Africa's first billionaire takes on US to help diversify wealth

Africa's richest man, Aliko Dangote to open office in the US

Aliko Dangote, Africa’s richest man, is planning to take on New York as he looks to open offices there to help diversify his investments and avoid the risk of currency fluctuations on his home continent.

Dangote, who owns the biggest cement company in sub-Saharan Africa will use the base and an existing one in London to become more global after the completion of a $12bn, 650,000 barrel-a-day refinery currently under construction in Nigeria.

The 62-year-old Nigerian entrepreneur became $4.3bn richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar.

The Dangote Group was established as a small trading firm in 1977, the same year Dangote relocated to Lagos to expand the company.Today, it is a multi-trillion-naira conglomerate with many of its operations in Benin, Ghana, Nigeria, Zambia and Togo.

Dangote has expanded to cover food processing, cement manufacturing, and freight. The Dangote Group also dominates the sugar market in Nigeria and is a major supplier to the country's soft drink companies, breweries, and confectioners.

Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa.

Dangote Refinery has been under construction for three years and is expected to be one of the world's largest oil refineries once complete.

With a net worth of about $15bn, he is ranked the 95th wealthiest man in the world, according to the Bloomberg Billionaires Index.

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