Aliko Dangote: How the African Billionaire Spends His Money

Aliko Dangote has over the years become a household name in the world of business. Known as one of the wealthiest individuals in Africa, Dangote is the founder of the Dangote Group.

The African billionaire has made his fortune in the production and distribution of commodities such as sugar, cement, and flour, among others. But have you ever thought of how this Nigerian business magnate spends his money? With an estimated net worth of $14.2 billion, Dangote spends his money on things that matter to him. Let’s examine some of them:

Philanthropic activities

Dangote has through his foundation, improved the lives of many individuals around the continent, especially in Nigeria. He once said, “Let me tell you this and I want to really emphasize it… nothing is going to help Nigeria like Nigerians bringing back their money. If you give me $5 billion today, I will invest everything here in Nigeria. Let us put our heads together and work.”

Aliko Dangote Foundation supports initiatives such as the provision of clean water and sanitation facilities, healthcare, education, and economic empowerment. He has helped combat malnutrition and disease in children. In 2020, Dangote donated $3.8 million to the ‘Nigeria/United Nations COVID-19 Basket Fund’ to boost the fight against the novel coronavirus disease.

Business investments 

Dangote also invests heavily in his businesses. Known as one of the largest conglomerates in Africa, Dangote Group has operations in 10 countries across the continent. Dangote once said, “Invest now, before it’s too late. The train is about to leave the station.” This shows how much he prioritises investment. Dangote spends his money investing in real estate, banking, transport, textiles, oil and gas, and telecommunications. He is currently building a $19 billion oil refinery as he eyes Arsenal FC, an English football team. Earlier, he revealed that he is investing $20bn and $50bn in the United States and Europe by 2025 in renewable energy and petrochemicals by partnering with companies in US, Europe and if possible Asia and Mexico. So, one of the ways Dangote spends his money generates more money for him.

Luxury

Africa’s richest man said, “I enjoy myself a lot but I derive more joy in working.” While he derives joy from working, he indeed enjoys himself a lot. This is evident in the luxury items attached to his name. He reportedly owns two private jets, including a Bombardier Global Express XRS and a Gulfstream G650, which he uses for business and personal travel. He also owns a yacht, the Mariya, which he purchased for $43 million. The yacht is equipped with luxurious amenities such as a swimming pool, a cinema, and a helicopter pad.

Also, Dangote owns a $30 million mansion in Abuja, Nigeria’s capital and is known for his love of expensive cars. He reportedly owns a fleet of luxury vehicles, including a Maybach 57S Knight Luxury, a Mercedes-Benz AMG CL65, and a Bentley Mulsanne, among others. Despite all these, the Nigerian businessman says he has no time for luxury because they tend to be a distraction.

Family

Dangote spends on his family. Of course, every African man should. In interviews, he talked of how he learnt the values of hard work and perseverance from his family. Also, his statements when his brother died, revealed how dear he holds his family to heart. In 2018, he held a big wedding reception for his daughter, Fatimah and her husband, Jamil Abubakar.