Aliko Dangote Net Worth, Family & Sources of Wealth

Aliko Dangote is a Nigerian businessman and philanthropist who has built an immense fortune through many business ventures. As the founder and CEO of Dangote Group, he dominates various industries in Africa, including cement, sugar, and flour production. With a net worth of over $11 billion, Dangote is not only the richest person in Nigeria but in all of Africa and the richest black man in the world.

Dangote was born in Kano state in the year 1957 and began his career trading commodities like sugar, salt and flour at an early age. This early experience provided the foundation for his future business success as he registered his own trading company  In 1981.

Today, Dangote Group has grown into a multi-billion dollar conglomerate with interests in cement, agriculture, and oil & gas. Its flagship company, Dangote Cement, is the largest cement producer in Africa, with plants across ten countries on the continent. Dangote is also building what will become Africa’s largest oil refinery in Nigeria.

Beyond his business empire, Dangote is involved in philanthropic activities through his Aliko Dangote Foundation. 

Dangote has risen from humble beginnings to become one of the most influential figures in Africa. His story inspires many, and his business success has transformed industries across the region: Aliko Dangote’s net worth, family, businesses and properties.

Through rigorous research and exploration, we have uncovered the intricate details of his life, his net worth, the sources of his wealth, companies, insights into his family, and much more. Join us as we explore the inspiring life of Aliko Dangote, who has redefined the boundaries of success in the business world. 

Dangote’s Net Worth 

 According to Forbes, Dangote’s net worth is estimated to be $11 billion. This colossal fortune has been amassed through his various business ventures and investments in the cement, sugar, and flour production industries.

Dangote’s net worth has grown significantly over the years, with the Dangote Group expanding its operations across the continent and beyond. The company’s flagship, Dangote Cement, is the largest cement producer in Africa, with a strong market presence in countries like Nigeria, Ghana, and Kenya. Dangote’s other businesses include oil & gas, agriculture, and real estate.

In 2013, Aliko Dangote’s personal wealth saw a staggering increase of $9.2 billion, according to the Bloomberg Billionaires Index, catapulting him to the 30th spot on the list of the world’s richest individuals and making him the wealthiest person in Africa at the time.

However, in 2015, revelations emerged from the HSBC leaks that Dangote had been a HSBC customer and had assets in a tax haven within the British Virgin Islands. This disclosure triggered public discussions and scrutiny. Nevertheless, Dangote’s financial success endured.

In June 2022, while still retaining the title of the richest person in Africa, he had an estimated net worth of approximately $20 billion. However, he lost the title in 2023 to Johann Rupert, but this was only for a short time, as he regained the title after Johann Rupert lost a huge amount of his net worth.

In March 2023, Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, earned N460 billion (Four hundred and sixty billion Naira) in a single day, surpassing two Russians, one Chinese, and an Indian to claim a spot on the prestigious billionaires’ list. Dangote’s net worth in Naira is estimated to be 8.5 trillion Naira, according to the official currency exchange rate. 

How Did Dangote Get Rich?

Dangote became very rich mainly because of his company, Dangote Cement. However, before that, he started his business by selling things like sugar, salt, and flour. Even though he grew up in a wealthy family, Dangote always had a business mindset and began his first venture with a loan from his uncle.

The Dangote group was created as a small trading firm in 1977. In that same year, he relocated to Lagos to further his business. Dangote received a 500,000 naira loan from his uncle to start trading commodities, including agricultural goods like rice, sugar, and bagged cement. Back in the 1990s, he went to the Central Bank of Nigeria with a money-saving idea. He suggested that they let his transport company take care of their employee buses, and they said yes.

Now, the Dangote Group is one of the biggest groups in Africa. The Dangote Group has moved from being a trading company to the largest industrial group in Nigeria, with divisions like Dangote Sugar Refinery,  Dangote Flour and Dangote Cement. Dangote Group is a very successful company in Nigeria. It is a leader in the sugar market and supplies sugar to many soft drink companies, breweries, and confectioners

 in the country. The company also has other businesses, such as salt factories and flour mills, and imports rice, fish, pasta, cement, and fertiliser. They also export cotton, cashew nuts, cocoa, sesame seeds, and ginger to other countries. Dangote Group invests in real estate, banking, transportation, textiles, and oil and gas.

In 2012, the Dangote Group asked to use some unused land at the Apapa Port and built a big sugar refinery there. This refinery is the largest in Africa and the third-largest in the world, producing 800,000 metric tons of sugar every year. The company employs over 11,000 people in West Africa.

In 2023, Dangote opened another refinery in Lekki, Nigeria. This refinery is very big and plans to export extra gasoline and diesel. It is located in a trade zone and gets its crude oil from a large underwater pipeline system.

