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Nigerian Billionaires and Top 20 Richest People in Nigeria

What is the secret to the success of the top 20 richest people in Nigeria? Who are the Nigerian billionaires and how did they amass their wealth? What are the business success secrets of the successful entrepreneurs in Nigeria? What does it take to become a billionaire in Nigeria? If the answer to any of these questions interests you, then please read on.

Today, I will be compiling a list of Nigerian billionaires and top richest people in Nigeria but please this list will be restricted to entrepreneurs only. Politicians and individuals whose source of wealth cannot be traced are excluded from this list.

Most people have asked why so few Nigerians made the Forbes list of richest people in the world. So far, only Aliko Dangote, Mike Adenuga and Femi Otedola have made the Forbes list of world billionaires. Well the answer to that question is this: Forbes estimates the wealth of individuals and rank them based on the value of shares they have in quoted companies (companies listed on the stock exchange) and most of the richest people in Nigeria prefer to run their businesses privately. That’s why they don’t make the Forbes list of richest people in the world.

                The criteria for coming up with this list

Most of you may be wondering the criteria or benchmark on which I compiled this list of richest people in Nigeria. Well, I compiled this list based on the following criteria:

  • By the value of their shares held in quoted companies.
  • The size and market share of their companies
  • The number of companies they own and its assumed value
  • The market value of their company’s brand
  • The impact of their companies on the Nigerian economy

I compiled this list of richest people in Nigeria and highlighted the secret to their success because I believe we can learn a lot from them. Nigeria as a country has been branded all sort of names and a lot has been said about Nigeria; both positive and negative but I am proud that some individuals stood tall to tell the world that we have got potentials.

Despite the harsh terrain and business challenges involved with starting a business in Nigeria; the successful entrepreneurs listed below held their ground and fought their way to the top. In a country with a population of over 150 million inhabitants and millions of businesses; these 20 entrepreneurs diligently carved their names in the sands of time.

Instead of boring you with their success stories; I would rather extract the vital lessons learned from the life of these billionaires. If you are ready to learn, then below is a list of the Nigerian Billionaires (entrepreneurs) and top richest people in Nigeria.

  Nigerian Billionaires and top 20 Richest People (Entrepreneurs) in Nigeria 2013

1.            Alhaji Aliko Dangote –    founder of Dangote Group and Richest black man in the world

2.            Mike Adenuga –    Conoil, Equatorial Trust Bank, Globacom

3.            Femi Otedola –     ZENON Oil and Gas

4.            Orji Uzor Kalu –      Slok Group

5.            Cosmos Maduka –     Coscharis Group

6.            Jimoh Ibrahim –     Nicon Insurance, Global Fleet

7.            Jim Ovia –       Zenith Bank, Visafone

8.            Pascal Dozie –     MTN Nigeria, Diamond Bank

9.            Oba Otudeko –    Honeywell Group Nigeria

10.          Alhaji Sayyu Dantata –   MRS Group

11.          Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group

12.          Prince Samuel Adedoyin – Doyin Group

13.          Dele Fajemirokun –        Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards etc.

14.          Chief Cletus Ibeto –        Ibeto Group

15.          Raymond Dokpesi –        Daar Communication, AIT,

16.          Tony Ezenna –                   Orange Group

17.          Chief Molade Okoya Thomas –    Chairman CFAO Nig and other six french companies

18.          Ifeanyi Ubah –      Capital oil and gas

19.          Leo Stan Ekeh –      Zinox

20.          Fola Adeola –      GTBank

21.          Chief Ade Ojo –        Elizade Motors Nig LTD, Distributor of Toyota cars

Now having gone through the list of richest (entrepreneurs) people In Nigeria, I believe it’s time I share with you the secret to their success. I am not sharing these secrets with you to fill up space or excite you.

Rather, I am sharing the secrets of Nigerian billionaire entrepreneurs so you can pick up one or two lessons and replicate their success strategy. After all, success can be replicated.

The Richest People in Nigeria and Secret to their Success

Have you ever wondered how Aliko Dangote emerged the richest black man in the world? Have you ever wondered how the richest people in Nigeria became rich? Have you ever tried to find out the exact success secret of Nigeria’s billionaire entrepreneurs? Well, this article is going to put all your answers to rest.

