Of the 2,153 billionaires in the world, according to Forbes magazine, fewer than 1% of them are black. The richest black person in the world is a Nigerian whose wealth is estimated at $10.9 billion. His name is Aliko Dangote, the CEO of the Dangote Group, a conglomerate that dominates the manufacturing and trading sectors in Africa. One of its subsidiaries, Dangote Cement is the largest producer of cement in sub-Saharan Africa with operations in at least 10 countries on the continent.
In a few years, he will have completed the $12 billion petroleum refinery that is currently the largest single-train refinery in the world. It has a refining capacity of 650,000 barrels a day. He is quite popular so you know a lot about him.
In a video, we shared 7 Ultimate life lessons from Aliko Dangote. Today, we bring you 7 Things You Didn’t Know about the Richest Black Man In The World, which is also in the video. While you are here, remember to subscribe for more insightful videos like this below:
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Table of Contents
1. He holds a Bachelor’s degree in Business Studies and Administration
The richest black man, Dangote has a bachelor’s degree in business studies and administration from Al-Azhar University, Cairo, Egypt. It is Egypt’s oldest degree-granting university and is renowned as “Sunni Islam’s most prestigious university”. In addition to his formal education, he got a great deal of informal education from his maternal grandfather, Sanusi Alhassan Dantata, who poured his business wizardry into his first grandson. Dangote attributes all his business acumen and instinct to his grandfather.
2. He contributed to former President Olusegun Obasanjo’s Campaign
Dangote had a prominent role in the funding of Olusegun Obasanjo’s election and re-election bid in 1999 and 2003 respectively, to which he was alleged to have donated over N120 million (equivalent to US$1.2million at the time ) and N250 million (equivalent to US$2.5million) respectively. He contributed N50 million to the National Mosque under the aegis of “Friends of Obasanjo and Atiku”. He also contributed N200 million to the Presidential Library. As a result, many believe Dangote has received special treatment from the government. However, Dangote commented that he only keeps a good relationship with the government of the day.
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3. His Company has been Accused of Monopoly
Ibeto Cement Company, the sole importer of bulk cement in Nigeria, has severally accused Dangote Cement of trying to influence the federal government to stop the importation of cement into the country to maintain monopolistic domination of the cement market in Nigeria. Ibeto Cement filed a lawsuit against the federal government for unjustly closing its cement bagging plant in Port Harcourt in December 2005. However, a Federal High Court, in an out-of-court settlement ruled in 2007 that Ibeto Cement Company be allowed to import 1.5 million tons of bulk cement per annum (which was a small amount) for the period of 1 October 2007 to 30 September 2017.
In 2016, Dangote Group filed a lawsuit alleging that Ibeto cement company was gaining undue advantage by evading taxes. However, the Umaru Musa Yaradua-led government averred that the company’s claims were anti-competition and designed to control the entire cement industry. It therefore considered Dangote Group’s application as baseless, asking that it be dismissed with substantial costs awarded against the firm.
4. He has survived several Plane Crashes
Additionally, the richest black man, Dangote has walked away from not one, not two, but three plane crashes. In 1996, one such crash resulted in the death of Dangote’s brother alongside Ibrahim Abacha, the son of Late Sani Abacha, the former military dictator. He attributes his survival and success to God.
5. He has been married and divorced three times
Alhaji Aliko Dangote has his share of the marital turmoil. He has been married and divorced three times before his current marriage. But he was not engaged in polygamy at any point but took one wife at a time. Aliko Dangote has 15 children.
6. He Loves Big Toys
Africa’s richest man, Alhaji Aliko Dangote, sure knows how to live the big life. He believes in working hard and playing hard. Some of his expensive toys include a $45 million Bombardier private jet, which he bought on his 53rd birthday, a $43 million recreational Yacht, and at least 25 luxury cars. Despite his wealth and busy schedule, he often enjoys the feel of the steering wheel in his hands.
7. He once withdrew $10 million in cash to confirm his wealth
To confirm that he really had a large sum of money to his name and not just a number in a computer, Dangote once drove himself to the bank, withdrew $10 million from his bank account, and drove home with the money. He took the money to his bedroom, had a good stare at it, and said, “Now I know I have money”. He returned the money to the bank the next day. Seeing is believing, you know.
In addition to regular meditation for self-improvement, Dangote also makes time for jogging even when his average workday starts at 5 a.m. Dangote attributes hard work and delayed gratification as the mindset that led him to become the richest black man. For some life lessons from the life and business of Alhaji Aliko Dangote, watch our video Dangote’s Ultimate Life Lessons for Ambitious Young People. Don’t forget to subscribe to our channel for more insightful videos. Until next time, YOUR SUCCESS MATTERS!
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