In 2022, Dangote announced they had finished building a Peugeot car factory in Nigeria. This factory is a partnership between the Dangote Group, the Stellantis Group (which owns Peugeot), and the Kano and Kaduna state governments. The factory in Kaduna started making and selling Peugeot and Landtrek vehicles.

Dangote Group 

The Dangote Group was Established in 1981 as a trading enterprise. It commenced its journey by importing various goods, including sugar, cement, rice, fisheries, and other consumer products, for distribution in the Nigerian market. The group ventured into manufacturing, initially focusing on textiles and then diversifying into flour milling, salt processing, and sugar refining in 1990. This entrepreneurial spirit led to a foray into cement production, rapidly expanding its footprint beyond Nigeria and extending its influence to other African nations.

Dangote Group, founded by the visionary Aliko Dangote, has evolved into a Nigerian multinational industrial conglomerate of staggering proportions. It boasts a workforce of over 30,000 employees and achieved revenue exceeding US$4.1 billion in 2017. Operating across 17 African countries, the conglomerate has firmly established itself as a leading force in the continent’s cement market.

Today, the group commands a diverse portfolio of over 18 subsidiaries operating in ten African countries. Notably, Dangote Cement, one of its subsidiaries on the Nigerian Stock Exchange, accounts for nearly 20 per cent of the exchange’s total capitalisation. With its headquarters in Lagos, Dangote Group’s remarkable journey continues to inspire.

In 2016, the group inked a pivotal contract with CNOOC Group, marking its presence in underwater offshore pipeline installation, connecting strategic points from Bonny to Lekki and the West Africa Gas Pipeline.

Furthermore, Dangote Group’s commitment to expanding its footprint extends to Zambia, where 2010, it entered into a groundbreaking agreement with the Zambian Government. This partnership resulted in the constructing of a US$400 million cement plant in Ndola, completed in 2015. The plant, boasting an annual output of 1.5 million metric tonnes of cement, has challenged the market with its superior 42.5-grade cement.

Dangote Sugar, another pivotal subsidiary, emerges as a major player in the sugar refining landscape of sub-Saharan Africa, competing with industry counterparts like Bua Refinery Ltd. and Golden Sugar Co.

List of Companies Owned by Dangote

The Dangote Group’s reach extends across industries, showcasing the dynamic entrepreneurial spirit of Aliko Dangote and the conglomerate’s enduring impact on Nigeria and the African continent. Within this vast conglomerate, numerous subsidiaries thrive, each contributing to the Dangote Group’s diverse portfolio:

1. Dangote Cement: Undisputed as the largest cement manufacturer in all of Africa.
2. Dangote Sugar: A leading force in Nigeria’s sugar production landscape.
3. Dangote Fertilizer: Dedicated to the production of fertilisers, supporting agricultural activities.
4. Dangote Pasta: Specialising in the production of pasta products.
5. National Salt Company (NASCON): A major salt producer in Nigeria.
6. Dangote Classic Seasoning: Crafting a variety of seasoning products.
7. Dangote Oil and Gas: Engaged in activities within the oil and gas industry.
8. Dansa Foods: Known for the production of beverages and food products.
9. Dangote Transportation: Providing comprehensive transportation and logistics services.
10. Dangote Agro-sacks: Manufacturing agro-sacks for packaging agricultural produce.
11. Greenview Development: Focused on real estate development ventures.
12. Savannah Sugar: A prominent player in Nigeria’s sugar production sector.
13. MHF Properties: Engaged in property development and management.

Dangote’s Biography 

Aliko Dangote was born into a prosperous Muslim family in Kaduna on April 10, 1957. His mother,  Mariya Dangote, was the daughter of a businessman named Sanusi Dantata. While Dangote’s father, Mohammed Dangote, was a business associate of Dantata. Through his mother, he was a great-grandson of Alhassan Dangote, The richest person in West Africa During his death in 1955. Dangote’s brother, Sani, was also a businessman. 

When he was eight years old, he used the money given to him by his grandfather to buy sweets, which he sold back and gained profits from. His maternal ancestors were rich caravan traders under British colonial rule, and his grandfather, Alhaji Sanusi Dantata, was a commodities trader. His grandfather was heavily involved in his upbringing and helped inspire the entrepreneurial spirit in his grandson.

He returned to Nigeria and was given a loan by his uncle to start a business in which he traded commodities and business supplies, basically cement. In 1981, his firm was so successful that he established other businesses and the Dangote Group. He extended to foodstuff, including pasta, sugar, salt, wheat, cement, haulage, and other concerns. Among his holdings were Dangote Industries Ltd., Dangote-Bail Nigeria Ltd., Dangote Cement PLC, Benue Cement Company PLC, Dangote Sugar Refinery PLC, Dangote Flour Mills PLC, and Nascon Allied Industries PLC. In addition to its holdings in Nigeria, the Dangote Group operates in several other African countries.  

