Cement King: How Aliko Dangote Wangled His Way To Billionaires' List
With his fortune roaring upwards from $2.1 billion to $13.8 billion in the short space of a year, Nigerian entrepreneur Aliko Dangote has bounded up the heights of the Forbes magazine’s billionaire’s list.
In his stupendous rise, Mr. Dangote has elbowed aside talk show hostess Oprah Winfrey, Facebook owner Mike Zuckerberg, and American real estate mogul Donald Trump, among others.
Or as the Forbes chroniclers of the world’s richest people like to point out, he’s now richer than the richest white South Africans – namely Nicky Oppenheimer of Debeers and Johann Rupert of the luxury goods group, Richemont which owns Cartier, Dunhill and other premium brands.
The Kano-born Dangote was a commodity trader, but he obtained his massive wealth during the regime of President Olusegun Obasanjo who encouraged the sell-off of state-owned corporations, presidential aircraft and government properties to Dangote and other questionable businessmen. Essentially, Dangote’s wealth is the equivalent of 7% of Nigeria’s gross domestic product (GDP).
Manipulating his unfettered access to those in the seat of political power in Nigeria, Mr. Dangote seized virtually full possession of the cement market and swept up some of the highest import quotas of all local companies. He also received lavish import and export waivers from the Obasanjo, Yar’adua and now Jonathan regimes.
Mr. Dangote’s style has been to ignore allegations of cement price-fixing, over-inflated IPOs and resale of Broadband licences.
Apart from his generous handouts from various regimes, the 53-year-old Dangote also serves on government boards and operatives within shady political campaign groups that raise unrestricted funds for presidential campaigns and elections.
In 2009, Mr. Dangote was involved in a share manipulation scam involving African Petroleum (AP) Plc, a company owned by Femi Otedola, his alter ego and erstwhile friend. Mr. Otedola accused Dangote of precipitating a sharp drop in the shares of AP in order to erase Mr. Otedola from the Forbes billionaires’ roster.
The ambitious Dangote says he expects his firm to have a market cap of $60 billion within five years. Mr. Dangote is currently on Mr. Goodluck Jonathan's Presidential Campaign Council.
Meanwhile, last year’s billionaire-banker, Mike Adenuga, has fallen to 595th place in the Forbes list.
Mr. Dangote is set to turn a few heads with his brand-new Bombardier Global Express XRS private jet that seats 8. Price tag? A mere $45 million.
Nigeria needs more of
we need more of Dangotes in Nigeria. So many people have stolen the treasury dry before Dangote was born and they have nothing to show nor do anything to help nigeria economy. Let him steal and develop Nigeria as Government seems not to know what to do to develop this great country. Individual development brings about societal development.
Nigeria needs more of
we need more of Dangotes in Nigeria. So many people have stolen the treasury dry before Dangote was born and they have nothing to show nor do anything to help nigeria economy. Let him steal and develop Nigeria as Government seems not to know what to do to develop this great country. Individual development brings about societal development.
Nigeria needs more of Dangotes
we need more of Dangotes in Nigeria. So many people have stolen the treasury dry before Dangote was born and they have nothing to show nor do anything to help nigeria economy. Let him steal and develop Nigeria as Government seems not to know what to do to develop this great country. Individual development brings about societal development.
In a digitalized capitalist
In a digitalized capitalist economy, anything can happen i.e you can become a multi-billionaire in a couple of wise deals. The issue of Dangote should be treated carefully, if we are to expand our view, I can say if MTN Nigeria were to be Dangote, I am sure he will b worth over $20b - yet, in the same country.
The blabbing of a failure.
By what the failure of this discuss have presented, one can understand that some people are stupidly just useless to the Nigerian State. How can this goat call names of the revered Ethnics that makes Nigeria and call them with insults?
If and only if Dangote is in fronting for others, let's wait, the truth shall definitely come. Were we not here when Mubarak of Egypt fell?
He is a Representative of THIEVES
He is just a representative of THIEVES that were in Government and those that are still in power today.are you aware that he is invested massively in Senegal now?
i am very sure of one thing,"one day we will know the truth"
CRITICS check your records
CRITICS check your records Dangote group is paying over 50 billion naira in goverment taxes yearly. and when you talk of waiver, it normal with any country to give waiver to investor, MTN GLO CELTEL and all major oil companies enjoy waiver at certain time in the business life. this guy has in importing ship of goods since SHAGARI regime thats over 30 yrs. Pls things wisely. its the begining of Africans success story just as it use to be for the BRICS
Ride ON!!!
To Mr. Dangote I have one message: Go for it,brother. Don't ever stop doing what you do right.Rather you than some foreigner.
bull shit talk.