In this article, I am going to spill the untold success secrets of the richest people in Nigeria and how they became billionaires. If you are prepared to replicate these success secrets, then below are the untold success secrets of the richest people in Nigeria.

  The Richest People in Nigeria and Secret to their Success

1.    They are Strong Willed

The richest people in Nigeria are strong willed in spirit. They are dogged and persistent. To these set of individuals, success is not an option; it’s a must. These successful Nigerian entrepreneurs refuse to be held down by their circumstance; instead, they reached out for their inner strength and went for success. Above all, these entrepreneurs don’t take no for an answer; they simply refuse to give up and that was why they succeed.

“When Raymond Dokpesi was on the verge of losing A.I.T; he refused to give up.

Mike Adenuga had his telecom license revoked twice and lost over 20million dollars but he refused to give up.

Orji Uzor Kalu had his oil bloc license and his aviation license revoked; his airline business was grounded and the business accounts of his publishing firm (The Sun) was frozen, yet he refused to give up.

Chief Cletus Ibeto’s cement company was shut down by the government but he persisted and refused to give up.

So if you are ever going to have your name listed as one of the richest people in Nigeria; then you must be prepared to stick it through to the end. You must never give up.

2.   They thoroughly understand their line of business

Take a close look at the Nigerian billionaires listed above and you will see the names of entrepreneurs that thoroughly understand their line of business like the palm of their hands. They know the in-depth intricacies of the various businesses they are involved in.

Cosmos Maduka, the billionaire founder of Coscharis group even liken himself to a first class degree holder from the University of Automobile Spare Parts. This goes a long way to prove to you that knowing your line of business is essential to success not only in business but life in general.

3.     They are focused

The richest people in Nigeria are focused; they chose a specific business of their strength and stuck to it. If you are ever going to make it in Nigeria, then you must obey the first law of business success of Andrew Carnegie; the steel mogul.

“And here is the prime condition of success, the great secret. Concentrate your energy, thoughts and capital exclusively upon the business in which you are engaged in. Having begun in one line, resolve to fight it out on that line; to lead in it. Adopt every improvement, have the best machinery and know the most about it.” – Andrew Carnegie

If you think this statement is a mere fad, then think again because it’s the truth in its entirety. Aliko Dangote focused on commodities and basic needs while Femi Otedola concentrated on oil and gas. Cosmos Maduka and Ade Ojo focused on automobiles; Fola Adeola focused on banking, Leo Stan Ekeh concentrated on computers and Raymond Dokpesi focused on broadcasting and entertainment. This should tell you that concentration is a key factor to succeeding in business.

4.     They have a strong business mission and vision

The Nigerian billionaires have a strong business mission and vision; and these two factors propel them to greatness. Take away their business mission and they are no more; this is because their entrepreneurial spirit is in the mission of their businesses.

Take for instance Aliko Dangote, he is on a mission to provide the basic needs of over 150 million Nigerians; Femi Otedola is out to provide Oil and gas at a uniform price with faster delivery.

Fola Adeola is on a mission to provide innovative banking services to Nigerians; Leo Stan Ekeh wants to put a computer in every home and Raymond Dokpesi is out to give Nigerians uncompromised news and information on happenings. A strong business mission and vision is the reason these men emerged successful.

5.    They are excellent networkers

The richest people in Nigeria became rich because they are good networkers. They network among themselves and even patronize each other’s services; and when a big deal is on board, they pool their resources together, form a consortium, execute the deal and split the profits. This is why they emerged the richest people in Nigeria.

The Richest People in Nigeria and Secret to their Success

6.     They are Competitive

The Nigerians billionaires listed above are very good at networking with each other; yet, they still compete against each other when the need arises. You can see an example of this when Aliko Dangote used MRS Group to compete against Femi Otedola for the shares of Chevron Nigeria. The richest people in Nigeria know that nothing comes easy and life is not fair; so they fight with all they’ve got to stay in business. Competitiveness and the ability to stay afloat are essential to survival in business.

7.     They think big

One attribute I love about Nigerian billionaire entrepreneurs is that they are big thinkers. They think big and love to do big things. Despite the fact that they started small; they dreamed big.

