Africa’s Wealthiest Aliko Dangote’s Surprising Approach to Property Ownership – No Houses Outside Nigeria

Aliko Dangote, Africa’s wealthiest man, recently surprised many Nigerians by revealing that he does not own any property outside of Nigeria. Despite his immense wealth, Dangote stated that he has only two houses, one in his hometown of Kano and another in Lagos, and he rents an apartment whenever he visits Abuja, the capital.

Dangote, who has been recognized as Africa’s richest man for 13 consecutive years, saw his net worth increase by $400 million over the past year, reaching $13.9 billion. His wealth primarily comes from his ventures in cement and sugar, and he recently inaugurated an oil refinery in Lagos, Nigeria’s economic center.

During a press briefing at the Dangote Petroleum Refinery, Dangote’s remarks drew considerable attention in a nation where the affluent often lead lavish lifestyles, frequently owning properties in international cities such as London, Dubai, and Atlanta. His declaration sparked significant reactions on social media, with some applauding his decision as a financially savvy move, arguing that renting can be more economical than purchasing property.

Dangote explained that his choice to refrain from owning international properties is driven by his commitment to Nigeria’s industrialization. He expressed a strong passion for the development of Nigeria, noting that owning multiple houses abroad would detract from his focus on building his enterprises at home.

Although Dangote is known to have an extravagant residence in Lagos’ upscale Banana Island, his home in Kano is more modest and was notably used to host guests after the passing of his brother, Sani Dangote, in 2021.

Public affairs analyst Sani Bala commended Dangote’s stance, suggesting that Nigerians should rethink the notion that owning multiple mansions is a measure of success, especially when the funds could be better utilized in business investments. Bala highlighted that Dangote had sold his London property in 1996, likely reinvesting the proceeds into his ventures, which he views as the more prudent approach.

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