Faith Nyasuguta
Africa’s richest man, Aliko Dangote, has surprised many Nigerians with his recent revelation that he doesn’t own a house outside the country. Speaking to journalists at the Dangote Petroleum Refinery, Dangote shared that he owns only two houses in Nigeria one in his hometown of Kano and another in Lagos. When visiting the capital, Abuja, he stays in a rented apartment.
This disclosure comes as a shock in a nation where the wealthy elite are known for their opulent lifestyles and investments in real estate abroad. Many affluent Nigerians, including prominent politicians, typically own luxurious properties in cities like London, Dubai, and Atlanta. Dangote’s decision to focus his investments within Nigeria stands in stark contrast to this trend.
Forbes magazine listed Dangote as Africa’s richest man for the 13th consecutive year in January, despite Nigeria’s economic challenges. Over the past year, his fortune increased by $400 million, bringing his net worth to $13.9 billion (£10.7 billion). Dangote, 66, amassed his wealth through his cement and sugar businesses and recently expanded his empire by opening an oil refinery in Lagos.
During the media briefing, Dangote explained his rationale for not owning properties abroad. “The reason I don’t have a house in London or America is solely because I wanted to focus on industrialization in Nigeria,” he said. “I am very passionate about the Nigeria dream, and apart from my Lagos house, I have another one in my home state, Kano, and a rented one in Abuja.”
He emphasized that owning properties overseas would distract him from his goal of building industries in Nigeria. “If I have houses all over, in America and co, I would not be able to concentrate and build something for my people,” Dangote added.
His remarks have sparked widespread reactions on social media. Many view his approach as a wise business decision, noting that renting can be more cost-effective than purchasing properties abroad. Others appreciate his commitment to Nigeria’s growth and development.
Dangote’s residence in Lagos is located in the affluent Banana Island, known for its high-profile residents. However, his house in Kano is more modest and was used to receive guests following the death of his brother, Sani Dangote, in 2021.
Public affairs analyst Sani Bala praised Dangote’s example, saying, “Nigerians need to be re-oriented to understand that owning several mansions is not an achievement when the money could be needed elsewhere. Dangote said he sold his house in London in 1996, and I am sure the money realized from the sale was reinvested in his business—that is the way to go.”
Dangote’s stance contrasts sharply with many African politicians who frequently invest in properties and assets outside the continent, often perceived as a lack of confidence in their own countries’ economies. By keeping his investments and focus within Nigeria, Dangote aims to contribute to the nation’s industrialization and economic development.
His commitment to Nigeria’s growth indicates a broader message about the importance of investing in one’s home country. Dangote’s actions serve as a reminder that significant change and development can come from within, fostering a sense of national pride and responsibility among the wealthy and influential in society.
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