I Don't Have Any House Abroad, I Drive Myself Around - Aliko Dangote Reveals{pics}

Africa and Nigeria's richest man, Aliko Dangote has found out he has no interest in politics and does not have any house abroad.
Africa’s richest man, Aliko Dangote has discovered that regardless of his amazing wealth, he doesn't have a residence overseas. The Nigerian billionaire who lives a modest existence on this interview with Bloomberg has discovered non-public info of himself many people do not understand approximately.

He sat down with Francine Lacqua, an anchor on Bloomberg TV in London and discovered the subsequent information.

FRANCINE LACQUA: You’ve made billions in cement—something human beings have produced for heaps of years. What did you figure out?

ALIKO DANGOTE: I suppose truly what I figured out was searching at the whole African continent, specifically sub-Saharan, and announcing, “What can we clearly produce?” What I found out is that the general public of African countries imported cement. The better way, I notion, would be to empower Africa—to satisfy our own infrastructural wishes in order that we might be more self-­enough.

FL What excited you approximately the enterprise?

AD It’s not all approximately making money. It’s about making impact. For more than twenty years, Dangote became only a trading organization. Then we decided we wanted to be an business massive—and we needed to start someplace. It wasn’t pretty much cement. It changed into about industrialization. If you look at what Dangote Group is doing, it’s approximately improving people’s lives.

FL What does it mean to be an industrialist in recent times? It seems nearly like a task description from any other generation.

AD I think you need to be very courageous. You should be formidable however also constant. It’s no longer very clean to come to be one, I’ll tell you that a lot.

FL How could you describe your business to a person who’s in no way heard of it?

AD We’ve accomplished $18 billion of enterprise in the span of approximately four years, which is nearly unparalleled in Africa. Most human beings don’t know what's occurring in Africa or that we’re the first African organisation to strive those endeavors—cement, agriculture, and now so much extra. Sometimes you meet humans, and that they study you and say, “How did this guy get here?” Because in case you say, “You are in Africa,” they assume Africa is a jungle—that’s the problem. So unless you cross and notice, you'll now not consider this stuff are happening.

FL What possibilities excite you the most right now as a businessman?

AD Agriculture. When you examine it—no longer simply in Nigeria but within the relaxation of Africa—most people of countries here depend on imported food. There is not any manner you can have a populace of 320 million in West Africa and no self-sufficiency. So the primary factor to do is meals safety. We have land, we've got water, we've the climate—we shouldn’t be a big importer of meals. With cutting-edge farming you can get 8 to ten heaps per hectare. I believe Dangote Group is in the proper position to force this trajectory. I expect any other five to ten groups to join our efforts within the next 12 months. By 2019 we might be able to surely create about 290,000 jobs in agriculture. And that’s what you may do to empower human beings, specially the ones from rural areas.

FL Why hasn’t this been achieved earlier than?

AD What you need to apprehend is that in Africa, going lower back 25 or 30 years, the general public of organizations have been surely owned by authorities. And authorities has by no means been proper at walking any business. That’s the problem we've got. Government’s activity isn't always to drive the technique. We have entrepreneurship now, and that’s what we're looking to do. We are not as fortunate as Asia, where they already had a variety of entrepreneurship courting returned generations and stuck that wave. In Africa, when you truly look at it deep down, we lack the entrepreneurship to in shape that boom in Asia. And we don’t have the capital markets to assist force the procedure. But it’s taking place, slowly.

FL You’re making a strategic choice to address food security just as weather exchange will become more stated. How do you maintain your efforts from withering?

AD We are following that very intently and are looking to determine what to do. We need to shield ourselves. Today in Nigeria, if you study weather alternate—which I believe is actual—we have in no way visible this kind of rain. So we are following the entirety very, very intently, specifically sugar and rice, two vegetation we’re that specialize in.

FL And yet you’re in the technique of constructing one of the international’s largest oil refineries. Why oil? Don’t you fear we’ve reached top oil?

