Africa’s richest man, Aliko Dangote, has declared that his ultimate ambition is not to be remembered for his wealth but for his contribution to Africa’s industrial development, while suggesting that his actual fortune may be far greater than figures currently reported by global wealth rankings.
The President of the Dangote Group made the remarks during a street interview with James Dumoulin, founder of the School of Hard Knocks platform, known for interviewing successful entrepreneurs, millionaires and billionaires.
Speaking on his legacy, business achievements and future plans, Dangote said he had moved beyond the stage of pursuing wealth accumulation and was now focused on creating lasting economic transformation across the African continent.
“I have actually passed the stage of just doing business to make money. I want to leave a legacy. I want to be remembered as somebody who has industrialised Africa,” he said.
The Nigerian business magnate, whose conglomerate operates across sectors including cement, sugar, salt, fertiliser and petroleum refining, stressed that building industries capable of driving economic growth and job creation remains his primary goal.
Dangote also questioned the accuracy of estimates placing his net worth at around $38 billion, noting that several of his most valuable businesses are privately owned and have yet to be publicly valued by the market.
“What are they saying? I don’t really look at those things. They say I’m worth $38 billion, but most of our businesses are not listed yet,” he said.
According to him, the true value of his investments will become clearer when some of the group’s major assets are eventually listed on the stock market.
“It will come out soon,” he added, hinting at future public offerings that could significantly alter perceptions of his wealth.
Encouraging investment in Africa, Dangote described the continent as the future of global economic growth, citing its youthful population and projected demographic expansion.
“The real future is Africa,” he said, noting that about 70 per cent of Africans are under the age of 30 and that the continent’s population is expected to reach 2.5 billion by 2050.
Current estimates place Dangote’s wealth at approximately $31.6 billion on Forbes’ real-time billionaires ranking and about $36.5 billion on the Bloomberg Billionaires Index. Analysts, however, note that substantial uncertainty surrounds these figures because key assets such as the Dangote Petroleum Refinery and the fertiliser business are privately held and not subject to continuous market valuation.
During the interview, Dangote revealed that his companies generated roughly $10 billion in revenue during the first quarter of the year, highlighting the scale of operations across his business empire.
His comments come amid growing speculation that the Dangote Petroleum Refinery could eventually be listed on the stock exchange through an initial public offering (IPO). Industry observers believe such a move could rank among the largest capital market transactions in Africa’s history and significantly boost the valuation of Dangote’s holdings.
The billionaire entrepreneur also spoke about his faith, reaffirming his belief in God and attributing his success to a higher power.
“If I look at myself, I know that God is real,” he stated.