Africa’s richest man, Aliko Dangote, has surprised not just Nigerians but many Africans by revealing he doesn’t own a house outside the country. Dangote, who has a net worth of $13.9 billion according to Forbes, stated that he only has two houses in Nigeria, one in his hometown of Kano and another in Lagos. He rents an apartment whenever he visits any other state.
Despite Nigeria’s economic challenges, Dangote’s fortune increased by $400 million last year. His wealth primarily comes from his cement and sugar businesses, and he recently expanded into the oil industry by opening a refinery in Lagos.
Speaking at the Dangote Petroleum Refinery, the 66-year-old industrialist explained that his decision not to buy properties abroad is driven by his desire to focus on Nigeria’s industrialization. “The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria. I am very passionate about the Nigeria dream”
His comments have generated significant reactions on social media, with many praising his commitment to reinvesting in his country rather than buying luxury homes abroad.
Dangote’s modest home in Kano was used to host guests after his brother Sani Dangote’s death in 2021, while his luxurious residence in Lagos is said to be located in the affluent Banana Island area.
This has sparked discussions on the prudent use of wealth among Africa’s elite, highlighting the importance of prioritizing local investment over extravagant lifestyles abroad.