AD Well, you spot, the issue is—let me inform you why we had to cross into oil. Our approach became to be an African business enterprise. When you study the alternative options, it’s truely agriculture—and agriculture doesn’t take that a good deal cash. We always make investments most of our cash back into the enterprise, so whilst we looked at it in 2015 and projected our revenue for the next few years, we checked out what we had left after making an investment in fertilizer and found out we nevertheless had billions of bucks we may want to positioned somewhere else. The only region we could invest that plenty cash became in the oil and gasoline commercial enterprise. So the refinery takes the ones greenbacks and allows us to invest in some thing we are used to, which is enterprise.

FL Why didn’t you get into oil earlier?

AD The majority of humans here made their cash via oil. But Dangote has by no means ever dealt in oil, that is to show that you don’t have to be in oil. In Nigeria, oil has virtually broken our wondering. Everyone is thinking about oil, oil, oil. And we are one organisation that has made a success without doing that. Also, human beings always say, “Oh, he’s in oil and gasoline—there’s quite a few corruption in oil and gas.” We didn’t want to be part of that. There are a variety of friends of mine in oil, and they're doing the proper thing. But I didn’t need to be a suspect, in order that’s why we’re no longer in oil.

FL So why move so huge on oil as opposed to renewable energy?

AD In enterprise you need to understand earlier than you jump into some thing. You should do pretty quite a few homework. For instance, Nigeria’s refineries have been privatized in 2007. We sold , however after some months we had a brand new authorities that determined to void the transaction, wondering we got a very good deal. So considering the fact that 2007 we’ve been surely operating on constructing our own refinery, but we didn’t ultimately begin something until 2015.

FL Did you always need this big a refinery? Won’t or not it's one among the most important inside the international?

AD We had already studied doing three hundred,000 barrels an afternoon back in 2005. At that time I couldn’t even fathom a bigger refinery. I had no economic ability. Then in about 2010 we paid all ­Dangote Group’s money owed, which amounted to $2 billion, and started gathering coins. When we determined to construct the refinery of our desires, we reviewed our plans once more and positioned the figure at 400,000. Then it jumped as much as 650,000. So a refinery had sincerely been at the drawing table for years, but that is how we were able to ultimately push it through.

FL How’s it coming alongside?

AD At the moment we're a little bit off track. We didn’t in reality comprehend that we have been going to want nearly 70 million cubic meters of sand. But we are catching up, and I’m certain we’ll be able to supply it by using the final zone of 2017.

FL Do you fear approximately not finishing?

AD I don’t have that worry. We have the most strong team all of us can prepare, and we’ve been doing this kind of work together for years. We have simply never failed in handing over any undertaking. We usually supply our projects on time and at cost. If we hadn’t delivered our initiatives on time, that might be something. We will virtually deliver, with the aid of the grace of God.

FL Yet it’s pretty difficult to be successful at an industry you don’t realize thoroughly.

AD We don’t want to pay attention to the critics, because their purpose is to damage us. We are the usage of our personal money. This is my lifetime challenge. I should lower back it up with my very own existence to ensure it's far introduced. I recognise that, yes, it’s genuine, a whole lot of humans have attempted to deliver on refineries inside the beyond, primarily governments. They couldn’t.

FL So this is the maximum ambitious element you’ve ever done?

AD It’s an ambitious venture, yes, but we've others at that specific web site, too. We have a gasoline pipeline, for example. We are seeking to carry gas to Nigeria. The total fuel as a way to pop out is on par with the likes of Shell and other human beings. This will rework Nigeria because, as we communicate, we have about 6,800 megawatts of strength ability that has been mounted however not been put to apply, the purpose being that we don’t have the infrastructure.

FL Do you watched it’s less difficult to be a businessman in Western international locations?

