Connect with us

NaijaGists.com – Proudly Nigerian DIY Motivation & Information Blog

World’s Richest Black Man is Aliko Dangote

News in Nigerian Newspapers Today

World’s Richest Black Man is Aliko Dangote

richest black man in the world

Nov 18, 2011 – The Richest Black Man in The World is Aliko Dangote

According to Forbes 2011‘s List of the Richest Black People in The World, Nigerian Billionaire, Aliko Dangote is number one.

As at now, he is the richest black man in the world. Alhaji Aliko Dangote is not new from making world headlines. His name has significantly become a recurring decimal in the country’s business arena. Aliko has also expanded his frontier from Nigeria to entire African region where he now enjoys a leading position in the area of manufacturing. Just last week, the federal government announced his name among top Nigerians to be honoured in this year national honour award. He is to be conferred with Grand Commander of Niger GCON. Having been a grand commander in business, especially in cement, sugar and flour, the honour did not come to many as a surprise; rather it complements his status as true business mogul of our time.

The award is the country’s second highest national honor, after the Grand Commander of the Federal Republic (GCFR) – an award which is only reserved for Nigerian Presidents and Heads of state. Dangote becomes the first individual outside government to receive the nation’s second highest national honor. In the past, the GCON has only been awarded to Vice-Presidents, Chief Justices of the country and Senate Presidents. Dangote’s GCON award according to information is in recognition of the immense contributions he has made to the economic development of Nigeria.

It is on record today that Aliko was the first Nigerian to enter the Forbes list of billionaires and was also adjudged the richest man in Africa.

Aliko Dangote made his name in commodity trading especially sugar importation into Nigeria which he admits he controls over 60 per cent today. Given the heavy demand by Nigeria’s breweries and confectionery industries for sugar, he makes a kill by doing volume business and gaining advantages to undercut competitions. Dispelling rumours of his cornering the market with the connivance of government support, he says it is an open market but because of his enormous investment in the business and his transport haulage business, he can distribute his sugar faster, cheaper and at a uniform prize nationwide which the competitions cannot match. Dangote is reputed to have good investments even in foreign-based sugar refineries that supply him.

His business interest spans the export. He exports cashew nuts, cotton, cocoa, millet ad textile. His extensive network enables him to source these commodities not only in Nigeria but the entire west coast of Africa where he is increasingly becoming a visible player. He also exports fish. Interestingly, he started out importing fish but when the local market proved difficult and less profitable, he diverted his supplies to the export market.(naijagists.com)

Dangote also imports and sells rice, vegetable oil, and cement. He employs similar strategies in the distribution of these commodities as in the sugar business. In December 1996, Dangote says, in response to a mandate from government, he imported and sold so much rice that the local market crashed by almost 80 per cent.
In the 1980s, Dangote decided to move from being just a successful commodity dealer to a more rounded entrepreneur with solid investments in finance and manufacturing. His style was acquisition and buying into existing companies. naijagists.com

He started out with Dangote General Textile Products which he acquired from its former owners thereby establishing control over the source of his trade. In 1993, he acquired controlling shares in the Lagos-based Nigerian Textile Mills. He invested enormous resources in re-capitalising, refurbishing its machinery and restructuring its management. And within a few years, he turned it from a loss maker back to its days of good profits. Looking beyond just making and exporting textile materials, the Dangote Group is exploring opportunities to manufacture jeans materials for the export market. Even in sugar, Dangote currently has a joint venture with a Pakistani firm to set up a refinery in Nigeria to locally make sugar to cap his years of sugar business. Dangote bought controlling shares of the Nigerian Salt Company to broaden his investment portfolio. With this, National Salt has become a dominant player in the Nigeria’s salt market.
Alhaji Dangote founded the Dangote Group, which he currently presides over as President and Chief Executive. Currently, the Dangote Group has 13 subsidiaries spread all over Nigeria. The subsidiaries include cement, sugar, salt, flour, pasta, noodles, poly products, logistics, real estate, telecommunications, steel, oil and gas and beverages. The Group operates in 14 African countries including Senegal, Zambia, Tanzania, South Africa, Congo (Brazzaville), Ethiopia, Cameroun, Sierra Leone, Cote d’Ivoire, Liberia and Ghana, among others. The Group, whose core business focus is to provide local, value-added products and services that meet the ‘basic needs’ of the Nigerian population, recorded a turnover in excess of $3 billion (N450 billion) in 2010. naijagists.com

