Oil money doubles Dangote’s wealth
Aliko Dangote, the richest man in Africa, has started reaping the rewards of his labour. According to Bloomberg, Dangote’s wealth has doubled to 27.8 billion dollars owing to the 650,000 barrels of oil his refinery produces per day.
Dangote’s Refinery is globally unmatched. It is the largest single-train oil refinery and its complex design enables it to process various crude types. It is large and capable of being the breakthrough the Nigerian economy needs.
Although Dangote said, during an earlier visit to New York, that he didn’t know they were building a monster, the refinery is too powerful to have been an accident. “The pressure was coming from different directions, people confusing us, disturbing us every day with different media stories that it will never work, it will never work, it will never work”, he said.
Since the refinery began operations in January, Dangote has been at loggerheads with the Nigerian government on several issues including the impact of the refinery on the environment and the people living around it. Dangote’s vocal response to the FG’s complaints was not a surprise considering what the refinery means to him.
The refinery cost more than Dangote planned for when he embarked on the project. But he courageously kept going until it became a reality. Altogether, the refinery cost 20 billion dollars and 11 years. And it was mostly self-financed. The challenges he faced while building the refinery made his success more rewarding.
Nigeria’s unprofitable rendezvous of refining her oil abroad and re-importing it was apparently a source of concern, or perhaps a business opportunity that was too obvious for Dangote to ignore. Although Bloomberg reports that maintaining wealth in Nigeria has become a hassle due to the naira’s loss of value, Dangote seems to be doing fine. In fact, he gave himself flowers when he boasted that 80 per cent of his business is conducted with dollars.
He went further to state that by next year, Dangote Group will be the biggest supplier of dollars to Nigeria. Dangote mentioned investing more in charity and handing over to his children and family members, including a grandson who’s almost a graduate.
“I’m making my country and continent self-sufficient in things that they never ever dreamed of. It’s better than selling bags. Some people have done really well by that too but it’s not the same.” One would think Dangote was throwing a jab at Johann Rupert, his fellow billionaire. Or maybe he was. Perhaps throwing jabs is a generational Nigerian skill.
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