AD I assume it’s easier, yeah. It’s more defined. You can plan higher. You don’t have troubles of currency devaluation. There’s greater clarity. Yeah, it’s better. The difference is here the income margins are big—plenty large. And in case you are not a big player, you don't have any manner of survival.

FL Give us a experience of the difficulties you may stumble upon as a businessman in Africa.

AD For the refinery, almost every single thing become imported from abroad. One of the difficulties become that most of our ports aren't designed to receive heavy equipment; seventy five percentage of the shipment we want for the refinery can't be offloaded within the port of Lagos. One piece of gadget weighed 2,870 lots! No port in Nigeria is designed for shipment that heavy. So we built our personal jetty, about 1 kilometer within the ocean, which was a first-rate venture. We couldn’t get nearby cranes to hire, either. We needed to move and buy 300 cranes. Then there’s manpower, which we also introduced from overseas—nearly 30,000 humans, because we didn’t have a educated personnel for these big projects. We are building housing for the foreign employees and expect to have among 35,000 and 40,000 workers at the peak of the challenge, consisting of locals, whom we will house out of doors the refinery. So, you know, walking companies in Africa is good, however it’s no longer clean. You must be on top of what you're doing.

FL So do you believe you studied you’ll ever get into renewables?

AD We gets into renewables, of course, however we’ll attempt to companion. Beginning in 2020 our predominant investment might be in the U.S. And Europe.

FL And with a purpose to be in renewables?

AD I suppose renewables is the best way to head ahead, and the destiny.

FL How an awful lot do you would like to make investments out of doors Africa?

AD Beginning in 2020, 60 percentage of our future investments may be outdoor Africa, so we will have a balance.

FL Where out of doors Africa will that investment be focused?

AD Mostly in Europe and the U.S., but we can also spend money on Asia, in Mexico.

FL What companies other than renewables?

AD We are searching at petrochemicals however can also put money into different organizations. We need to believe in the control and what they may be doing. But the priorities are here for now. In 2020 the priorities will trade, and we’ll diversify because we can have the coins to divest.

FL By 2020, how much cash are you able to put within the U.S. Or Europe?

AD Let’s say that by means of 2025, I’m looking at among $20 billion and $50 billion. Mind you, we don’t do small things.

FL How do you think it's going to move over with the human beings in those countries?

AD The marketplace is already massive. It’s a large fight. Big enough for all of us. We will now not cross by myself. We may have partners, too. Having partners there makes a variety of sense.

FL Before we communicate too much more about the destiny, what changed into it like for you growing up?

AD I grew up in Kano, Nigeria. After my college I went to Egypt and finished there. Then I moved on to Lagos to do enterprise. I found out quite plenty from my past due grandfather. He turned into in trading. I certainly grew up with him. I didn’t recognise my parents until I changed into about four or five years antique, and unfortunately my father died once I became eight.

FL What’s your earliest reminiscence of your enterprise instincts?

AD That started perhaps at the age of 10 because my own family had constantly been in business. They have been big commodities traders, and my grandfather, might also his soul rest in peace, had constantly been in commercial enterprise.

FL You later spent a while in Brazil. What changed into that like?

AD Brazil became having a lot of forex demanding situations then, as well as inflation, however they were very industrious. They have numerous industries which have been built by using marketers, and I were given to interview quite a number of them via going around. I form of went to Brazil to persuade myself to move into industrialization.

FL What was the most powerful component you found out there?

AD I went to a organisation known as Arisco. It turned into my first time seeing greater than six hundred human beings working in a unmarried manufacturing facility. I went there to visit them and notice how they began the enterprise. They had started very small: salt, then seasoning—adding garlic into the salt. By the time I was there, Arisco became generating 500 exceptional gadgets, even toothpaste. You couldn’t awaken inside the morning without the usage of their products.

FL What become it like, to peer that?

