ALIKO DANGOTE: FROM CONGLOMERATE TO MULTINATIONAL?

Abstract

Aliko Dangote has been Africa’s richest man for some fifteen years. Of Nigerian origin, he made his fortune in the difficult context of Nigeria, a lower middle-level economy seeking to reduce the risk of over-dependence on oil through diversification. Nigeria is an economy where informal work and the public sector make up a significant part of economic activity. It is also characterised by a financial system that is favourable to the largest private companies. The impressive careers of a number of Nigerian business people are largely linked to their activities in Islamic banking and to fortunes made from the cement industry. This is particularly true of Aliko Dangote, Africa’s most renowned entre-preneur and founder of the Dangote Group, of which Dangote Cement Plc is the driving force. The company has become a market leader in sub-Saharan Africa as demand for cement has expanded rapidly. Despite competition from Western multinationals, the company has become exceptionally profitable from its original business model.