ALIKO DANGOTE

1957–

Even as a schoolboy, Nigerian Aliko Dangote exhibited an entrepreneurial spirit when he sold sweets to his classmates. He began his career trading in agricultural commodities before moving into manufacturing and establishing the Dangote Group, with business interests in cement, sugar, flour, and oil production.

Born in Kano State, Nigeria, Aliko Dangote’s ambitious nature was first sparked by his maternal grandfather, a wealthy man who had made his fortune selling commodities such as oats and rice. Dangote’s grandfather then became his guardian in 1965 following his father’s death. Aged 21, Dangote borrowed $3,000 from his uncle to become an agricultural commodities trader himself, importing goods such as sugar, rice, millet, and cocoa. He was so successful that he paid off the loan within three months.

It was while visiting factories in Brazil in 1995 that Dangote became convinced he should move from trading into manufacturing; if he could produce goods in his own country, he would not need to import them. In 1999, he set up Dangote Flour, followed in 2000 by Dangote Sugar, and was soon meeting 90 percent of Nigeria’s demand for sugar. In 2005, with a $479 million loan from the World Bank and $319 million of his own money, Dangote built a cement factory. Within 13 years, his company was Africa’s leading cement producer, manufacturing 50.3 million tons of cement each year, and with subsidiaries in 14 African countries. Determined to diversify further, Dangote announced plans in 2013 to build one of the world’s largest oil refineries and move into the telecommunications industry.

Since establishing his own charitable foundation in 1994, Dangote has donated more than $100 million to education and humanitarian relief efforts. In 2011, his contribution was recognized with the award of Grand Commander of the Order of the Niger, Nigeria’s second highest national honor. Forbes magazine also named him African of the Year in 2014.