Take any idiot from anywhere on Nigerian street, give him or her monopoly of cement, sugar, flour, salt and all general commodities, give him waivers not to pay the right duties and taxes, and let all the crooks in the military give him all the money they stole from government and from oil bunkering and currency exchange frauds and sell national assets to him. He or she can become rich like Aliko. I dont think, Aliko, Adenuga, Otedola and Ovia are billionires, they are merely laudering money for highly place Nigerian ex leaders. They wanna proof themselves, they need to do business in countries where laws are enforced not a banana republic like my country. 13 Billion my Arse.......
There is no business
There is no business you can do in Nigeria that will give you $13B in a year. Nigeria with all its OIL does not make such percentage increase.
These guys are stealing BLIND from NIGERIA...Oh my gawd!
He simply needs to be investigated
I have nothing against him, but you dont jump from $2B to $13 in one year in a poverty ridden country.
I have every reason to believe this guys are stealing blind from the country and the masses..no doubt!
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Good Gawd!
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Nigeria we hail thee!
DANGY, CARRY GO!
AT LEAST HE DOES NOT FLAUNT IT OR BOAST ABOUT IT.
DANGOTE IS BLESSED.
The point is, he does not flaunt it or boast about it.
Dangote, carry go.
DANGOTE: THE NIGERIAN PRIDE
No matter what anybody thinks about Aliko, he is simply superb. Yes, government patronage can make you rich but surely it cannot make you one of the 51 richest people in the world. Unique strategies can. This man is our own pride. Period.
We should be constructive in
We should be constructive in our criticisms. Except for Dangote's involvement in African Petroleum shares manipulations, he is one of the greatest business men around. Pls let's rejoice with him and be focus in our endeavours. Who says we can not make the list in future.....
dangote
A lot of the comments above on dangote's wealth shows a lack of
Understanding of the business world in developing countries. It
Is not an even playing field. Carlos slim, the world richest man
Enjoys the same in mexico, so do the russian billionaires.
However, it takes an entrepreneur to use such opportunity to
Massively grow and create wealth. That is what dangote has done.
Else all businessmen with government connections would have
Established companies and created wealth as well.
This can't be TRUE
You can't work all your life and make $2BN and in the next year you jump to $13BN without others around you jumping also. What business is he in that is so lucrative. He has always been a front for corrupt politicians and others. He was fronting for Charles Taylor when Taylor was in Nigeria. He is destroying Nigeria gradually.
In December 2006 he sold Dangote sugar shares and by April 2007 he was already paying dividend of over 25%. It takes the banks and registrars three to four months just to collate the shares applications and finalize amount of shares awarded each applicant. How could he be paying dividend at that time, when did he invest the money and make profit? Dividend are paid only from profit, and this was a big fraud, that he was paying dividend so early. After that event, Nigerians went crazy for shares. All offers were always oversubscribed. So many people took huge loans to buy shares, as a result of the Dangote effect. Not long after that some banks collapsed because the market was being manipulated, and borrowers could not make profit and could not pay back their loan.
When Bill Gates made billions many others with Microsoft shares also made billions. Why are Dangote share holders not hitting at least one $billion?. It is a scheme. We know who owns Obaja cement he recently established in the south west. If you import shiploads and don't pay duty you will grow rich fast, but with the people's money. He is probably the 12th richest African, if you really count properly. Mubarack is worth $70Bn, and they are Nigerians with more than $14BN. THE TRUTH IS NOT FAR TO SEEK.
$13.8/2=$6.9 Billion. The 6.9
$13.8/2=$6.9 Billion. The 6.9 billion dollars belong to papa Iyabo.
Aliko is good investing his
Aliko is good investing his wealth in Nigeria and empowering Nigerians. Even though he is supported by the government of the day. I got no problems with that so long that these things are happening here in nigeria, so be it.
egberipapa good analyst
egberipapa, you analyze the nigerian situation very well. There are many nuts out there, especially Igbos. Fools, many of them. Idiots. They don't know what is happening. As for the Yoruba guys, another disappointment. The Ijaws? Forget those ignorant people. The northerners are taking everybody for a ride. Let's just sit down and discuss the way forward with this nigeria. We can't continue this way. You get killed anywhere in the north for just being a southerner, and Dangote can sleep quietly in the south and pile up his wealth the way it suits him.
Dangote billions
Which kind hard work go make you get $13billion, show me make I go try. Dangote is Nigeria's modern day robber Baron. Do not blame him, blame the politicians like GEJ and his boss OBJ that continue to provide him with the monopoly to import essential commodities like cement, sugar etc. To those who says he employs people, is he supposed to run the operations himself? how much does he pay those that slave for him?. Peanuts.
Allah ya isa
God forbid he is amoung those corrupt PDP who make our Country starved and let me tell you.One day you will account every kobo bit by bit, now you are laughing to Nigerians due to day and night increase of price this is not a success may Allah destroy you and your suppoters amin amin Allah ya isa.
where Dangote is a crook or
where Dangote is a crook or not, we never heard that he was a minister or president before. He is using the money for Nigeria economy. You know the number of people being employed in his companies. So, please stop all these critism. Where are IBBs, Iboris, Alamasigha, Bode Georges, Abachas,Dariyes, wealths? Do they use them for Nigeria for stack the money in foreign accounts? Please leave the man alone. He worked hard to get there!!!