Aliko Dangote is the largest cement manufacturer in Africa, Femi Otedola is the largest diesel importer in Nigeria; Jimoh Ibrahim runs Nicon (the biggest insurance company in Nigeria) and Raymond Dokpesi owns the first indigenous cable network television in Nigeria. So if you are going to leave a legacy in life, then you must think big and act big.

8.    They are flexible

Flexibility is one of the strengths of the richest people in Nigeria. They understand the terrain very well; they know that the government is the most inconsistent body so far, so they prepare themselves forehand.

They keep an eye on the ever changing pattern of the government and swiftly adjust their businesses to align with such change. They are also quick to adapt to current situation and trend while their competitors are still grappling with the reality on ground.

9.     They are opportunist

The richest people in Nigeria are opportunists; they know how to take advantage of situations. Where others see problems, these set of individuals see opportunities and start a business around such opportunity. While other Nigerians shy away from adversity; these men embrace adversity because they know that behind every adversity is opportunity.

“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” – Ajaero Tony Martins

They know that wealth lies in their ability to convert problems into opportunities and value; just like the ancient alchemists that tried to turn lead into gold.

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

10.   They have a strong business management team

It is often said that behind every successful man is a woman. In this case, I will say that behind every successful entrepreneur is a strong business management team. The presence of a business team is the reason why Nigerian billionaire entrepreneurs and richest people can swiftly take advantage of opportunities; raise capital and run multiple businesses while minding their family affairs. A business team is vital in your transition from a small business to a big business.

11.          They love Nigeria

Above all the success secrets of the richest people in Nigeria, this is the greatest. Love for Nigeria made the Nigerian billionaire entrepreneurs invest heavily in the country. They have all it takes to move their investment elsewhere but they chose to invest in Nigeria because they believe in Nigeria.

This factor is so prevalent that even Aliko Dangote advocated the need for entrepreneurs to firmly believe in Nigeria; instead of going abroad in search of greener pasture. This is to say that if you must strike it rich in your country; then you must believe in your country.

As a final note, these are the eleven secrets that are responsible for the success of the richest people in Nigeria. If you want to join this list of Nigerian billionaires; if you want to imprint your name on the sands of time, then replicate these strategies and I will see you at the top.

40 Wealth Attraction Secrets from the Richest People in the World

What is the secret to wealth? How did the richest people in the world amass such wealth? What is the wealth attraction secret of the richest people in the world? While I have tried to answer such questions in some articles published on my blog; I have come to realize that nobody holds the actual answer to these questions.

So instead of beating about the bush and trying to guess the secret to the wealth of the richest people in the world; I think I will let these richest people tell you their wealth attraction secrets directly. If you are ready; sit back, grab a can of juice and keep an open mind as the richest people in the world gather to reveal their wealth attraction secrets.

  40 Wealth Attraction Secrets from the Richest People in the World

  •  John D. Rockefeller – founder of Standard Oil

1.            “I have always tried to turn every disaster into an opportunity”

2.            “If you want to succeed, you must strike out on new paths, rather than travel the worn out paths of accepted success.” – John D. Rockefeller

3.            “Singleness of purpose is essential for success in life.”

4.            “There’s no mystery in business success. If you do each day’s task successfully and stay faithfully within these natural operations of commercial laws which I talk so much about and keep your head clear, you will come out all right.” – John D. Rockefeller

  • Bill Gates – founder of Microsoft

5.            “I believe that if you show people the problems and you show them the solutions; they will be moved to act.”

6.            “I like my job because it involves learning. I like being around smart people who are trying to figure out new things. I like the fact that if people really try, they can figure out how to invent things that actually have an impact.” – Bill Gates

  • Warren Buffett – Berkshire Hathaway

7.            “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”

8.            “Focus on your customers and lead your people as though their lives depend on your success.” – Warren Buffett

  • J. Paul Getty – Getty Oil

9.            “Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.”

10.          “My formula for success? Rise early, work late, strike oil.” – J. Paul Getty

11.          “I have no complex about wealth. I have worked very hard for my money; producing things people need.“

12.          “To build wealth today, you must be in your own business.”

