Business and Banking

Africa’s richest man, Aliko Dangote plans move to New york city

Africa’s richest man, Aliko Dangote says he’s planning to get an office space in New York city.

This according to him will help diversify his investments and avoid the risk of currency fluctuations in his home country.

Bloomberg reports that Dangote 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.

“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.

Dangote group of Industries which comprises of all companies the billionaire owns, includes the Lagos-listed Dangote Cement Plc and four other publicly traded companies under the Dangote umbrella.

These companies account for more than a fifth of the value of the Nigerian stock exchange.

Although ranked the 95th wealthiest man in the world, 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.

He has a net worth of about $15 billion.

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