According to Forbes magazine, the subsidiary produces Dangote also owns the world's third-largest sugar refinery. As of March 31, , Dangote Cement Group reported quarterly revenue of Born in , Dangote grew up in an entrepreneurial household in Kano State, Nigeria. He was raised Muslim and lived an upper-class life. He made his fortune selling commodities like oats and rice. I was so interested in business, even at that time.
It was there the budding entrepreneur furthered his education in business. After graduating from college in , Dangote managed to convince his uncle to lend him money to start a business. The funds from the loan allowed him to import soft commodities at wholesale prices from international suppliers. Two of his main imports were rice from Thailand and sugar from Brazil.
He then sold those items in small quantities to consumers in his village at a lucrative markup. The venture quickly became successful and turned into a cash cow. That allowed him to repay his uncle in only three months. In , Dangote realized that acting as a middleman was a very costly endeavor, so he built a plant to produce what he had been importing and selling for the previous 20 years: pasta, sugar, salt, and flour.
Around the same time, Dangote was awarded a state-owned cement company. Dangote significantly expanded the operations of the company in by constructing a multimillion-dollar manufacturing plant. Each of his manufacturing divisions has since been separated into publicly traded companies: Dangote Sugar Refinery PLC. Aliko Dangote's net worth, as of Aug. Dangote has always reinvested the majority of his profits back into his businesses—one reason the company has grown so much since its inception.
We do not keep money in the bank. We fully invest whatever we have and we keep on investing sic. Unlike many wealthy Nigerians who made their fortune in oil, Dangote initially chose to go down a different path, but he has since entered the oil and gas industry. Through interventions in healthcare, education, economic empowerment and distaster relief, we are impacting the lives of millions of people across Africa. We are a diversified and fully integrated conglomerate. As a diversified conglomerate, our interest in multiple industries indicates our determination to cater to our vision of providing basic needs.
Good times are ahead for farmers in the South-East geopolitical zone as Dangote Fertilizer has promised to train them on better ways of farming to obtain bumper yields…. Dangote Cement has announced a 6. At Dangote, our approach to sustainability goes beyond compliance with regulatory expectations.
Citizenship Nigeria. Marital Status Divorced. Children 3. Did you know Dangote's grandfather was a successful trader of rice and oats in Kano, Nigeria's second largest city.
Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits. Net worth over time. Aliko Dangote. More on Forbes Nov 11, Wealth Wise Series How they can help in wealth creation. Honouring Exemplary Boards. Deep Dive Into Cryptocurrency. ET Markets Conclave — Cryptocurrency. Reshape Tomorrow Tomorrow is different. Let's reshape it today. Corning Gorilla Glass TougherTogether.
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