13.          “You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

  • Henry Ford – Ford Motor Company

14.          “Don’t find fault, find a remedy.“

15.          “Wealth like happiness is never attained when sought after directly. It comes as a product of providing useful service.” – Henry Ford

  • Henry Ross Perot – EDS

16.          “If you see a snake, just kill it. Don’t appoint a committee on snakes.“

17.          “Most people give up just when they are about to achieve success. They quit on one yard line. They give up the at last minute of the game one foot from a winning touch down.” – Henry Ross Perot

  • Ingvar Kamprad – IKEA

18.          “Time is your most important resource. You can do so much in ten minutes. Ten minutes; once gone is gone for good.” – Ingvar Kamprad

19.          “Ten minutes are not just one-sixth of your hourly pay; ten minutes is a piece of yourself. Divide yourself into ten units and sacrifice as few of them as possible in meaningless activities. Most things still remain to be done.”

20.          “Simplicity and common sense should characterize planning and strategic direction.” – Ingvar Kamprad

40 Wealth Attraction Secrets from the Richest People in the World

  • Li Ka Shing – Hutchison Whampoa

21.          “I wasn’t lucky. I worked hard to achieve the goals I set for myself.”

22.          “That’s why I am always conservative. I never forget to maintain stability while advancing, and I never forget to advance while maintaining stability.” – Li Ka Shing

  • Howard Hughes – Hughes Aircrafts and tools

23.          “I intend to be the greatest golfer in the world, the finest film producer in Hollywood, the greatest pilot in the world, and the richest man in the world.” – Howard Hughes

  • J. P. Morgan – Morgan

24.          “Go as far as you can see; when you get there, you’ll be able to see farther.”

“If you have to ask how much it costs, you can’t afford it.” – J. P. Morgan

  • Larry Ellison – Oracle Corporation

25.          “You have to act and act now.”

26.          “I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.”

27.          “The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it’s enormously useful in life.” – Larry Ellison

                Orji Uzor Kalu – Slok Group

28.          “A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere.” – Orji Uzor Kalu

  • Donald Trump – Trump Organization

29.          “When somebody challenges you, fight back. Be brutal, be tough.”

30.          “I was relentless even in the face of total lack of encouragement because much more often than you think; sheer persistence is the difference between success and failure.” – Donald Trump

  • Carlos Slim Helu – Telmex Corporation

31.          “When there is a crisis, that’s when some are interested in getting out and that’s when we are interested in getting in.” – Carlos Slim Helu

  • Aliko Dangote – Dangote Group

32.          “I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote

  • Ted Turner – CNN

33.          “Early to bed, early to rise, work like hell and advertise.”

34.          “I decided I wanted to be a success.” – Ted Turner

  • Dave Thomas – Wendy’s

35.          “When I was eight years old, I dreamed that I would one day own the best restaurant in the world. My restaurant would serve great tasting hamburgers made just the way you like them, and all of the customers would love the food and come back again and again.”

36.          “Believe in your dream. People may tell you that you won’t make it, that you’re wasting your time. If you keep your dream in mind, have done your research and are willing to work hard, you can make it come true.”

37.          What’s the secret to success? It’s no secret. You need a winning attitude, honesty and integrity, and a burning desire to succeed.” – Dave Thomas

  • Andrew Carnegie – Carnegie Steel

38.          “Think of yourself as on the threshold of unparallel success. A whole clear glorious life lies before you. Achieve! Achieve!! Achieve!!!

39.          “I believe that the true road to pre-eminent success in any line is to make yourself master of that line.” – Andrew Carnegie

  • Richard Branson – Virgin Group

40.          “Above all, you want to create something you are proud of. That’s always been my philosophy of business. I can honestly say that I have never gone into any business purely to make money. If that is the sole motive, then I believe you are better off doing nothing.” – Richard Branson

The Highest Paid CEOs in the World are not Entrepreneurs

Have you ever at one time or the other admired the fortune 500 CEOs? Have you ever wished to be one of the top corporate managers? Are you building a business so that you can write yourself huge paychecks? Then you better have a rethink because the highest paid CEOs in the world are not entrepreneurs.

I recently stumbled upon an article on CNNMoney, where the highest paid CEOs of 2009 was published and I carefully went through the list. To my surprise, I discovered that majority on the list of the top twenty highest paid CEOs were not entrepreneurs or founders of the companies they were managing. You can have a quick look at the list of highest paid CEOs in the world.

