Nigerian billionaire, Aliko Dangote, Africa’s richest man for 11 consecutive times with an estimated net worth of $20.7 billion, up from $12.1 billion in 2021.
This massive increase in Dangote’s wealth has made him rank as the 67th richest person in the world, up from 72nd last month.
However, one might wonder how Aliko Dangote has managed to stay on top of the game, especially in a country with $95. 77 billion in debt and the majority of the population living in extreme poverty.
In 2018, Nigeria surpassed India as the world’s poorest country, with 87 million people compared to 73 million in India. In the same year, Dangote emerged with a networth of $13.8billion.
Here are five ways Aliko Dangote stays on top of the game.
1. Price Crashing
Dangote is known for putting up strategies to crash his competitors. One of the more notiorous ways he used was price crashing.
He’s made a fortune by lowering prices on major items, putting his competitors in a bind. This technique, according to him, produces a near-monopoly on key commodities.
2. He was a major to Donor in former President Olusegun Obasanjo’s Relections campaign
In 2003, Dangote began exerting influence over the Nigerian government. Before that, he was just another Nigerian mogul.
President Olusegun Obasanjo and his vice president, Atiku Abubakar, had a fall out in the run-up to the 2003 election campaign over the latter’s attempt to succeed him as president after only one term.
Obasanjo had also been operating under the assumption that Atiku would bankroll his re-election campaign as the People Democratic Party’s (PDP) money man.
However, Atiku told him that all of the money had been spent during his tumultuous first term, including pushing the national assembly twice not to impeach him.
Obasanjo had no choice but to locate his own new contributors after losing access to the party’s traditional fundraising infrastructure.
This occurrence provided Dangote with an opportunity, which he took full advantage.
Obasanjo had little choice but to rely on outside funding, which is how Aliko Dangote rose to prominence in the government.
Between 1999 and 2003, no one had heard of Aliko Dangote having any substantial involvement with the federal government.
3. He knows how to get the right helping hands
Dangote Industries employs almost 10,000 employees in many sectors of the Nigerian economy, all of whom are channeled to seeing the company succeed.
Now, Africa’s richest man cannot do it all by himself, but he certainly understands how to attract and retain talent, since word has it that staff turnover in his firms is among the lowest in the country.
4. He keeps his plans secret
Aliko is a man who rarely speaks about anything other than business. Despite having a vast financial arsenal at his disposal, he avoids making comments about politics, entanglements, and any small talk that doesn’t make him money by the end of the conversation.
Even with friends, he is noted for saying relatively little unless asked a direct question.
5. Influencing policies on petroleum licensing
In 2021, the Dangote Group suggested an inclusion in the Petroleum Industy Bill (PIB) that only companies with active refining licenses should be able to import petroleum products.
The conglomerate, which is about to finish a 650,000-barrel-per-day refinery in Lagos, said this would promote local investment.
If the Petroleum Industry Bill becomes law, it means only Dangote Refinery and NNPC will be allowed to import fuel.
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