Africa’s wealthiest man, Aliko Dangote, surprised many Nigerians by revealing that he does not possess property outside the country. Instead, he stated that he owns residences in his hometown of Kano and in Lagos, opting for a rented apartment during visits to the capital, Abuja.
Despite economic challenges in the nation, Forbes magazine named him Africa’s richest person for the 13th consecutive year in January. His wealth increased by $400 million in the past year, resulting in a net worth of $13.9 billion (£10.7 billion) as reported by Forbes.
Dangote, a 66-year-old tycoon who amassed his fortune in cement and sugar industries, expanded his ventures by inaugurating an oil refinery in Lagos, Nigeria’s commercial centre, last year. His surprising declaration took place during a press briefing at the Dangote Petroleum Refinery.
In a country where affluent individuals are known for their lavish lifestyles and multiple properties abroad, Dangote’s choice sparked varied reactions on social media. Some commended his decision as a strategic business move, favouring rental expenses over property purchases.
Dangote clarified that his focus on fostering industrialization in Nigeria influenced his decision not to acquire properties in London or the United States, highlighting his dedication to the country’s development. His stance contrasts with the trend among wealthy Nigerians who invest in real estate overseas, particularly in London, Dubai, and Atlanta.
Dangote’s modest residence in Kano, where he hosted guests following his brother’s passing in 2021, stands in stark contrast to his luxurious property on Lagos’ Banana Island, a location favoured by numerous prominent Nigerians.
Public opinion, exemplified by analyst Sani Bala, praised Dangote’s stance as a positive example, advocating for a shift in societal perspectives on wealth accumulation and investment priorities.
Bala highlighted Dangote’s strategic decision to sell his London residence in 1996, reinvesting the proceeds back into his business endeavours as a commendable approach to wealth management.