   The Highest Paid CEOs in the World

1.       Larry Ellison:       Oracle Corporation –      $84.5 million

2.       Ray Elliot:             Boston Scientific –           $33.4 million

3.       Ray Irani:             Occidental petroleum –                $31.4 million

4.       Mark Hurd:         Hewlett Packard –           $24.2 million

5.       James Hackett: Anadarko petroleum –                 $23.5 million

6.       AG Lafley:           Procter & Gamble –        $23.5 million

7.       William Weldon:               Johnson & Johnson –     $22.8 million

8.       Miles White:      Abbott Laboratories –    $21.9 million

9.       Bob Iger:              Walt Disney –    $21.6 million

10.   Samuel Palmisano:          IBM –    $21.2 MILLION

11.   Robert J. Stevens:           Lockheed Martin –          $20.5 million

After running through the above list, I also saw the list below.

The Lowest Paid CEOs in the World

1.       Steve Jobs:         Apple Inc –         $1

2.       Eric Schmidt:      Google –              $245,322

3.       Warren Buffett:                Berkshire Hathaway –    $519,490

Reading this article on CNNMoney made my mind flash back to a previous article I wrote that Aliko Dangote; the richest black man in the world is not the highest man in Nigeria. In that article, I emphasized that despite being the richest black man in the world; some corporate executives and DGs of governmental agencies l know earn more salary per year than he does and the article on CNNMoney has re-emphasized that view.

Analyzing the list of the highest paid CEOs in the world, you will find out that more than 98% of those that made the list are not entrepreneurs. Larry Ellison tops the list of highest paid CEOs but I believe he deserved to be on that list because he built Oracle from scratch and is actively involved with the engineering process of the company’s product development.

I felt compelled to write this article because everyday, I come across entrepreneurs who are trying to raise capital for their business idea. Often, they come to me for advice and I offer to critique their business plan.

Looking through their business plans, I usually observe that some of these entrepreneurs assign to themselves; ridiculous salaries. When I advice they cut the salary in half or work for free, all I get is a strong resistance or excuse. Some go ahead to tell me that they deserved such salaries or they need to put food on the table. While I am not objecting to their view, I remind them that their business is still in its startup phase and may require them to work for free. Of all the entrepreneurs I have given such advice, only few heed it.

Now isn’t your business meant to pay you huge salary? It is but not in its early stage. Secondly, entrepreneurs build business for a reward higher than that of a steady paycheck. Entrepreneurs are not driven by the desire to make money; they are driven by a desire to create outstanding value that will outlive them.

“The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” – John D. Rockefeller

In retrospect, it will surprise you to know that Steve Jobs and Warren Buffett are among the lowest paid CEOs in the world. Steve Jobs is paid $1 per annum. This brings me to the question: why are the highest paid CEOs not on the list of the richest people in the world?

The answer is this;

“The highest paid CEOs are employees; not entrepreneurs.”

Larry Ellison is among the highest paid CEOs and also on the list of richest people in the world because he’s an entrepreneur. Warren Buffett, Steve Jobs and other lowest paid CEOs are on the top list of the world’s richest people.

Warren Buffett is not on the list of the highest paid CEOs; yet, he’s the richest investor in the world. Bill Gates is not the highest paid CEO but he’s the richest man in the world. Mark Zuckerberg is not among the highest paid CEOs but he is the youngest billionaire in the world and Aliko Dangote is not the highest paid CEO in Nigeria, but he’s the richest black man in the world. Why this discrepancy?

The discrepancy lies not in their paycheck but in their motive for undertaking a task. Entrepreneurs are known to work for free, for many years without pay while the top corporate managers are in the game for the paycheck and security.

“You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey

Another reason why the highest paid CEOs are not entrepreneurs is because entrepreneurs get their pay in a different form order than a salary. Entrepreneurs build businesses for the asset; not the money. Note the difference.

 “I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump

“Money was never a big motivation for me except as a way to keep score. The real excitement is playing the game.” – Donald Trump

Entrepreneurs are in business to acquire assets; not monthly paychecks. They are not the highest paid CEOs because their reward comes in the form of royalties, dividends, rental income, increase in asset base and business growth.

