Image: CNBC

Africa’s richest man, Aliko Dangote who sits down with Peace Hyde, the 2016 African broadcaster of the year award and Forbes Africa correspondent to discuss the most challenging day in his business career.

Here are the 13 most interesting things we learned about Africa’s richest man Aliko Dangote during the chat that we never knew.


1. He started his first business in 1978 at the age of 21 in Lagos, Nigeria.

Aliko #Dangote Among #Forbes World’s Most Powerful.

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2. Now as the CEO of Dangote group, he has operations in 18 sub-Saharan countries.

 

3. And Nepal, his first business outside of Africa.

 

4. In 1989, he started a textiles company and built it up to 6400 workers before shutting it down.

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5. His mantra in life is “you have to think big and dream big to be big”.

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6. The one very important mistake he sees African entrepreneurs make consistently is:

“Spending projected income. Let the money come in first then you can spend.”

#MadeBoss #Nigeria 🇳🇬 Aliko Dangote GCON (born 10 April 1957) is a Nigerian billionaire, who owns the Dangote Group, which has interests in commodities. The company operates in Nigeria and other African countries, including Benin, Ethiopia, Senegal, Cameroon, Ghana, South Africa, Togo, Tanzania, and Zambia. As of June 2016, he had an estimated net worth of US$14.9 billion. Dangote is ranked by Forbes magazine as the 67th richest person in the world and the richest in Africa; he peaked on the list as the 23rd richest person in the world in 2014. He surpassed Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi in 2013 by over $2.6 billion to become the world’s richest person of African descent. _________________________________ #madeboss #philanthropist #entrepreneur #investor #visionary #giveback #goals #contributions #influentialpeople #online #oracle #billionaire #businessman #DangoteGroup #Nigeria #africa

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7. At the age of 50, he started Dangote cement.

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8. His worst day in business was building his first cement manufacturing plant.

Wrong soil research cost him $480 million in 2003.

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9. He wants to be remembered for his impact on humanity, and not his money.

Watu flani amazing in the world #jakayakikwete #alikodangote #billgates @hiphopnewz @hipipo

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10. So he started the Dangote foundation in 1993 and it feeds over 12,000 people every day.

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11. In 2014, he created an endowment fund of $1.25 billion to focus on health, education, empowerment and disaster relief.

 

12. He doesn’t get involved in any business/industry until the 10 topmost people in the company can explain the business processes inside out.

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13. His advice to the youth who want to get into business is “Social life and business do not mix”.

He says make money and then have fun.

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ICYM: According To Forbes, Aliko Dangote Is The 68th Most Powerful Person In The World.