Egberipapa, u will live long!
Egberipapa, u will live long! the gods will bless you!! ur enemies will not catch u!!!
The face of The Northern Whale !!
Talk about redistribution of our oil wealth.....this is it ! Talk about those behind Nigerian Forex punzi.....This is it ! Talk about hydraheaded private monopoly ring venced by federal might secured under the cloak of zoning ala disadvantage people .......This is it ! Talk about those who would rather our roads are dead traps, while their haulage business florish.....This is it !!.Talk about those who would stop at nothing to frustrate the actualisation of modern railway, so that their haulage and transportation business, meek life out of the poor from high transportation cost......This is it !! Talk about those who see nothing wrong in Nigerian communities been painted as slums and dirty shanties in BBC(welcome to lagos), due to their fraudulent hostage of the Nigerian cement market......This is it !! If you are looking for one of those, who have succeeded in subjugation of over 70% living on one dollar per day, due to his exclusive monopoly on imported sugar, which is a critical suppliment of the basic needs of the poor(Bread, Akamu, Tea, meatpie, coca cola etc).....This is it !!. When l speak, they say am an ethnic bigot. This guy is from a priviledge family from Kano, l dont have any problem with free enterprise that drive innovation and wealth as obtainable in the case of Billgates. But when somebody hide under the cloak of zoning and less disadvantage status to stiffle competition and fraudulently redistribute our common wealth......then l have a problem with it. To date the guy has skillfully manipulated the system to ensure he is the almost sole distributor of sugar, also to date even with the libralisation of importation of cement, no competitor has been able to match Dangote's might......in saner clime....he would have been sweating with antitrust battle. For those foolish and miopic supporters of his, who regard him as Nigerian billgate......l send my pity. My utmost disgust to this guy is that as a northerner of Kano decent in a country that is conviniently refered to as ONE NIGERIA when they chose. He can invest at will in any geopolitical zone without fear or harassment. But my fellow disillusion brethren down south cannot move freely in the north.......they are hounded and harrased on the basis of religion and belief.......and southerners live in the north like they live in a foreign country. We say lets sit down and talk about how the country is run and our future ........they say no......because the likes of Dangote profit from the lopsided and fraudulent Nigerian structure.
I think that....
I think that some people on this forum have their heads so far up in their axx that they lose brain cell from the incredible smell oozing out of their axx. Countless bad leadership in Nigeria has impaired our judgement. Instead, we are in denial and afraid to swallow our pride and admit the obvious. Nigeria as it is now and has been for a long time is a very CORRUPT country. Dangote is “wisely”, cashing in on a corrupt system that is in place. And for you to cash in, my bros, YOU MUST participate, a player in the corruption game.
Look at how our oil rigs are shared. How about all those exclusive right on import licenses. If you give anybody the exclusive right (monopoly) to import anything into a 150 million people, consumer market, you will be rich period. You do not need a PHD in business to figure this one out. How about the auctioning of Nigerian assets during the OBJ regime. It is ok to make money as long as it’s not based on exploiting insider status position.
I’m not bitter at Dangote. I’m really mad at the people that we trusted to man the system.
Selling off Nigeria Bit by Bit
Even some of our so called educated Nigerians are here celebrating Dangote. What a shame. Here is a man who is clearly benefiting from government patronage and an unregulated and closed economy where monopoly by people around the corridors of power thrives as opposed to an open market economy as we were taught in economics class. here is a man whose shenanigans in the Nigerian Stock exchange are well documented, who owns 7% of the nation's economy singlehandedly in a manner that cannot be traced to any stroke of genius, unless it has become a mark of genius to know one's way around the corridors of power.
Here is a man that has arrogated to himself, with the tacit approval and connivance of the powers that be, a whole industry that normally should take over a hundred major players, which would have meant competition, more employment and wider distribution of wealth, and we have people here congratulating him and singing his praises.
Nigeria is in dire straits and will continue to be for as long as there are people like BJ Ade, Kokoro dudu and KN, just to mention a few.
that is it
NO WEAITH WITHOUT CRIME
We all strive tobe successful
We all strive tobe successful in life, it is in every Nigerian's DNA. However you have to ask yourselves some questions. This man is like 53 or 54. In a country that has been in the downturn for 25 years, where during the period, Nigeria witnessed the greatest migration of graduates from Nigeria to US, Europe, Middle East, or ASIA. Where we don't have electricity, portable water or good roads.
How many people who are is age have even 10% of his worth....How is it possible for Dangote to make this kind of money, without being involved in Drugs or seriously illegal activities. It is just not possible. However at this point, it is what it is. No point in crying over spilt milk. We Nigerians just like to shut down our brains when it comes to money.
Unua Dey Fall MY Hand
Unua mumu don tire me for this country. Oghene biko-or! Onana okpea mu-or! Ewu Sapele dem!
