Dangote to invest $7 Billion in Nigeria’s electricity

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.

Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008.

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.

Dangote donates $500, 000 to Congo blast victims

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.

Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008.

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.

Dangote Cement plans London listing

Africa’s richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, the Financial Times reported on Monday.

Dangote is cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.

Dangote is cited by the FT as saying he intends to free-float a 20 per cent stake in Dangote Cement to finance its rapid expansion.

“We want to list in London next year. By then the upside to our business will be much bigger than today,” Dangote is quoted as saying.

Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue, according to the FT.

Dangote is cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.

Dangote, Adenuga remain on Forbes billionaire list

Nigerian business tycoon Aliko Dangote has moved down 25 places on the Forbes list of billionaires for March 2012 claiming the 76th position from 51st he occupied last year.

The downward movement was as a result of a $2.6 billion loss in his fortune from $13.8 billion in 2011 to $11.2 billion in 2012.

He is however still the richest man in Nigeria as the chairperson of Dangote Group which spans food processing, cement manufacturing, and freight.

Mr. Dangote is not the only Nigerian who stayed on the Forbes list.

The fortunes of telecoms billionaire, Mike Adenuga moved from $2 billion in 2011 to $4.3 billion as at March 2012, making him the second richest man in Nigeria.

Mr. Adenuga who was Forbes 597th richest man in 2011 moved up to 595 as at March this year.

Meanwhile Mexican business mogul, Carlos Slim once again topped the annual list of the world’s richest billionaires.

The magazine estimates that Mr. Slim, whose business interests range from telecommunications to construction, is worth $69 billion.

He is followed by Microsoft founder, Bill Gates on $61 billion dollars and US investor Warren Buffett on $44 billion.