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Aliko Dangote
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With 8 billion people on this earth, it’s understandable if you don’t know every person that occupies the elite 1% ranks. Those are the people that are the wealthiest in the world. Many of them fly under the radar but own corporate empires so strong that they touch virtually every corner of the world. And when you further filter that 1% down to the richest Black people in the world (not just Americans but people of the diaspora from all over the world), the answers can be even more elusive. While it’s easy to assume that the wealthiest people of African ancestry must be celebrities , that’s not always the case. Even in the United States, the richest Black man is a venture capitalist and the owner of one of the top private equity firms in the country. But if you’re not sure who the richest Black man is in the world, keep reading as AfroTech has done the research for you. The answer might surprise you. Aliko Dangote: The Richest Black Man In the World So, who is the richest Black man...
Aug 18, 2023
On March 22, 2022, AfroTech reported that Aliko Dangote added even more to his overall $14 billion net worth by opening a fertilizer plant. The plant — located just outside of Nigeria’s capital city of Lagos — comes in the wake of the rising tensions between Russia and the Ukraine, which threatens to cut of the world’s supply of fertilizer. Because Russia supplies approximately 20 percent of the world’s fertilizer, any loss in the supply chain can result in famine and destitution for the population. And this is something that Aliko Dangote says he hopes to avoid with his new fertilizer plant. “People are begging us to sell [to them],” he said to CNN. “We are very choosy who we sell this product to. We are loading a ship going to US, Brazil, Mexico, India… The EU are trying to buy from us.” More than just being the richest Black man in the world, then, Dangote is someone who is worried about the greater good of his people. Proving that not all billionaires are Marvel supervillains...
Apr 11, 2022
Business is always booming for Aliko Dangote — the richest man in Africa. However, his latest project may become his biggest venture yet. According to Business Insider, the Nigerian tycoon recently opened the continent’s largest fertilizer plant on the outskirts of Lagos on March 22. The Dangote Fertiliser Plant comes during the time of the ongoing conflict between Ukraine and Russia — in which the latter country plays a crucial role as a key player in fertilizer supply. According to Trade Data Monitor and Bloomberg’s Green Markets, Russia “accounted for almost one-fifth of 2021 fertilizer exports.” With the current sanctions against Russia causing fertilizer costs to increase, customers are now “begging” for the Dangote Fertiliser Plant to sell crop nutrients, according to Dangote. “We are lucky to have this plant,” Dangote told CNN. “It is coming at the right time with the Ukraine-Russia conflict as both Ukraine and Russia control substantial amounts of agricultural inputs.” The...
Mar 24, 2022
Aliko Dangote just keeps getting richer, and we love to see it. According to a new report from Bloomberg, Africa’s richest man — and the world’s richest Black man — saw his fortune jump by another $1.3 billion after the share price in his eponymously named cement company skyrocketed earlier this month. The outlet confirms that Dangote Cement, PLC, “closed at the highest since 2010 on Friday, adding to the 11 percent gain in 2022 compared with 7.59 percent by the main board of the Lagos-based Nigerian exchange. The Lagos-based company recently completed a share buyback to boost value.” That meant Dangote’s net worth jumped to more than $20 billion on the strength of those share increases. What’s more, the outlet confirmed that Aliko Dangote is one of 35 Bloomberg-indexed — that is, verified — billionaires that saw their fortunes grow exponentially in January 2022. And now, Dangote’s wealth is expected to continue to grow when his proposed oil refinery finally opens up and begins...
Jan 21, 2022
Aliko Dangote, the prolific Nigerian businessman, is ranked as the richest Black man in the world. While being birthed into a wealthy family, Dangote has accumulated his own wealth by becoming the largest exporter of crude oil in Africa and his investments in cement, flour and sugar. Now, Dangote’s wealth has reportedly surged. Bloomberg reports that the tycoon’s wealth is heading to close out 2021 with a bang. “The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014,” the outlet reported.
Dec 3, 2021
The world’s richest Black man could be adding $2.76 billion to his net worth, depending on the terms of the sale. According to Reuters, the Nigerian cabinet just approved its state oil firm, NNPC, to buy a 20 percent share of Aliko Dangote’s oil refinery. NNPC will purchase the stake for $2.76 billion, according to a statement provided by Timipre Sylva, the junior oil minister. The approval of this deal comes just two months after the initial term sheets were signed between the parties. As of this writing, the NNPC says that they are approaching banks to finance the purchase of this stake. Additionally, the Dangote Group claims that NNPC and three other firms had approached their company to purchase the stake in the oil refinery. The goal, ultimately, was to secure crude oil supply agreements — agreements that are driven by Nigeria’s desire to come off its foreign dependence on refined oil. While Nigeria is Africa’s number one exporter of crude oil, it exclusively imports all of its...
Aug 5, 2021