AD When I checked out it, mainly with Africa in thoughts, I concept, This is the proper way to go. There isn’t going to be any mistake, I don’t assume, going into enterprise. So we made that first ambitious circulate in Lagos and said, “We are going to begin.” Our first cement manufacturing facility had the capacity to supply five million tons a yr. Nigeria as a whole changed into producing only 2 million tons returned then. And we had in no way constructed a cement factory, however that’s how we began. At that point, freight become almost $ninety a ton. We were paying via our nostril. It’s right down to $20 a ton now. The tale is totally specific in different ways now, too. When you observe areas generating cement in Africa, the rate has long past down by using at least 1/2, and product is sincerely plenty greater to be had. The global players additionally locate it hard to in shape our excellent or alternate the dynamics of the market.

FL How did you make a decision to make that first move?

AD Back whilst we first tried cement in 1978, I became just buying and selling—buying four trucks of cement, promoting it, and making my cash. Almost each day I changed into getting an allocation of 4 vehicles. The enterprise grew, but then we decided to dump cement so we should get into sugar, rice, and different commodities. When we went again into cement with that first manufacturing unit, inside the first yr, we went from zero marketplace proportion in Nigeria to approximately forty five percentage. Now the country is generating 42 million tons, of which 29 million lots is ours—and it’s now not only Nigeria that we ­benefit, however we’ve additionally been able to visit 17 other African international locations. By 2019 we’ll have eighty million heaps of capacity.

FL To turn out to be that massive business organization, you’ve capitalized for your first-mover gain. Is that always your enterprise strategy?

AD Our business approach has continually been like that, sure. We don’t want to be No. 2 in anything that we do. We need to be No. 1. Worst case, we may be No. 2 however targeted to come to be No. 1.

FL What’s the distinction between No. 1 and No. 2?

AD I think it’s boldness. We make a lot of formidable movements, which other people locate certainly difficult to take. We always dream very large, and we’re dedicated to making an investment in Africa. That’s truely what makes the distinction. Other people have one of a kind ­priorities, but our dominant priority is right here in Africa. We agree with that different people have honestly finished much larger projects than us in other parts of the sector, so the most effective way to transport Africa ahead is for humans like us to take very bold movements.

FL Do you ever fear approximately being too formidable?

AD I in no way worry about being too formidable. In business it’s proper to be aggressive, however with a human face.

FL Who taught you that?

AD Well, I’ve learned from a pair of things. I concept in the beginning I became really competitive till I watched this display, The Men Who Built America. I found out that surely they had been much bolder than us. Someone like Vanderbilt, he built 50,000 miles of rail! That is a completely bold pass. That’s why anything we do, we don’t do it small. If there’s any person who has carried out this similarly, I am identical to the assignment to do the equal. I certainly have a sign up my table that asserts, “Nothing is impossible.”

FL Earlier you noted paying off your debts round 2010. How giant was that second, and how did you have fun?

AD It turned into a turning factor. It helped us to be greater disciplined. We are not looking to conceal our heads from the banks. It has additionally given us a model to be very prudent and also be financially sturdy. Because usually humans exit there and do challenge financing. We don’t do challenge financing. We leverage our modern-day businesses and then construct some other new enterprise. So in the head workplace here, what we do is handiest strategy and incubating various businesses.

FL You communicate approximately commercial enterprise with a cause, and that might be additionally one of the motives you assert you’re a success. How many different businesspeople round the world, at your degree, would you are saying are like that?

AD There are a couple, but in Africa there are very few.

FL Why so few?

AD I suppose subject. You need to be disciplined at what you are doing.

FL Would you be inquisitive about going into technology?

AD When I study telecom, as an example, I think that would be very difficult for us. We are a little late. Some gamers were in this marketplace for 17 years already. There’s no way you can go and jump over someone after 17 years of their tough work. So I think we'd bypass with regards to telecom nowadays. There are other companies that we recognize higher.

FL Why no longer lower back extra tech startups?

