Aliko Dangote has been ranked as the richest person in Africa by both Forbes and Bloomberg for eleven years running. Although he began his business empire by selling goods like flour, sugar, and salt, his income is mostly derived from his company, Dangote Cement.
Aliko Dangote is the Chairman and CEO of the Dangote Group, the largest industrial group in Nigeria. The Group currently has a presence in 17 African countries and is a market leader in cement on the continent. One of the Group’s subsidiaries, Dangote Cement Plc, is the largest listed company in West Africa and the first Nigerian company to join the Forbes Global 2000 Companies list.
Alhaji Alhassan Dantata, a groundnut merchant, was said to be the founder of the Dantata dynasty and the forebear of Africa’s richest man, Dangote. Under British rule, according to Forbes, Dangote’s grandfather, Sanusi Dantata became rich trading commodities like grain oats and rice, and was one of Kano’s wealthiest citizens. His father, Mohammed Dangote, was a business associate of Dantata.
Dangote demonstrated his entrepreneurial zeal as a young student by selling candy to his classmates. Dangote, a graduate of Al-Azhar University in Cairo, Egypt, started his business career in 1978, trading in rice, sugar and cement before he ventured into full-scale manufacturing. In January 2009, Dangote was honoured for being the leading provider of employment in the Nigerian construction industry. In 2011, Dangote was also awarded Nigeria’s second highest honour, Grand Commander of the Order of the Niger (GCON) by the President of Nigeria. He owns 85% of publicly-traded Dangote Cement through a holding company. Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa. After many years in development, Dangote’s fertilizer plant in Nigeria began operations in March 2022.
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The Federal Executive Council in August 2021, approved the Federal Ministry of Petroleum Resources’ request for the NNPC Limited to buy a 20% stake valued at $2.76 billion in Dangote Petroleum and and Petrochemicals Refinery.The $19 billion Dangote Refinery in Lagos, Nigeria, was officially opened today by President, Major General Muhammadu Buhari (retd.), making it a significant day for Africa’s oil sector. The ceremony is being attended by the presidents of Togo, Gnassingbé Eyadéma, Ghana, Nana Akufo-Addo, Senegal, Macky Sall, Niger Republic, Mohamed Bazoum, and Chad, Mahamat Déby was also represented by his brother.
When Dangote Refinery begins operations, Nigerian National Petroleum Company Limited, a for profit oil company in Nigeria, has announced that it plans to supply 300,000 barrels of crude oil to the facility. NNPC Limited was transformed from a corporation to a limited liability company in July 2022.
The Giant
Dangote Oil Refinery, a 650,000 barrels per day (BPD) integrated refinery project in the Lekki Free Zone near Lagos, Nigeria. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility. While the Pipeline Infrastructure at the Dangote Petroleum Refinery is the largest anywhere in the world, with 1,100 kilometers to handle 3 Billion Standard Cubic Foot of gas per day. The Refinery alone has a 435MW Power Plant that is able to meet the total power requirement of Ibadan DisCo.
Meanwhile, the Refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export. Dangote Petroleum Refinery is a multi-billion dollar project that will create a market for $21 Billion per annum of Nigerian Crude. It is designed to process Nigerian crude with the ability to also process other crudes.
The first product processed by the Dangote Petroleum Refinery and Petrochemicals, according to Aliko Dangote, “will be in the market before the end of July, beginning of August this year.” Reports indicated that, the refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene. Currently, 80 per cent of fuel in Africa, from Cape Town to Dakar and other parts of the continent, are imported. This, the refinery is expected to address. In addition, the leaders, who attended the commissioning with their Nigerian counterpart, declared that Africa will become better and stronger due to the refinery.
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