9 money tips you should learn from the richest man in Africa

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Aliko Dangote

Aliko Dangote

Alhaji Aliko Dangote is the most successful
businessman in Africa with a net worth of
several billions of United States Dollars.
His business is heavily present in Nigeria,
Africa and other countries in the world. He
left the whole world stunned when he
increased his personal net worth by a
million in less than 24 hours in February
2015 and according to Forbes, he is the
53rd richest man in the world.
In spite of all the giant strides attained by
Aliko Dangote, here are some of his
financial secrets that are worth emulating
by individuals and business organizations:

1. He took a loan to start his business
Aliko Dangote started his business with the
NGN 500,000 loan he took from his uncle/
master. He approached his uncle in 1977
and told him about his plan to establish a
business outfit and his uncle gave him the
loan to start the business. However, he was
given a three-month-deadline and he
repaid the loan in three months.
2. He kicked off his business by trading in
Sugar, rice, pasta, salt, cotton, millet,
cocoa, textile and vegetable oil were the
commodities he started his business with.
He was importing these commodities into

3. He once worked for someone.
Dangote worked for his uncle, Sani
Dangote. He served his master diligently.
He acted in accordance to the statement
which says if you must lead, you must
serve. It was while working for his uncle
that he gathered experience, skills and
4. He leaped from importation to
After some years in his importation
business, Aliko Dangote transformed into a
producer of products he was importing. In
one of his statements, he revealed that
changing from an importer to a
manufacturer has so far been his best
move. The move produced Dangote Group,
an organization that controls over 13

5. He developed a strong distribution network
Since production is not complete until the
goods reach the final consumer, Dangote
developed a strong distribution channel
that made his goods deliver faster than his
6. He had a big break
Dangote’s networking skills and ability to
make unprecedented connections made
him record the major breakthrough he
needed for the prosperity of his business.
His break through emerged when he
acquired the license to import cement.
7. He works pretty hard
As an astute businessman, Alhaji Aliko
Dangote spends most of his time
strategizing and brainstorming on how to
grow his business. Reports have it that he
sleeps by 2:00 am and wakes up by 5:00
am everyday. Can you beat that?

8. He sells cheap quality products
In his mission to gain the loyalty of his
customers, Dangote started selling his
competitive products at cheaper rates
compared to his competitors’ rates.
9. He obeys the laws of the land
Unlike other cunning businessmen,
Dangote is an upright man as far as
abiding by the rules and regulations
governing the ethics of business are
concerned. He keeps his credit records as
well as his tax records tidy and he
preaches that business should be done as
stipulated by the regulatory bodies.



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One thought on “9 money tips you should learn from the richest man in Africa

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