Dangote To Set Up New York Office

Africa’s richest man, Alhaji Aliko Dangote is planning to set up office space in New York, United States, to help diversify his investments and avoid the risk of currency fluctuations on his home continent.

A recent Bloomberg report stated that the President of Dangote Group will use the office space and an existing one in London to become more global after the completion of his $12 billion, 650,000 barrel-a-day refinery currently under construction in Lagos, Nigeria.

“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show.

The 62-year-old Nigerian businessman became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar.

With a net worth of about $15 billion, Dangote is ranked the 95th wealthiest man in the world, according to the Bloomberg Billionaires Index.

His conglomerate, Dangote Industries, includes the Lagos-listed Dangote Cement Plc and four other publicly traded companies under the Dangote umbrella that account for more than a fifth of the value of the Nigerian stock exchange.