Entrepreneurs are not the highest paid CEOs because they don’t think short term. They think long term; they think about the future generation and they think about creating value that will outlive them. Entrepreneurs don’t strive to earn the highest paycheck; they strive to build an asset that will continue to add value and better the lives of humanity.

“The richest people in the world build networks; everyone else is trained to look for work.” – Rich Dad

As a final note, I want you to reflect on the lessons of this article and answer the following questions: Are you working for a paycheck or are you working for free to build an asset? Do you need the highest paying job or a long lasting business? Do you want to be among the highest paid CEOs or among the richest people in the world? Only you can answer these questions; I rest my case.

“The problem with having a job is that it gets in the way of getting rich.” – Rich Dad

Aliko Dangote: The Richest Man in Nigeria + World’s Richest Black Man

Who is the richest man in Nigeria? Who is Aliko Dangote? How did Aliko Dangote become the richest black person in the world? Well, I will suggest you read on as there’s a lot to learn from this industrialist billionaire.

This is the inspiring story of how Aliko Dangote, a man from the third world rose from a humble beginning to become not only the richest black man in the world but also the richest black person in the world.

Today, I am going to share some business lessons from one of my mentors and role model. This mentor of mine controls over 60% of Nigeria’s sugar market and over 42% of the country’s cement market. I am talking of a country with over 150 million citizens. I bring to you, Aliko Dangote; the richest black man in the world.

The richest black man in the worldAliko Dangote is a business magnate, whose business acumen and aggressiveness send fear into the mind of competitors. He is the richest man in Africa, the richest man in Nigeria and the richest black person in the world. This humble billionaire currently sits atop one of Africa’s largest conglomerate, the Dangote Group.

On the 9th of March 2011, Forbes magazine declared Aliko Dangote the richest black person in the world with a net worth of $13.8billion. It’s also worthwhile you know that Dangote is the 51th richest man in the world as at 9th March 2011. But this was not so 25 years ago.

Born on April 10, 1957 in Kano, state Nigeria, to the family of Muhammad Dangote and Hajiya Mariya Sanusi Dantata. He had his primary and secondary education in Kano before he proceeded to Alazahar University, Cairo, Egypt to obtain a degree. If not for the degree, he would probably have been on my list of the richest school drop out billionaires in the world.

It was while working under his uncle, Sani Dantata that he found his passion and began developing his business skills. After developing his business skills and building his confidence, he got a lot a loan of N500,000 (approximately $3,500 today) from his uncle in 1977 to start his own business. Aliko Dangote was also given a deadline of three years to repay the loan but he repaid the loan in three months.

Aliko Dangote started business by trading in commodities such as sugar, rice, salt, pasta, cotton, millet, vegetable oil, cocoa and textile. In the course of running his business, he developed strong business ethics and principles. One of Aliko Dangote’s business strategies for succeeding in the commodity market was to develop a strong distribution network and make the delivery of his goods faster than that of his competitors.

After gaining a strong hold on the commodities market, Aliko Dangote ventured into manufacturing and producing the same commodities he was importing. In an interview granted to a journalist by this billionaire, he stated that leaping from importation to manufacturing was his greatest business move.

 Aliko Dangote: The Richest Man Man in Nigeria

Since he moved into manufacturing, Aliko Dangote has never looked back. His company (Dangote Group) controls over 13 other companies with most of them acquired through strategic mergers and acquisitions. In celebration of his 50th birthday anniversary in 2007, he commissioned a one billion dollar factory (Obajana Cement Factory), which happens to be the largest cement factory in Africa.

Today, his group is made up of Dangote Sugar Refinery (one of the most capitalized stocks on the Nigerian stock exchange), Dangote Flour Mills, Dangote sacks, Dansa Foods, Dangote transport, Obajana Cement (Africa’s largest cement factory), National Salt Company Of Nigeria (NASCON), Benue Cement Company Plc, the Bachita Sugar Company, Dangote Cement, Blue Star Shipping, Blue Star Investment and so on. Just recently, he boosted his philanthropic activities with the launch of his foundation (Dangote Foundation).

Dangote is respected in the business circle for his ability to buy and revive moribund companies. He is also known for his strong belief. He strongly believes in Nigeria and he proved it by investing 100% in Nigeria. To him, Nigeria is the best place to invest your money and I think I agree with that.

