugar market in Nigeria and is a major supplier to the country’s soft drink companies, breweries, and confectioners.
The Dangote Group has moved from being a trading company to be the largest industrial group in Nigeria including Dangote Sugar Refinery, Dangote Cement, and Dangote Flour.
While Dangote, 61, is the richest man in Africa, telecom magnate, Mike Adenuga, is the nation’s second-richest person.
He owns mobile phone network Globacom Ltd., with 45 million subscribers, and is worth $2.8 billion, according to the Bloomberg wealth index.
Three South Africans made the Bloomberg wealth ranking.
De Beers heir Nicky Oppenheimer, luxury tycoon Johann Rupert and property and wholesaling mogul Natie Kirsh are worth about $20 billion combined. All three have extensive holdings outside Africa.
Bloomberg said “there are just six Africans on the ranking of the world’s 500 richest people, including Egyptian brothers Nassef and Naguib Sawiris. By comparison, China, with a population that rivals Africa’s, has 44”.
“And though Dangote’s $17 billion fortune is a startling figure in such a poor country, his wealth in proportion to the size of Nigeria’s economy is on par with or even lower than the richest citizens of more developed countries”.