Africa’s richest man, Aliko Dangote, has surprised many Nigerians by revealing that he does not own a house outside the country. Dangote stated that he only has two homes, one in his hometown of Kano and another in Lagos. When visiting Abuja, he stays in a rented apartment.
In January, Forbes magazine named Dangote Africa’s richest man for the 13th consecutive year, despite Nigeria’s economic challenges.
Over the past year, his net worth increased by $400 million, reaching $13.9 billion (£10.7 billion).
At 66, Dangote built his wealth through his ventures in cement and sugar. Last year, he launched an oil refinery in Lagos, Nigeria’s economic centre.
He made these remarks to journalists at the Dangote Petroleum Refinery on Sunday.
Dangote’s comments have raised eyebrows in a country where the affluent often indulge in lavish lifestyles, with many owning properties in cities like London, Dubai, and Atlanta.
His revelation has sparked diverse reactions on social media. Some view his decision as a shrewd business move, noting that renting can be more cost-effective than buying. For Dangote, the choice stems from a desire to see Nigeria prosper.
“The reason I don’t have a London or America house 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.
“If I have houses all over America and Co., I would not be able to concentrate and build something for my people.”
Mr. Dangote is known for owning an opulent residence in Lagos’ exclusive Banana Island, a neighbourhood home to many high-profile Nigerians.
In contrast, his house in Kano, his home state, is modest and was used to receive guests following the death of his brother, Sani Dangote, in 2021.
Public affairs analyst Sani Bala praised Mr. Dangote, stating that he was setting a commendable example.
“Nigerians need to be re-oriented to understand that owning several mansions is not an achievement when the money would be needed elsewhere.
“Dangote said he sold his house in London in 1996 and I am sure monies realised from the sale was put back into his business; that is the way to go.”