Dangote Retains Position as Africa’s Richest Man, Moves to 43 in the World
With a net worth of $16.1bn as of March 2013, the cement manufacturing giant also moved from 76 in 2012 to 43 in the latest world richest ranking in 2013.
According to the list which was released on Monday by Forbes, Dangote and the Chairman of Globalom, Dr. Mike Adenuga were the only Nigerians on the list.
Forbes said, “To compile net worths, we value individuals’ assets, including stakes in public and private companies, real estate, yachts, art and cash – and account for debt.
“We attempt to vet these numbers with all billionaires. Some cooperate; others don’t. We also consult an array of outside experts in various fields.”
Dangote started building his fortune more than three decades ago when he began trading in commodities like cement, flour and sugar with a loan he received from his maternal uncle. He delved into full production of these items in the early 2000s and went on to build the Dangote Group, West Africa’s largest publicly-listed conglomerate, which now owns sugar refineries, salt processing facilities and Dangote Cement, the continent’s largest cement producer.
In October, he sold off a controlling stake in his flour milling company to Tiger Brands of South Africa. He pocketed $190 million in cash. In February, his Dangote Sugar Refineries acquired a 95% stake in Nigerian sugar producer Savannah Sugar in a bid to maintain its dominant position in the Nigerian sugar industry.
Dangote stepped up his philanthropy in the past year, giving over $100 million to causes ranging from education to health, flood relief, poverty alleviation and the arts. He also acquired a yacht, which he named after his mother, Amiya.
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