DANGOTE: WELCOME TO THE BILLIONAIRE BOYS CLUB

Thursday, March 6, 2008

Yes, our very own Dangote, who has been mentioned at this here site for his involvement in Obajana Cement, is listed on Forbes list of Billionaires.

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Source: Forbes.com
Dangote has an estimated net worth of $3.3 billion and his 'cover' story at Forbes is actually quite inspiring. It describes him as a young man who built his wealth from a small loan he received from his uncle. Dangote is the first 'recognized' Nigerian billionaire. This recognition is not only an invitation (assuming one hasn't been offered before) to the Billionaire Boys Club. You know, champagne, yachts on the French Riviera, philanthropic endeavors and trips to outer space (I don't think you have to be a billionaire for that, though). It is also a signal that the entire world will closely monitor his wealth and financial transactions (to some extent). This particular factor will act as a warning for Nigeria's other multimillionaires and billionaires that he world pays attention to how they make and grow their money. Could this possibly affect corruption? I definitely hope so.

Before you even go there, I have read that Dangote is quite the philanthropist. So, let us all congratulate Aliko Dangote, one of 2 Africans to make the list this year. Considering how enterprising Nigerians are by nature, I expect to see many more Nigerians in these ranks in the near future.

Further reading
- Did Yar'Adua Lift The Cement Ban For the People's Interest
- Being Cynical About Cement, Nigeria & The IFC
- Read Uzo's take on things
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Beauty said...

"Closely linked to Nigeria's former president Olusegun Obasanjo" is not a great link as featured in the Forbes list and 1 billionaire in a oil rich country of 100M is mediocre achievement. Congratulations? I am sorry that I do not share people's view of this type of philanthropy. I will say thank you to people after they have donated to my causes and not before.

UnNaked Soul said...

LOL @ beauty's comment...

there other billionaires but i guess they can't prove their "source" of wealth...

SOLOMONSYDELLE said...

@ Beauty: The reference to OBJ was added with a "wink, wink" and "nod, nod", suggesting that something might be up with his billions.

Nevertheless, this still is an 'accomplishment' depending on how one looks at these things. Oh, and what cause would you like him to contribute to? I'm just curious, so please share if you can. Hope all is well with you...

@ unnaked: yes, in Nigeria there are probably trillionaires, even. lol! But, most would be unable to give a thorough description of how they made their wealth. However, nowadays, people are getting smarter and are investing their stolen booty right under our noses in Nigeria's thriving stock market. Legal money-laundering, as I like to call it. Thanks for the comment.

Loomnie said...

Thanks for bringing this to our attention. I like your take on the issue. I sure join you in hoping that this would make it more difficult for people to launder money through him...

ababoypart2 said...

The reference to OBJ does him no favours, but like I said on Jeremy's blog, he is a bit unlike some of the rich Nigerians we read about. He seems to have sustained his wealth over a period of time. He may have the advantage that many better business men than him don't have - but most rich people have. So its an accomplishment, even if it is a small one with big numbers.

Today's ranting said...

congrats to Dangote.

For the love of me said...

I congratulate Dangote.Even while OBJ was in prison without a penny to his name, there was Dangote.His products are used in almost every Nigerian home. Uzo has a nice take on this on her blog.
BTW, there were more than two Africans there, about four or five Egyptians I think. I went through the entire list trying to find my name.

Sherri said...

any mention of naija in a positive light is always good.
the man is a "good" businessman just like any other on the list.

Chxta said...

Nice one

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