Finance: 10 richest billionaires in Africa and how they make their money - Alhaji Aliko Dangote

Within 30 years, Dangote was able to build a conglomerate of manufacturing companies.

The Forbes has released its 2018 list of billionaires in Africa, and there are many improvements in the wealth of leading rich men in the continent. But these personalities are ranked in top 10 richest and had a better 2017.

According to Forbes, rising stock markets and commodity prices geared up the wealth of these individuals and made them collectively wealthier than a year ago.

Looking at drawing inspirations and developing entrepreneurship of youths in Africa, there is a need to tell the story of these individuals. Many of which struggle to build their current business empire.

Alhaji Aliko Dangote

Alhaji Aliko Dangote is a major commodity trader in Africa with major business interest in cement manufacturing which has expanded into nine other African countries asides Nigeria.

Based on his history, Dangote has developed trading acumen from childhood due to his family lineage. His grandfather was Alhaji Hassan Dantata, a successful trader of rice and oats in Kano and across the West Africa trade belt.

ALSO READ: Aliko Dangote is the richest man in Africa for 2018 - Forbes

Dangote said about his childhood and business: “When I was young, I usually buy sweets, give them to others to sell, and keep the profits.” With this skill and others acquired from trading experience, Dangote was able to build a conglomerate of manufacturing companies and became the richest black man in 2008.

There is a principle observed in Dangote’s business operation, take the risk to start a business no one is willing to do and sell them to investors after few years of operation. Hence, the hallmark of Dangote’s achievements is taking the risk, and this factor built his wealth.

On December 19, 2017, Dangote sold 3.2% of his cement business to foreign investors for $350 million (N107 billion). Nonetheless, many people have identified continuous government support as the reason for his business success but his resilient attitude seems to play the most important role.

“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me 30 years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work."

"To build a successful business, you must start small and dream big. In the journey of entrepreneurship, the tenacity of purpose is supreme.” – Aliko Dangote told Forbes.

List of Businesses

1. Dangote Cement Limited - 2 plants in Nigeria and one each in Tanzania, South Africa, Liberia, Kenya, Senegal, Cameroun and Congo.

2. Dangote Sugar Refinery Limited

3. Dangote Flour Mills Limited

4. Dangote Communications Limited

5. Dangote Pasta Limited

6. Dansa Foods Limited

7. Agro Sack Company

Within 30 years, Dangote was able to build a conglomerate of manufacturing companies. Read Full Story