Aliko Dangote, the world’s richest Black billionaire and founder of Dangote Group, has played a crucial role in shaping Africa’s business landscape and positioning Nigeria as one of the most industrialized countries on the continent.
With diverse interests spanning various sectors in Nigeria and across Africa, Dangote’s expansive businesses under Dangote Group have made him the second-largest employer of labor in Nigeria, closely trailing behind the country’s Federal Government.
His net worth stands at an astounding $10.8 billion, making him the world’s richest Black billionaire and the second-richest person in Africa. However, the coveted title of Africa’s richest was recently usurped by South African billionaire Johann Rupert, who overtook Dangote in June.
At the heart of his wealth lies his dominant 86.81-percent stake in Dangote Cement, the largest cement company in Africa. This significant investment secures his position as the richest investor on the Nigerian Exchange (NGX). Additionally, he holds stakes in various other Nigerian companies on the NGX, including Dangote Sugar, NASCON Allied Industries, Jaiz Bank, and Nigerian mogul Tony Elumelu’s United Bank for Africa.
Dangote’s business empire extends beyond cement. He has diversified interests in sugar, salt, oil, fertilizer, and packaged food. Of note, his presence in the global oil market is further solidified by the recent commissioning of his petrochemical complex, the Dangote Petroleum Refinery and Petrochemicals Plant.
This comes shortly after the inauguration of his highly anticipated Dangote fertilizer Plant, which commenced operations in March 2022. The state-of-the-art fertilizer plant has an impressive annual production capacity of up to 2.8 million tonnes of urea.
Billionaires.Africa has meticulously identified and cataloged numerous companies and holdings linked to Dangote. Presently, he holds direct or indirect ownership in the following companies, showcasing the breadth and scale of his business empire.
- Dangote Cement: Dangote’s wealth mainly comes from owning an 86.6-percent stake in Dangote Cement Plc, Africa’s largest cement maker. The company produces 51.55 million tonnes of cement annually across 10 countries. Dangote Cement is currently the most valuable company on the NGX, with a market capitalization of N6 trillion ($7.6 billion), representing about 16.9 percent of the entire Nigerian Stock Exchange. Aliko Dangote plans to increase Dangote Cement’s production capacity with a new integrated cement plant in Itori, Ogun State. The new plant will have a capacity of 6 million metric tonnes.
- Dangote Sugar: Dangote Sugar is Sub-Saharan Africa’s biggest sugar refining company. It has been listed on the NGX since March 8, 2007, and presently ranks 18th in value with N352 billion ($442.75 million) market capitalization. Dangote owns 72.7 percent of the company.
- Petroleum Refinery & Petrochemicals Plant: Led by Dangote, Dangote Group has expanded into oil and gas with the creation of Dangote Oil Refinery. This petroleum complex can refine 650,000 barrels of crude oil, making it the largest single-train facility globally. Inaugurated in May 2023, the refinery is set to meet 100 percent of Nigeria’s refined petroleum demand and generate an annual surplus for export, estimated to yield an impressive $11 billion in revenue
- Dangote Fertilizer: In March 2022, the Dangote Fertilizer Plant began operations in Lagos, strategically situated in the Lekki Free Zone. Dangote Fertilizer Limited (DFL) boasts the title of Africa’s largest Urea Plant, with a $2.5-billion investment and a production capacity of 3 million tonnes per annum.
- Nascon Allied Industries: Nascon Allied Industries Plc, a subsidiary of Dangote Group, produces edible salt for industrial and domestic use in Nigeria. Their product range includes iodine-fortified kitchen salt, fine butter salt, granulated kitchen salt, and industrial salt. The company operates factories in Oregun, Apapa, and Port Harcourt, with a total installed capacity of 400,000 tonnes per year for bags and 100,000 tonnes per year for sachets.
- United Bank for Africa: Dangote holds 301,971,608 shares in United Bank for Africa (UBA), a prominent pan-African financial services group operating in 20 African countries, France, the UK, and the United States. UBA ranks 14th in value on the NGX, with a market capitalization of N510 billion ($641.36 million).
- Jaiz Bank Plc: Through his company Dangote Industries Limited, Dangote owns 7.24 percent of Jaiz Bank Plc, equivalent to 2,500,000,000 ordinary shares valued at $6.29 million. Jaiz Bank Plc is a Nigerian non-interest banking company based in Abuja, offering various banking services like savings, current, investment, and term deposit accounts, as well as financing options for auto, household appliances, and school fees.
- Twister B.V.: In 2016, Dangote Industries Limited purchased Twister B.V. from Shell Technology Ventures Fund. Twister B.V., located in the Netherlands, specializes in gas processing solutions for the oil and gas sectors, including conditioning systems, hydrate separators, engineering design, and consulting services.
- Dangote Sinotruk: In 2017, Dangote Industries founded a $100-million truck assembly plant in Lagos, in partnership with Chinese company National Heavy Duty Truck Group (SINOTRUK). The plant, situated in Ikeja, can produce 10,000 trucks per year. Dangote Group holds a 60-percent ownership stake, while Sinotruk owns 40 percent.
- Greenview Development Nigeria Limited (GDNL): Greenview Development Nigeria Limited (GDNL) is Dangote Group’s terminal operating arm, and it operates Terminal E of the Lagos Port Complex (LPC) in Apapa, Lagos.
- Dangote Agro Sacks Limited: Dangote Agro Sacks Limited makes bags for packaging goods produced by its group companies. It has three factories in Ikeja, Lagos, and one in Obajana, Kogi State. The company produces woven, laminated, and A.D. star cement sacks.
- Dangote Sinotruk: In 2017, Dangote Industries teamed up with Chinese company SINOTRUK to create a $100-million truck assembly plant in Lagos, called “Dangote-SINOTRUK Plant.” Situated in Ikeja, Lagos, the plant has an annual production capacity of 10,000 trucks. Dangote Group holds a 60-percent ownership stake in the plant, while Sinotruk owns the remaining 40 percent.
- Saipem Dangote E&C: In 2015, Saipem, a major Italian oilfield services multinational, joined forces with Dangote’s company, Dangote Industries Limited, to establish Saipem Dangote E&C. This firm specializes in handling intricate Engineering & Construction projects in Africa.
- DIL Power Limited: DIL Power Limited is the owner of the Dangote Oil Fired Power Plant, a 400MW oil-fired power project.
- Dangote Granite Mines Limited: Dangote Group owns and operates a massive granite mine in Ogun State, Nigeria’s southwest region.