One of the most ambitious projects that Dangote was involved in was the construction of a massive oil refinery in Lagos State. He came up with the project in 2013 to solve the fuel crisis in Nigeria. Dangote also built a fertiliser plant and a power station on the same site. After several years of delay, the refinery was said to be open in May 2023. Still, it needed to be fully operational due to the fact that the refinery can only produce 650,000 barrels a day. However, the project generated numerous numbers of jobs during the construction phase and after completion.

Dangote’s business success brought him great wealth, with a total net worth of 11 billion dollars. In 2011, when the list of the top 40 richest people in Africa, his name landed among them. Aliko Dangote is now well-blessed with three children and a divorced man.

Dangote’s Educational Background

Aliko Dangote went to Sheikh Madrasa for his primary school studies. Then, he joined the capital high school in Kano. He proceeded to Government College, Birnin Kudu and graduated in 1978. At 21, he joined the prestigious Al-Azhar University in Cairo, Egypt. He received his bachelor’s degree in business studies and administration.

Political Activity

Dangote had a prominent role in financing President Olusegun Obasanjo’s reelection bid 2003, to which he gave over N200 million. Dangote also gave N200 million to the Presidential Library. These gifts to members of the ruling PDP party have caused a lot of worry and controversy, even though they received a lot of attention.

In 2011, President Goodluck Jonathan chose Dangote to be part of his economic management team. In 2017, there were rumours that Dangote was thinking about running for President of Nigeria in the 2019 election. However, Dangote decided not to run and clarified that he had no plans to pursue a political career. Instead, Dangote served on a special advisory committee for Muhammadu Buhari’s reelection campaign.

Dangote’s Wife 

Aliko Dangote has been married multiple times. His first marriage occurred in 1977 when he was just 20 years old. However, only a little is known about this marriage, including the date of the divorce.

His second marriage was to Mariya Muhammad Rufai, the daughter of a government official, but the specific dates of their wedding and divorce have yet to be discovered.

Dangote then proposed to Nafisat Yar’adua, the daughter of a former Nigerian President, but she declined because of her friendship with Dangote’s daughter. Nafisat later married someone else.

Currently, it needs to be clarified if Dangote is married. There are rumours that he may have married Sylvia Nduka, a former beauty queen, as they were seen together, and she changed her social media account. However, it is also speculated that their relationship may have ended.

Aliko Dangote Children

Aliko Dangote, a wealthy businessman, has three daughters: Mariya Dangote, Fatima Dangote, and Halima Dangote. They received their education abroad and are successful in their respective fields. Mariya is the secretive daughter with a Master’s Degree from Coventry University in the UK. 

Fatima is the founder of Cupcake Factory Lagos and married in March 2018 to Jamil Abubakar, a pilot and the son of a former Inspector General of Police. Halima obtained a degree in marketing from the American Intercontinental University London and a Master’s degree in Business Administration from Webster Business School in London. She currently serves as the executive director at Dangote Industry Limited. 

Aliko Dangote’s daughters prefer to keep a low profile and do not share many photos or personal information on social media. They also have a stake in their father’s business. Additionally, Aliko Dangote has an adopted son named Abdulrahman Fasasi, who is successful and actively involved in the family business. Therefore, Aliko Dangote has four children altogether.

Dangote House ‘

Although Aliko Dangote is involved in the real estate industry through his company, MHF Properties, he focuses on building luxurious homes and managing various facilities. Dangote also spends some of his money to buy extravagant properties in Nigeria. He prefers to own properties only in Nigeria instead of buying houses in different countries, as he believes owning properties abroad could distract him.

Dangote’s most famous residence is a very expensive mansion in Abuja, estimated to be worth 5 billion Naira. This lavish estate has hosted many important guests like Bill Gates and former Nigerian President Goodluck Jonathan. Although this residence is not open to the public, it represents his luxurious lifestyle.

Additionally, Dangote resides in Lagos, where many of his businesses are based. He has lived in this bustling city for many years, and his Lagos residence symbolises his extravagant living. Some people speculate that he may also own one or more luxury homes in his hometown of Kano, in Northern Nigeria. If these properties exist, they would undoubtedly showcase his commitment to luxury and comfort.

Aliko Dangote’s Cars 

Aliko Dangote is a very wealthy man, and it’s no surprise that he owns expensive exotic cars. He lives up to our expectations in that regard. Here is a list of his cars, but it is not limited to this:

• Maybach 57S Knight Luxury: This luxury vehicle features a refined new look, 24-inch wheels with carbon-finish treatment, and lightweight carbon components. It is a perfect fit for a man of his status.
• Mercedes-Benz CL65 AMG: Known for its class, this car boasts a turbocharged engine with AMG V12 and impressive speed. It is an all-around beautiful vehicle.
• Bugatti Veyron: With a top speed of 431 kilometres per hour, this sleek car is one of the fastest allowed for use on public roads. It’s suitable for thrilling high-speed chases.
• Bentley Mulsanne: The Mulsanne range represents Bentley’s innovation, craftsmanship, and automotive artistry. It showcases exquisite design both inside and out, with a special four-mode air suspension for a smooth driving experience.
• Toyota Landcruiser Prado: Aliko Dangote owns different models of the Land Cruiser Prado. It has a powerful 5.7-liter V8 engine, an eight-speed automatic transmission, and full-time four-wheel drive. Despite its beefy exterior, it offers a comfortable and relatively quick driving experience. 

