Welcome to Africanews

Please select your experience

Watch Live

Business

business

Africa's richest man plans U.S office to diversify wealth

USA

<p>Africa’s richest man, Aliko Dangote plans to take office space in New York to help diversify his investments. </p> <p>He also wants to avoid the risk of currency fluctuations on the continent, bloomberg reports.</p> <p>The owner of the biggest cement company in sub-Saharan Africa will use the base and an existing one in London to become more global after the completion of a $12 billion, 650,000 barrel-a-day refinery currently under construction in Nigeria.</p> <p>“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show.</p> <p>The 62-year-old Nigerian businessman became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar.</p> <p>With a net worth of about $15 billion, he is ranked the 95th wealthiest man in the world, according to the Bloomberg Billionaires Index.</p> <p>His conglomerate, Dangote Industries, includes the Lagos-listed Dangote Cement Plc and four other publicly traded companies under the Dangote brand. </p> <p>They account for more than a fifth of the value of the Nigerian stock exchange.</p>

In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth.

View more