6 WAYS AFRICA’S RICHEST MAN, ALIKO DANGOTE SPENDS HIS BILLIONS

6 WAYS AFRICA’S RICHEST MAN, ALIKO DANGOTE SPENDS HIS BILLIONS

Africa’s richest man, Alhaji Aliko Dangote spent billions made from interests in commodities and other investments across Africa on humanitarian activities, family and essential lifestyles.

As at March 2018, he had an estimated net worth of $14.1 billion and the richest man in Africa for the seventh year in a row, according to Forbes magazine.

Business Insider Sub-Saharan delves into various ways the richest black man spend his billions:

1. Philanthropy

Through the Aliko Dangote Foundation (DF), he has helped to combat malnutrition and disease in children.

“I am going to try my best and give part of that money to charity. I am working hard on it… I think from this year, I personally want to take it (philanthropy) very seriously..,” Dangote said in 2014.

In 2018, his vision changed from taking humanitarian work serious to become the biggest philanthropist in Nigeria and Africa as a whole.

“I do not only want to be known as Africa’s richest man but the biggest philanthropist. I will continue to use my resources and my voice to help shape a better Nigeria, and Africa as a whole,” the businessman said when he flagged off one-off and unconditional micro-grants programme in Niger State, last month.

At the event, the Aliko Dangote Foundation announced that it has disbursed a total of N2.5 billion to 256,500 women across Kano, Lagos, Jigawa, Kogi, Adamawa, Borno and Yobe states.

2. Investment

The businessman spends his money investing in Africa soil and around the world. He owns the largest refinery in Africa and the third largest in the world, producing 800,000 tonnes of sugar annually. Dangote Group owns salt factories and flour mills and is a major importer of rice, fish, pasta, cement, and fertiliser.

He also spends on investments in real estate, banking, transport, textiles, oil, and gas. His company employs more than 11,000 people and is the largest industrial conglomerate in West Africa.

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