Aliko Dangote: The Richest Black Man (Person) in the World

Aliko Dangote Nigerian Billionaire Eyes The World

Aliko Dangote

Aliko Dangote has built Africa’s largest Cement Company. Hardly satisfied, he now has his sights set on the rest of the world

When Aliko Dangote sneezes, the Nigerian Stock Exchange catches a cold. And it is understandable. Last October, he listed his company, Dangote Cement on the Stock Exchange and the company has a market value in excess of $13billion- accounting for a quarter of the Nigeria Stock Exchange’s total Market Capitalization.

Dangote has consolidated all his Public and private Cement holdings in several African countries to form Dangote Cement. The company is now Africa’s largest Cement manufacturer and one of the biggest in the world. Dangote, the man who has made it all happen, dreams big. He believes that one day he’ll oust the French Cement Giant, Lafarge to claim the world’s top spot. “It’s just a matter of time,” he says, with a wide smile. “One day, Dangote Cement will be the world’s number one.” But Dangote doesn’t just dream-he builds them, and makes them reality.

Dangote has proved skeptics wrong, and has gone on to become the undisputed Lord of Africa’s Cement industry. When he ventured into Cement manufacturing following a hugely successful career in commodities trading, very few Nigerians gave him any chance of success. In 2000, the Nigerian Government decided to privatize the state-owned Benue Cement Company (BCC) to enhance efficiency. BCC was a comatose, floundering Cement manufacturer when Dangote took over, and the government depended on him to revive the company’s fortunes. Dangote did not disappoint. He invested heavily in the company, appointed new management and engineered a massive restructuring exercise for the company. Subsequently, the installed capacity of the company’s plant was increased from 900,000 T per annum to 3 million MT per annum.

From his humble beginnings with the BCC, Dangote has enviably expanded his Cement Empire in monumental proportions over the last 11 years. Dangote Cement now owns about six cement import terminals in Nigeria and Ghana through which it imports and bags cement. His terminals in Nigeria alone have a combined capacity of 9 million MT per annum. His company also owns the Obajana Cement, which is the largest cement plant in sub-Saharan Africa, boasting a capacity of over 5 million MT per annum. Other factories in Ibese and Shagamu add an additional 10 million MT per annum. Dangote recently acquired a controlling stake in Sephaku Cement, a South-African Cement company. He has also invested hundreds of millions towards new Cement plants in Zambia and Senegal.

Aliko Dangote has come a long way from 1977 when he started a small commodities trading operation with a loan given by his wealthy uncle. From that small trading outfit he began while in his twenties, he has built one of Africa’s largest conglomerates with interests in Sugar, Oil & Gas, Cement, Transportation, Banking and Textiles. Cement still remains his most prized jewel.

Dangote cement has global aspirations. “We already have operations in Nigeria, Ghana, Benin, Zambia and South-Africa. We are looking for opportunities in emerging markets like Middle East and Asia. I think the time has come for us to go global,” he says.

“I have built the biggest Cement Company in Africa. Now I’m setting out to build the biggest Cement Company in the world.”

When it is Aliko Dangote speaking, better believe.