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The name or brand “Dangote” doesn’t sound foreign to you, if it does then you are not a true Nigerian. I could even push further and say not a true African. But I wouldn’t, let’s stop in my country. Recognizing his name and the facts about Dangote means he is doing something right in the business world, hence, someone with his kind of experience with business has a few things about himself and his business that could inspire every businessman. Recently, I wrote about quotes from Dangote that are nugget worthy and will motivate you. In this article, I’ll share with you facts about Dangote and 15 things about him every businessman should know.
Aliko Dangote is a 64years old business magnate and the richest man in Africa. He is the founder and CEO of the Dangote Group. He was born in Kano, Nigeria and his education was mostly in Egypt, Cairo.
Dangote comes from a well-known business inclined family, he is the grandson of Alhaji Alhassan Dantata; he was the richest person in Africa at the time he was alive. He ventured into business at the age of 21. Aliko Dangote owns the second-largest sugar refinery in the whole world, the largest cement factory in the world (again), one of the largest flour mills in the world, and the number two largest fertilizer plant in the world.
According to Forbes, Dangote is worth $14 billion and has maintained topping the list of the richest men in Africa for more than 10 years.
Dangote is a quintessential and successful businessman and a philanthropist.
next, I’ll be sharing with you the things every businessman should know about him. They will be factual as I will be adding his words to each point.
There are people who think that because Dangote is from a rich successful business family, he is privileged, and not every business owner can learn from him. This notion is understandable but stay with me, the things I’ll be sharing with you will probably change that notion.
Regardless of your money status or how long you’ve been a business person, there’s something you can adopt into your business from knowing these facts about Dangote.
Here’s what he said during an interview with Bloomberg when he was asked to share a business hack.
We had already studied doing 300,000 barrels a day back in 2005. At that time I couldn’t even fathom a larger refinery. I had no financial capacity. Then in about 2010, we paid all Dangote Group’s debts, which amounted to $2 billion…We don’t want to listen to the critics, because their intention is to destroy us. We are using our own money. This is my lifetime project. I have to back it up with my own life to make sure it is delivered.
There is no way you can have a population of 320 million in West Africa and no self-sufficiency. So the first thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be a massive importer of food. With modern farming, you can get 8 to 10 tons per hectare. I believe Dangote Group is in the right position to drive this trajectory.
This statement oozes passion from every angle. He had a huge amount of debt to pay but his passion for what he does as a business kept him going. Among many other things, It takes passion to keep at a business, especially failure to some extent looms.
Also, I believe that before a business, there’s a person behind it, and there’s a passion driving the business in the person. Do you get it?
In the interview he had with Bloomberg, he said a lot of inspiring things and I’ll point out one of them again.
Beginning in 2020 our major investment will be in the U.S. and Europe… Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance.
Let’s say that by 2025, I’m looking at [putting in] between $20 billion and $50 billion [in Europe or the U.S].
Our business strategy has always been like that, yes. We don’t want to be No. 2 in anything that we do. We want to be No. 1. Worst case, we can be No. 2 but targeted to become No. 1
Put in mind, this was a well-successful man already. Everyone knew how successful he was but, he was hungry for more success and it kept him on his toes to do more, be more, and have more.
When Dangote was asked why he chose to be involved with cement. His reply would shock you;
I think actually what I figured out was looking at the entire African continent, especially sub-Saharan, and saying, “What do we actually produce?” What I learned is that the majority of African countries imported cement. The better way, I thought, would be to empower Africa – to meet our own infrastructural needs so that we could be more self-sufficient.
Personally, I think this is where business owners get it wrong. They provide a service that is not a solution. Dangote realized a sector that was lacking and built a business up from there. Dear business owner, before venturing into a business, make sure to find what solution it will provide.
There’s a trend that goes on around business owners which is taking up an interest in selling what is trendy and popular. Dangote thinks otherwise and he did differently. Here’s what he said:
The majority of people here made their money through oil. But Dangote has never ever dealt in oil, which is to prove that you don’t have to be in oil. In Nigeria, oil has really damaged our thinking. Everyone is thinking about oil, oil, oil. And we are one company that has made a success without doing that.
Business owners, you do not have to follow the trend of what other business people do. Look carefully, there’s something else to be done. Think deeply, relating to the previous point, there is a solution that people need, you just have to find it.
There’s a saying that, “only a bold man makes the bold moves”. Before a business gets successful, an entrepreneur must have taken a move that was out of their comfort zone. Can you think of yourself as being bold? No? A business person should be able to do this and this is one of the facts about Dangote that I find really inspiring as someone that is interested in business.
We make a lot of bold moves, which other people find really difficult to take. We always dream very big, and we’re committed to investing in Africa… the only way to move Africa forward is for people like us to take very bold moves. I never worry about being too bold. In business it’s good to be aggressive, but with a human face.
The above statement is what Dangote said in a recent interview.
What makes a business known for the value it has to offer is the consistency in the running of the business.
Dangote says:
To hold on to consistency, find ways to remove hitches that come with entrepreneurship.
I always make sure I hire people smarter than me.
A business only thrives when there are various heads with different brilliant task execution. Dangote is aware of this so he hires smarter people, that way, things get done with the help of these people’s brains.
He said:
My grandfather once told me the soul of business is not making money, it is making people happy and I have held on to it
Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.
He sees competition as an opportunity to be better and do better.
To build a successful business, you must start small and dream big
Any business has its early beginning which is definitely small. He encourages starting small with the hope that it gets big and better.
If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organization.
He is aware and knows when certain risks should be taken.
You could easily tell that hard work and perseverance go hand in hand with patience. We often hear people say patience is worth it, yet we don’t practice it. I did and look how well it worked out for me.
Dear business owner, be patient. It takes time to build anything.
The most dangerous thing for an entrepreneur to do is to actually go into a business that he does not understand fully.
Do not, I repeat, do not venture when you don’t understand. This is one of the facts about Dangote that I find admirable. Every business owner should do this
If you don’t have ambition, you shouldn’t be alive.
Ambition is basically what you want from life. Dangote chose the business part and he followed through with it.
I cannot stress this enough, it’s okay to be passionate about your business but know when to sleep. Know when to rest and build the body. Dangote says:
Exercise is better than any medicine I can take; exercise and sleep.
Don’t wait until you fall sick, If the richest man in Africa prioritizes exercise and sleep, who are you not to?
Every single point and fact about Dangote in business can increase your process as a business owner, you just have to take what you need and make use of it.
While you are here, this is the best time to read the effective qualities every entrepreneur should have.
I wish you a successful business. Cheers to your growth!
“Building prosperity and self-sufficiency.”
Alhaji Aliko Dangote
Dangote makes around 15 million a day
He is the richest man in the continent of Africa for 1, 2, 3…11th year. Yes, you are seeing right.
Dangote is a Nigerian multinational industrial conglomerate and its position is the largest corporation in West Africa and also one of the largest in Africa.
The list is quite lengthy but the most notable and world-recognized one is this; In the year 2021, Dangote (Cement sector) moved to erect the biggest cement plant in Africa in Southwest Nigeria. With this, It made Nigeria a cement exporting country.
His uncle; Sanusi Abdulkadir Dantata gave Dangote money to start business. Dangote was the one that actually requested the loan.
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