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Wednesday, July 8, 2020

World Richest Black Man Aliko Dangote Ends 2019 $4.3 Billion Richer

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Nigerian business mogul Aliko Dangote consolidated his place as the richest black man in the world, according to Bloomberg, after finishing 2019 with $4.3 billion more in wealth.

The World Richest Black Man Aliko Dangote Ends 2019 $4.3 billion richer
Dangote’s fortune was boosted by familiar investments in flour, cement and sugar. He is now the world’s 96th richest person.

In the last decade overall, Dangote made almost $15 billion, according to the Bloomberg report. The period has also seen growing investments in new territories, especially oil and gas.

In 2016, Dangote’s DIL bought Twister B.V., a Dutch company that delivers high-yield solutions in natural gas processing. Twister has over the years proven successful in developing capabilities that augment production and streamline processes in gas production.

Later in December of last year, Dangote’s refinery in Nigeria took delivery of the world’s largest single crude distillation column. The column was built by engineers in China.

Dangote’s business empire cuts across almost all sectors of the Nigerian economy while his story is often regarded as the best example of the potential within Africa.

MORE:   Social Risk Index Suggests Nigeria is Set for a Period of Civil Unrest in the Next 18 Months

Born into a wealthy Muslim family of traders in the north some 62 years ago, Dangote incorporated his own business selling cement at 21.

He shifted to manufacturing the building material in the 1990s, convinced his homeland, the world’s seventh-most-populous country, could meet its own demand for staples.

Dangote factories churning out sugar, flour, and salt followed. A vertical integration push gave rise to other businesses, including oil, property management, packaging, and port operations.



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

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