The Dangote Group has risen from its humble beginnings to win several awards-both locally and internationally. Last year, Dangote Cement Plc, one of the four listed subsidiaries of the Group, made history when it became the largest quoted company in the country, following its historic merger with sister company Benue Cement Company Plc (BCC) and the eventual listing of the emergent company on the Nigerian Stock Exchange (NSE). The Dangote Group was rated among Top 40 African Challengers in 2010 by the Boston Consulting Group (BCG) and was also adjudged the Investor of the Year 2010 by the Nigerian Investment Promotion Commission (NIPC) and the Commonwealth Business Council (CBC). Read Aliko Dangote’s Biography

What an achievement. This man is not a university graduate yet he is now the richest black person in the world.

Inconclusion, education is never a barrier to success in life. The only barrier is our state of mind.

13 Comments

13 Comments

  1. samuel p pamso

    November 18, 2011 at 6:26 PM

    he worked 4 it.

  2. Samuel joo

    November 18, 2011 at 8:14 PM

    I PR

  3. Samuel joo

    November 18, 2011 at 8:15 PM

    I PRAY TO BE LIKE DANGOTE ONE DAY

  4. okoko

    November 19, 2011 at 11:54 AM

    Dangote is a force to reckon with in Nigerian.

  5. Sunnex

    November 20, 2011 at 7:37 PM

    Vanity upon vanity,all is VANITY

  6. Sunday elijah ashade

    November 20, 2011 at 8:05 PM

    He’s truely d richest n deserves any award conferred on him. We shd applaud a businessman dat displays courage by investing in dis country,thereby adding values 2 lives.

  7. De Gozis

    January 29, 2012 at 11:40 AM

    I will be lyk dangote in jesus name. Amen. He is my god father nd am folowin his step. Dangote is my man.

  8. amarachukwungele

    February 2, 2012 at 4:37 AM

    i tink he deserve d honour

  9. Adesina Emmanuel T.

    May 15, 2012 at 1:16 PM

    The man is great so i pray for myself to be like him. He should help us financially.

  10. Izik .s. omale

    October 14, 2012 at 11:14 PM

    Education is neva a barriar to greatness, dangote” is my role model.

  11. Bright okoro

    January 31, 2013 at 7:13 PM

    Dangote z my god father, i will b lyk him.he deserves d honour

  12. jeevandas

    September 25, 2013 at 8:02 AM

    I was searching in life for a mentor at last I found that gem from Nigeria and humble,simple,trusted person who started in humble way become the richest man so it on thing clear that success is our mind set if we think we can become the world richest yes we can provided take steps and move as per the market needs but never go into small scale business will make us rich commodity is the best way to become world rich and good management practises are explained here is great learning lesson.life one day I would like to meet him I know sure I will become the richest and that credit is going to mr ALIKO DANGOTE indian born my self worked in 18 industries having knowledge in all business couldn’t get a proper mentor this day god fullfill that mission with vision towards the goal become the world richest as passion serve people of the Cambodia with more job opportunity tomorrow what you did in Nigeria I wanted to replicate and become the world richest from lands of Cambodia.God told me one day I show you the mentor it happened today thank god this movement I welcome who love to be with me with your knowledge,courage,investments to create a successful business group in Cambodia welcome.

  13. jeevandas

    September 25, 2013 at 8:12 AM

    Great personality open my eye opener to become the world richest

Leave a Reply

Your email address will not be published. Required fields are marked *

More in News in Nigerian Newspapers Today

Advertisement

NEW UPDATES

Tony Ogunlowo

‘Bad Boy’ Nigeria @ 60

By September 29, 2020
skill revolution

Gbenga Adebambo

The Skill Revolution

By September 28, 2020
back pain causes remedies
beautiful nubia
cancer causing chemicals kitchen home

Daily Health News

Cancer Causing Chemicals In The Kitchen

By September 12, 2020

Advertisement

To Top