AD We can without a doubt do nearly some thing, but I think technology isn't always truly one of the regions we need to go into right now. If I am going to spend money on a tech company, I can buy shares, however it’s no longer something I want to go in and run. I am very passionate about industrialization—more than going right into a tech business enterprise. It doesn’t make any sense for us to head direct there.

FL Because of your portfolio?

AD Because of our portfolio, sure. If you try to do some bit here and a touch bit there, you get into trouble. We arrive with awareness, and we persist with it. Right now, past the oil refinery, our awareness is on agribusiness. Anything we're doing among now and 2020 has to be agriculture—that’s it. I don’t need to stretch myself too thin, and the excellent way to do this is we need to deliver on things that were promised, mainly due to the fact people are questioning if we’ll be able to deliver.

FL Are you ever annoyed that valuations seem to be better in tech businesses than inside the industries like your own?

AD Honestly, I do. Look on the U.S., the manner the tech corporations have become big. And it’s nonetheless nothing compared to the GEs, but the ones don’t get that kind of valuation. I desire that we’d entered tech, but our awareness has constantly been in Africa.

FL You’ve cited looking to shop for Arsenal Football Club earlier than. Is that still for your desire listing?

AD Yes, but I don’t need to go after Arsenal till I deliver the refinery. Once I supply, I will move after Arsenal.

FL There are no other golf equipment you’d want to buy?

AD I don’t alternate clubs. Even while Arsenal isn’t doing properly I nevertheless stick through them. It’s a top notch crew, nicely-run. It may be run better, so I will be there. I will wait. Even if things alternate I will take it and make the distinction going forward.

FL Do you suspect Stan Kroenke and Alisher Usmanov would promote their stakes?

AD Well, you know anything is feasible on this international. If they get the right offer, I’m sure they could walk away. We’ll be in a function to present them the proper offer. They will now not hold ­Arsenal forever. Someone will deliver them a suggestion with the intention to cause them to severely take into account strolling away. And whilst we end the refinery, I think we will be in a position to try this.

FL How might you exchange things?

AD The first component I could trade is the educate. He has executed a good process, however a person else need to additionally strive his luck.

FL If you were gambling for Arsenal, could you be a striker, defender, goalkeeper, or the manager?

AD I would instead be a striker. Naturally, I’m an competitive individual. I don’t need to be part of the guide group. I want to be the one scoring the goals.

FL When did you begin loving the club?

AD In the mid-’80s. I became introduced to a person named David Dein, who become Arsenal’s vice president, thru a chum of my uncle’s. He become the primary character who showed me a shipment of sugar in 1980, once I began importing. I started shopping for sugar, and he started taking me to the stadium.

FL Just questioning: Would you ever run for president? You’re nonetheless young. Maybe in 10 or 15 years?

AD I’m antique—60.

FL That’s young!

AD No, I’m not interested. There’s pretty loads we are able to do from the business side. I revel in a whole lot of what I am doing, and I also love my freedom—and I don’t have an excessive amount of. The little I have, politics could get rid of. I am not prepared to present that up. There are businessmen who are interested in politics. I’m not one in all them.

FL Where do your best business thoughts come from?

AD I constantly look at what different human beings have completed and what we should be doing. There are quite a number of industries which we do need in Africa. We create a lot of raw substances and export finished items. It is truely less complicated for us to reflect onconsideration on what to do right here because, something you do, the majority of those decisions will make a high quality alternate. There are lots of opportunities due to where we are beginning from. In the Western world—the U.S., Europe—you have nearly everything. In Africa we don’t have lots opposition, in element due to the fact so many people have their money in liquid cash, no longer assets.

FL What do you need to do to get things performed in Africa? Do you need politicians to your aspect?

AD Well, in Africa, yes, I do assume you need politicians. But on the identical time, we can't get matters right unless there is ideal cooperation among the politicians and the businessmen. It’s a win-win. When you observe it today, in Nigeria, greater than 85 percent of the GDP is from the personal zone.

