DANGOTE DROPS TO 26TH RICHEST IN THE WORLD FROM 23RD POSITION

                                               

The Forbes Magazine latest billionaires ranking released yesterday showed that Africa’s richest man, Aliko Dangote, has slipped down to 26th position from the 23rd position he occupied since March this year.

The Chief Executive Officer of Dangote Group’s real time net worth also reduced to $23.7bn from $25bn, according to the Forbes ranking.

Other Nigerians on the billionaires list are Globacom’s Mike Adenuga, BUA Group’s Abdulsama Rabiu and Fashion billionaire Folorunsho Alakija.

Dangote recently looked beyond cement, sugar and flour - the three commodities that built his fortune - to the oil business.

 He had announced $9bn in financing from a consortium of local and international lenders to construct a private oil refinery, fertilizer and petrochemical complex in the country. His publicly traded Dangote Cement is also grabbing new markets in Africa, with $750m in new plants planned for Kenya and Niger Republic.

Dangote also announced on Thursday new plans to invest an undisclosed sum in the development of a major coal mine in Tanzania, even as he continues to expand his business interests across the continent.

According to Tanzania’s Guardian newspaper, Dangote revealed his plans last week when he met Tanzania’s Vice President Dr. Mohammed Gharib Bilal, during the Africa Global Business Forum in Dubai, the United Arab Emirates.

Dangote said he plans to invest significantly in the Mbinga coal mine in Tanzania’s southwestern region, and to use the coal to produce energy  at his cement plant in Mtwara which is currently under construction. When completed, the Dangote Cement plant will produce three million tonnes of cement per year, almost half of the country’s net production.

During Africa’s Global Business Forum in Dubai, Dangote, who recently went into an agreement with the Investment Corporation of Dubai to explore other business opportunities across Africa, applauded Tanzania for its favorable investment policies and promised that cement production will commence immediately the plant is completed.

 “I am sure the southern part of Tanzania will automatically change in terms of economic prospects due to investments in the area,” he said.

 He also has reiterated his plan to invest $12bn in the Nigerian economy. He made this known through his Eid el-Kabir message which he issued in Lagos on Saturday. Of this amount, he said his Dangote Group will invest $2.3bn in sugar and rice production in Adamawa State to create about 180,000 jobs and combat terrorism.