The World's Billionaires

#261 Aliko Dangote

03.11.09, 06:00 PM EST

Previous: Ray Dalio

Pius Utomi/AFP/Getty Images

Net Worth:$2.5 bil

Fortune:inherited and growing
Source:sugar, flour, cement manufacturing
Age:51
Country Of Citizenship:Nigeria
Residence:Lagos
Industry:Manufacturing
Education:NA,
Marital Status:NA,

Though initial offerings of his sugar and flour companies were oversubscribed in 2007, stocks in both have fallen nearly 70% since last February. Using his role as committee member on government economic advisory board to encourage federal government to rescue the nation's capital markets. His conglomerate, the Dangote Group, has expanded its cement operations with new plants across Nigeria and as well as South Africa and Ethiopia. Sparring with new Nigerian billionaire Femi Otedola over oil and gas concessions; Otedola parried by buying up stock in Dangote's companies. Dangote began career as trader at age 21 with loan from his uncle; built his Dangote Group into conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, textiles, real estate, and oil and gas. Closely linked to Nigeria's former president Olusegun Obasanjo.