BREAKING NEWS

Wednesday, March 6, 2013

DANGOTE STILL RICHEST MAN IN AFRICA

At a Glance
  • Age: 55
  • Source of Wealth: cement, sugar, flour, self-made
  • Country of Citizenship: Nigeria
  • Education: Bachelor of Arts / Science, Al-Azhar University
  • Marital Status: Married
Nigerian Cement tycoon retains his position as Africa's richest man for the third year in a row. The past year has been eventful for Dangote. 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. 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...
...Culled from forbes.com

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