Aliko Dangote

For most wealthy individuals, owning assets and properties comes with various motivations. This can often be associated with diversified investments, luxury, status, or residential use. For Nigerian industrialist, who is also the wealthiest person in Africa, Aliko Dangote, not having a residential property abroad is based on his primary focus on industrialization at home. Speaking at a gathering in Nigeria over the weekend, Dangote shared that despite his vast wealth, he does not own a residential property abroad. He explained that his only residential properties are his house in Lagos, Nigeria; the one in his hometown of Kano, also in…

Dangote Sugar Refinery Plc, a leading integrated sugar business owned by one of Africa’s wealthiest individuals, Aliko Dangote, faced substantial foreign exchange losses amounting to more than $100 million in the first half of 2023. The staggering N83.1 billion ($107.3 million) in foreign exchange losses were attributed to the devaluation of the Naira, which adversely affected the company’s earnings capacity and necessitated the revaluation of its foreign currency obligations. This pressure on earnings resulted in a significant loss of N27.98 billion ($36.17 million) during the first six months of 2023. This contrasts sharply with the N20.24 billion ($26.2 million) profit…