Tag: Dangote

Africa’s wealthiest individual, Aliko Dangote, has disclosed that despite his enormous fortune, he does not own any property outside Nigeria.

Speaking at a media parley, the billionaire businessman explained that whenever he travels abroad, he opts to stay in hotels rather than maintain foreign mansions, which he described as a source of unnecessary distraction and expense.

Dangote said his decision is driven by a deliberate focus on his mission to industrialize Nigeria, and that owning luxury properties overseas would detract from that purpose.

He revealed that his only personal residences are located in Lagos and Kano, and that even within Nigeria, he rents an apartment in Abuja rather than owning one there.

The disclosure has drawn widespread attention and admiration, with many Nigerians expressing surprise that one of the world’s most prominent billionaires lives with a level of simplicity that stands in sharp contrast to the lifestyle choices of many far less wealthy public figures.

President of the Dangote Group, Aliko Dangote, announced on Saturday that Nigerians will, within the next four to five months, have the opportunity to buy shares in the Dangote Refinery.

Dangote disclosed this while speaking with journalists during a tour of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.

‎“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.

‎“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he stated.

‎Highlighting what he described as the national ownership dimension of the project, Dangote revealed that NNPC currently holds a minority stake in the refinery on behalf of Nigerians.

‎“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” he said.

‎Beyond public participation, Dangote said his company would deepen cooperation with NNPC to strengthen operations at the refinery and expand Nigeria’s energy and industrial capacity.

‎“I think the sky is the limit and we [NNPC and Dangote Refinery] will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.

‎He noted that discussions were ongoing on additional areas of collaboration, including possible joint ventures across the oil and gas value chain.

‎“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” Dangote explained.

‎The billionaire businessman also spoke about new industrial projects within the refinery complex, including the production of linear alkylbenzene, a key raw material used in detergents.

‎According to him, the facility is being positioned as a major supplier across the continent.

‎“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,”he added.

Dangote emphasised that both organisations share a common objective of advancing Nigeria’s energy security and boosting industrial development.