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This is an inspiring story of how Aliko Dangote, a man from the third world rose from a humble beginning to become not only the richest black man in the world but also the richest black person in the world. Don't ever give up even when it seems impossible though, something will always pull you through. The hardest times get even worse when you lose hope. As long as you believe you can do it, You CAN! But When you give up, YOU LOSE!
World’s Richest Black Man, Aliko Dangote With A Midas Touch
He controls over 60% of Nigeria’s sugar market and over 42% of the country’s cement market. I am talking of a country with over 150 million citizens. I bring to you, Aliko Dangote; the richest black man in the world.
Aliko Dangote is a business magnate, whose business acumen and aggressiveness send fear into the mind of competitors. He is the richest man in Africa, the richest man in Nigeria and the richest black person in the world. This humble billionaire currently sits atop one of Africa’s largest conglomerate, the Dangote Group.
On the 9th of March 2011, Forbes magazine declared Aliko Dangote the richest black person in the world with a net worth of $13.8billion. It’s also worthwhile you know that Dangote is the 43rd richest man in the world as at 9th March 2011. But this was not so 25 years ago. Alhaji Aliko Dangote’s business empire is estimated at a net worth of $20.8 billion as of November 2013
Born on April 10, 1957 in Kano, state Nigeria, to the family of Muhammad Dangote and Hajiya Mariya Sanusi Dantata. He had his primary and secondary education in Kano before he proceeded to Alazahar University, Cairo, Egypt to obtain a degree. If not for the degree, he would probably have been on my list of the »»richest school drop out billionaires in the world.««
It was while working under his uncle, Sani Dantata at age 21 that he found his passion and began developing his business skills. In an atmosphere of difficulty, when others would have given up, he took the risk by getting a lot a loan of N500,000 (approximately $3,500 today and $323,500 then) from his uncle in 1977 to start his own business. Aliko Dangote ignored all the heavy consequences attached to it as he's known for taking great risks in a highly risky environment, he was also given a deadline of three years to repay the loan but he repaid the loan in three months.
Aliko Dangote started business by trading in commodities such as sugar, rice, salt, pasta, cotton, millet, vegetable oil, cocoa and textile. In the course of running his business, he developed strong business ethics and principles. One of Aliko Dangote’s business strategies for succeeding in the commodity market was to develop a strong distribution network and make the delivery of his goods faster than that of his competitors.
After gaining a strong hold on the commodities market, Aliko Dangote ventured into manufacturing and producing the same commodities he was importing. In an interview granted to a journalist by this billionaire, he stated that leaping from importation to manufacturing was his greatest business move.
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Since he moved into manufacturing, Aliko Dangote has never looked back. His company (Dangote Group) controls over 13 other companies with most of them acquired through strategic mergers and acquisitions. In celebration of his 50th birthday anniversary in 2007, he commissioned a one billion dollar factory (Obajana Cement Factory), which happens to be the largest cement factory in Africa.
Today, his group is made up of:
- Dangote Sugar Refinery (one of the most capitalized stocks on the Nigerian stock exchange),
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- He's building a $2 billion (approx. N300 billion) fertilizer plant in Edo, the biggest in Africa
- Just recently, he boosted his philanthropic activities with the launch of his foundation (Dangote Foundation).
Apart from his business acumen, he is also a philanthropist who has collaborated with American billionaire, Bill Gates Foundation to invest the provision of health especially the eradication of polio in Africa and other parts of the world where the disease is still prevalent.
Dangote is respected in the business circle for his ability to buy and revive moribund companies. He is also known for his strong belief. He strongly believes in Nigeria and he proved it by investing 100% in Nigeria. To him, Nigeria is the best place to invest your money and I think I agree with that.
-Before You Say I Can't, Make Sure You've Tried.
-Before You Let Doubts Stop You, Confront Them With Facts.
-Before Fear Holds You Back, Go Forward With Faith.
-Before You Believe Others Are Better, Show Them What A Winner You Are.
-Before You Dismiss Your Dreams, Wait Until They've Come True.
-Before You Go Looking For Happiness, Make Your Own Wherever You Are...!
Let's talk .........
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