Africa’s richest man, Aliko Dangote, plans to lead a $7 billion investment in Nigeria’s power, petrochemical and mining sectors over the next four years, Ventures Africa has reported.
Mr Dangote, who disclosed his intentions during a send-off party for Thierry Tanoh, the IFC Vice-President for Sub-Saharan Africa, Latin America and Caribbean and Western Europe on Sunday in Lagos, said that he will be investing in the construction of a 2,000 megawatt power-generation facility.
“We want to do power that will be about 2,000 MW, that is infrastructure.” He did not disclose details about the planned mining and petrochemical investments.
Dangote’s largest investment is currently in cement, via his company Dangote Cement, which listed on the Nigerian stock exchange in 2010. He also owns stakes in publicly-traded companies operating in sugar refining, flour milling and salt processing.
This new investment would mark Dangote’s first large-scale foray into power generation.
Africa’s richest man, Aliko Dangote, has donated $500, 000 to victims of last month’s munitions blasts in Congo which killed at least 282 people, his group said on Tuesday.
Mr Dangote made the donation at the weekend in the Congolese capital Brazzaville with a pledge to increase his charity works as well as create more jobs for Africans this year.
“About this philanthropy, I think from this year, I personally want to take it very seriously. I want to be much more aggressive than what we have had in the past,” he said in a statement.
Speaking at the occasion, Congolese President Denis Sassou-Nguesso said that his government has started reconstruction of houses affected in the blasts, adding that “this contribution will go a long way in building new houses for the victims,” the statement said.
Mr Dangote, rated by Forbes as Africa’s richest man with vast interests in oil and gas, banking, flour, sugar and food production in Nigeria, also operates in about a dozen other African countries.
The powerful March 4 blasts in Brazzaville, blamed on a short-circuit and fire, killed at least 282 people, injured 2 300 more and destroyed hundreds of homes around the munitions depot, leaving 14 000 people homeless.