Dangote now world’s 43rd richest man

WITH a net worth of $16.1 billion as of March 2013, Aliko Dangote, President of Dangote Group, has moved up in world richest ranking to number 43, as against 76 in 2012. 
He, however, retaine
d his position as the richest in Africa and also the richest among all other manufacturers in the world, according to the Forbes richest list released on Monday. 


Aliko, 55, self-made,  has his wealth from cement, sugar, flour and other businesses. 


The cement tycoon retains his position as Africa’s richest man for the third year in a row. 


The past year has been eventful for Dangote. In October, he sold off a controlling stake in his flour milling company to Tiger Brands of South Africa. He pocketed $190 million in cash.  


In February, his sugar refineries acquired a 95 per cent stake in Nigerian sugar producer, Savannah Sugar in a bid to maintain its dominant position in the Nigerian sugar industry. 


Dangote stepped up his philanthropic gesture in the past year, giving over $100 million to causes ranging from education to health, flood relief, poverty alleviation and the arts.  


He also acquired a yacht, which he named after his mother, Amiya. 


Dangote started building his fortune more than three decades ago, when he began trading in commodities like cement, flour and sugar with a loan he received from his maternal uncle. He delved into full production of these items in the early 2000s and went on to build the Dangote Group, West Africa’s largest publicly-listed conglomerate

Author: nmmin

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