FL Do you ever feel under pressure to make political donations? Do you fear about being corrupt or being corrupted?

AD Well, you know the political donation relies upon on who you're managing and who you're donating cash to. But the problem is we don’t go and give people in politics cash for favors. I’ve instructed presidents of countries, “I’m a contractor, I’m going for walks a commercial enterprise, I don’t want any favors.” And truely while you study it these days, in all our corporations, we don’t want any favors. I’m announcing this here and now. I can tell you today, as we communicate, that we, Dangote Group, don’t have any agreements on our fertilizer, our refinery, our agriculture. We don’t have any assist at all. We’ve achieved our numbers. We suppose this enterprise will paintings, and we don’t need government guide.

FL What is the human flaw that frustrates you the maximum in business?

AD In Africa, you normally want to know who you’re handling. You must make certain you’re handling very honest people who have integrity—that’s why we've got so few partnerships. Dangote itself has plenty of headaches to take care of.

FL Maybe that’s why there seem to be fewer industrialists inside the world?

AD Yes, the industrialists are now in Africa! Others have matured and are doing something different. I’m nevertheless a massive believer in industrialization, although. And while you look at, say, Reliance Group, they're doing pretty a lot. We have lots to seize up with them. That’s why for us to develop, we are able to’t take an excessive amount of threat. It’s suitable for us to also cross outside Africa to stability the currency fluctuations.

FL You’ve talked plenty about your enterprise being for something aside from commercial enterprise—sometimes it’s for Africa, different instances it’s for Nigeria. Which is it?

AD I suppose it’s in particular for the continent. I’m a completely glad character and content with what I even have so far. I think one of the legacies to leave is how a whole lot of an impact have I had for my own people. Really, while you observe it, we're pushing difficult at the enterprise and also on the philanthropic facet. I need to make the maximum impact on the sector earlier than I depart. I wish to start from home first and grow from there.

FL Have you continually desired to do some thing for the extra precise?

AD I always sense like that, and that’s what we've. Even in our very own basis we're 70 percent Nigeria, 20 percent rest of Africa, and then 10 percent the relaxation of worldwide. As we progress we can lessen that portion of Nigeria. Because as we grow, additionally the inspiration will keep growing. It is my very own dream not best to be a champion of Africa, however additionally a champion of the arena.

FL Do you care loads about your personal wealth? One 12 months you lost nearly $6 billion, for example. Is it something you take a look at or is it just an inconvenience?

AD When you consider it, sure, maybe you misplaced cash. But I agree with in what we are doing. The corporations are very strong. The handiest element that bothers me in Africa is you could benefit so much in five years and then you can have or three years of terrible foreign money valuation. Otherwise, it doesn’t simply maintain me unsleeping at night time.

FL What type of recommendation might you supply your 20-yr-old self these days?

AD The identical thing I inform everybody. If you’re going into business, you have to be very consistent in what you are doing. You must paintings difficult. Things don’t come that easy. Think huge, dream massive, and do massive matters.

FL You’re called a totally quiet billionaire. Do you opt for creating wealth to spending money?

AD I’m no longer someone who just loves to throw away cash. I spend extra money on charitable matters than myself. Luckily, myself and my kids, we were very disciplined. That’s why if you take a look at it these days, due to the way I run my lifestyle, I truely don’t have any domestic outdoor Nigeria. I stay in hotels. Quiet. Simple. My lifestyles isn't always very lavish, and I honestly get very embarrassed if I strive to reveal that I actually have cash. I don’t. I assume I constantly propose human beings that it’s better to be very communal. In Lagos, I force myself round on weekends. I ask my driver to move rest, and then I power myself around. I still visit my ordinary buddies I grew up with. My house is open 24 hours an afternoon for them. I mingle with all and sundry. That’s the simplest way to get to understand what’s taking place.

Africa's richest man,

Aliko Dangote

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