Dangote’s Private Jet 

Aliko Dangote owns two private jets, one of which is Bombardier’s Global Express XRS. This luxurious aircraft was delivered at the Murtala Muhammad International Airport in Lagos after being purchased from Montreal, Canada. The Global Express XRS is renowned for its top-class flight facilities and unparalleled comfort, making it one of the most luxurious aircraft in the world.

The aircraft offers convenience and elegance with a seating capacity for up to 8 people. It is often parked at the General Aviation Terminal, located near Associated Airline’s hangar. The cost of this exceptional aircraft is reported to be $45 million. Dangote acquired the jet on his 53rd birthday when he was 53 years old.

The design of the Global Express XRS is meticulously crafted for optimal comfort. It can nonstop travel from Nigeria to China, showcasing its exceptional strength and range. Notably, other wealthy Nigerians are also purchasing this same model, as two more Nigerians have reportedly placed orders for the Bombardier Global Express XRS.

Dangote’s second private jet is also manufactured by Bombardier, ensuring the same level of excellence as his first aircraft. Both jets reflect Dangote’s commitment to luxurious travel and his status as one of Nigeria’s most prominent figures.

Dangote’s Yacht 

Aliko Dangote also owns a luxury yacht called Mariya, which he took delivery of in 2013. This yacht is heavily customised and is worth a staggering $43 million (₦19.99 billion). It is considered to be Africa’s number 1 luxury yacht.

Dangote Foundation

The Aliko Dangote Foundation (ADF) is a private charitable foundation established by Aliko Dangote. Founded in 1994 as the Dangote Foundation, its mission is to create opportunities for social change by investing in initiatives that improve health and well-being, promote quality education, and enhance economic empowerment.

Over the past 20 years, the Aliko Dangote Foundation is the biggest private foundation in sub-Saharan Africa, with a significant endowment by a single African donor. The foundation strongly emphasises child nutrition, implementing comprehensive interventions in health, education, and empowerment, as well as providing disaster relief.

One of the notable collaborations of the foundation is with the Bill and Melinda Gates Foundation and northern state governments in Nigeria. This partnership aims to eradicate polio and enhance routine immunisation in Nigeria, significantly impacting public health.

To further its humanitarian objectives, the foundation collaborates extensively with state and national governments, well-regarded domestic and international charities, non-governmental organisations, and global agencies. The Aliko Dangote Foundation strives to foster collective growth and drive positive change across the African continent through strategic partnerships.

In its commitment to health, the ADF aims to reach one million households by 2025 with community-based management of acute malnutrition, providing access to improved water and sanitation, behavioural change support, livelihood assistance, and strengthening local and national health systems.

Education is regarded as the bedrock of any prosperous society, and the foundation contributes to its development in Africa. It has provided significant financial support to Nigerian universities, including the establishment of a business school at Bayero University and the proposed Otuoke University in Bayelsa State. The foundation has also donated fully equipped rooms for 2,160 students at Ahmadu Bello University.

Empowering individuals and communities is another key focus of the Aliko Dangote Foundation. Through micro-grant programs, the foundation has provided financial assistance to women in Kogi State and plans to empower an additional 106,000 women in four states in Northern Nigeria. This initiative aims to alleviate poverty and promote economic empowerment.

To support international humanitarian efforts, the foundation has undertaken various initiatives in humanitarian relief. For instance, it donated relief materials to community leaders in Jos following an ethno-religious crisis and aided Pakistani flood victims in 2010.

In summary, the Aliko Dangote Foundation is dedicated to improving people’s lives in Africa through health, education, empowerment, and humanitarian relief investments. With its strategic partnerships and initiatives, it aspires to foster collective growth and positively impact the African continent.

Conclusion

Aliko Dangote started with very little but worked hard to become a successful and influential person in Africa. He established the Dangote Group, a big company that now controls many industries in Africa, like cement, sugar, and flour. Dangote’s wealth comes from his various businesses, including Dangote Cement, the largest cement producer in Africa.

He is also known for his luxurious lifestyle, with expensive cars, private jets, and a fancy yacht. Apart from his business success, Dangote is a philanthropist who helps improve health, education, and people’s lives in Africa through his foundation. His inspiring story shows that hard work, entrepreneurship, and giving back to society can lead to success and make a positive impact.