Emmanuel Addeh in Abuja
Aliko Dangote, Africa’s wealthiest individual and head of the Dangote Group, stated that he prefers to be remembered for driving Africa’s industrialisation rather than for his wealth, implying that his true net worth may exceed current global estimates.
Dangote made these remarks in a street interview with James Dumoulin, founder of the School of Hard Knocks platform, which features his conversations with millionaires and billionaires.
In the brief exchange, Dangote reflected on his business legacy, his wealth, and the future of the group’s major investments.
He also dismissed estimates of his fortune at roughly $38 billion, noting that many of his most valuable assets are privately held and not yet fully reflected in public valuations.
When asked how he wishes to be remembered, the Nigerian billionaire replied, ‘I have moved beyond merely doing business for profit; I want to leave a legacy and be remembered as someone who has industrialised Africa,’ he said.
Dangote, whose empire includes cement, sugar, salt, fertiliser, and petroleum refining, emphasized that creating industries capable of transforming African economies outweighs rankings on global rich lists.
The industrialist voiced skepticism about current net‑worth estimates, noting that while he does not calculate his wealth each morning, it may exceed the figures quoted.
‘What are they saying? I don’t really look at those things. They say I’m worth $38 billion, but most of our businesses are not listed yet,’ Dangote said, adding that the full value of his holdings will become clearer in the future.
‘It will come out soon,’ he said, hinting that forthcoming public listings of major group assets could substantially alter perceptions of his wealth.
On why anyone should invest in Africa, Dangote described the continent as the future, noting that 70 % of its population is under 30 and projecting a total of 2.5 billion people by 2050. ‘The real future is Africa,’ he maintained.
Latest estimates place Dangote’s net worth at about $31.6 billion on Forbes’ real‑time billionaires list and roughly $36.5 billion on the Bloomberg Billionaires Index, according to THISDAY.
A large part of the uncertainty surrounding his fortune stems from the fact that several of the group’s most valuable assets — such as the Dangote Petroleum Refinery and its fertilizer business — are privately held and thus not subject to ongoing market valuation.
In the interview, Dangote disclosed that his companies generated roughly $10 billion in the first quarter of the year when asked about the highest amount earned in a single period.
His remarks follow growing expectations that the Dangote Petroleum Refinery may eventually be listed on the stock market. Dangote has previously signaled plans to sell a stake in the refinery via an initial public offering, a move analysts say could rank among the largest capital‑market transactions in African history.
A future listing is expected to significantly boost the market valuation of Dangote’s businesses and potentially validate his assertion that his wealth exceeds current estimates by global ranking agencies.
Regarding his faith, Dangote reiterated his belief in God, expressing conviction in a higher being: ‘If I look at myself, I know that God is real,’ he stated.
Also Read
- Turkish freighter “Victress” struck by Russian drone in Black Sea, resulting in fire and crew casualties, Ukrainian Navy reports
- Five Bomb Disposal Unit Personnel Killed in Razmak Attack
- China Retaliates Against U.S. Sanctions, Restricts Export of Dual‑Use Goods to American Defense Firms
- Cape Verde Has Become World Cup Darlings Without Winning A Game