Aliko Dangote: The Richest Man in Nigeria

In acknowledgement of his business acumen, Aliko Dangote has been showered with many awards and has been listed as one of the 20 most outstanding CEO’s in Corporate Nigeria. He was awarded the Most Respected CEO of the year, by Price Water House Coopers/Business Day in 2005 and Cross River Roll of Honors Award, Best Entrepreneur and Philanthropist of the year in 2002. He was also conferred with the Officer of the Order of the Niger (OON) and Commander of the Order of the Niger (CON). Most recently, he was adjudged ThisDay Entrepreneur of the Year, 2006 and Best CEO of the Year also at the 11th Annual ThisDay Awards. He has had a brief stint as the president of the Nigerian Stock Exchange.

In 2008, Aliko Dangote emerged the richest black man in the world with a net worth of $3.3 billion dollars beating Oprah Winfrey: who is the richest black woman in the world with a net worth of $2.5 billion dollars. This is with respect to Forbes ranking of world Billionaires.

And in 2010, Aliko Dangote merged his cement companies to become Dangote Cement and this new entity was listed on the Nigerian Stock Exchange. Thus, making Aliko Dangote’s cement company, one of the most capitalized company on the Nigerian Stock Exchange and the biggest listing on the floor so far.

The total capitalization of the Dangote Group on the floor of the Nigerian Stock Exchange accounts for over 42% of the market capitalization (as at the time of the writing). Thereby making him “Aliko Dangote” the biggest individual player on the exchange.

Five Lessons I Learned from Aliko Dangote: The Richest Black Man in the World

In the course of studying the entrepreneurial lifestyle of this multi billionaire, I was able to grab five business lessons and principles that made him who he is today.

1.   Determination and Passion

Aliko dangote the richest black man in the worldAliko Dangote is known for being a man of determination. Anything he dreams, he set out to achieve. Just as he says “Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” For you to build a successful business, you must passionate about building a business. Passion will help you endure the challenges of the entrepreneurial process; without passion, forget about building a business.

“It is not really work if you are having fun.” – Pierre Omidyar

2.   The power of a strong mission

In course of understudying this role model of mine (Aliko Dangote), I came to discover that his overall success is all hinged on one factor; his mission. This mission is the fuel that drives his companies to dominate their market. Aliko Dangote was able to become a billionaire because he has a very strong mission statement and that mission is; “To provide the basic need of over 150 million Nigerians“

I also learned from Aliko Dangote that the spirit of the entrepreneur is found in the mission statement and if this mission is strong, it will continue to drive the entrepreneur’s companies to success even after his death.

3.   The power of a life purpose

Another lesson I picked from Aliko Dangote is the power of a life purpose.  Aliko Dangote has a strong life purpose and I will quote exactly what he said in an interview he granted:

“After my death, I want to be remembered as Africa’s greatest industrialist.” – Dangote

This statement propelled me to also ask myself the question;

“What will I be remembered for after I exit this world?

Now answer to the question above is what a life purpose is. To me, your life purpose is simply what you will be remembered for after your death.

4.   The power of strategy

While trading on commodities, Dangote developed a strategic plan that will set him apart from his competitors. The first strategy he implemented was to create a strong brand “Dangote Group;” a brand that signifies quality. The second was to develop a strong distribution network throughout the country, which in turn resulted in his ability to deliver his goods faster than his competitors. The third strategy was to sell his product nationwide at uniform price.

Aliko Dangote: The Richest Black Man in the World

In conclusion, despite the fact that Aliko Dangote emerged the richest black man in the world by 2008, it took him 30years to get there. For 30years, he was committed and persistent to the entrepreneurial process of building a formidable business. Along with this process come tough business challenges; if you stick to the process, you will hit the pot of gold.

 “The Rich Dad Company was an overnight success but it took us many years to get there.” – Robert Kiyosaki

That brings me to the last lesson I learned from this billionaire industrialist and that lesson is this; Rome was not built in a day. There is nothing like overnight, success requires hard work and persistence. At this stage, I leave you with this quote:

“The height attained by great men is not by sudden flight. For while their companions lay asleep, these men were toiling in the night.” – Anonymous