I cannot trust Networth Magazine to estimate net worth when the full might of the Nigerian government cannot muster enough resources to count the number of people living in Nigeria. There is zero statistics on the most basic issues - population and demography, accidents, unemployment, etc. Even elections, a process that boils down to counting cannot be carried out successfully. How can one trust the figures from Networth Magazine when the Nigerian government (obviously a subset of Nigerians) has shown serious ignorance (or what else could it be?) when it comes to handling numbers accurately? The list is long:
1. Elections
2. Population
3. Unemployment
4. Income from crude exports
5. Length of road network
6. Accident statistics
7. Wildlife statistics
8. Birth and death rate

Some people just want to enjoy the euphoria of vicariously living through Dangote's wealth as "the [i]n[/i]th richest black man". How so pathetic! I dare say that Dangote's wealth (if that term can be used at all in this context) is inversely proportional to the well-being of the generality of Nigerians.

When we Nigerians learn to count how many we are, then we'll know how to compute net worth. Until that day, I'll leave the calculation of net worth to organizations like Forbes Magazine.

I await the day I'll see Dangote's name on Forbes list!

Richyblack.
Thank you for seeing the bigger issues. Is Networth Magazine more credible than TELL Magazine? Veracity of their claim is at stake. Maybe we have some folks who have not read Forbes, economist, fortunes and that's why its so easy to believe fortune telling.

By the way, Dangote did not start from a humble background. He got about 500,000 Naira from one of his family members who was a NEPU (Northern Elements Progressive Union ) chieftain in the 70s. By that time, 5000 Naira could buy a brand new Mercedes Benz.
I rather listen to Russel Simmons or Puffy on how to make money than Paris Hilton or Donald Trump’s kids

adconline

I understand the sentiments of some of the Dangote-is-the-richest-black-man-alive people, however, we have to be careful in distinguishing sycophancy from reality.

At least most here admit that Dangote is well connected to the government of the day. Can the government accurately estimate the value/worth of PHCN, NNPC, NITEL, etc. How much were the following sold for?
1. Ajaokuta Steel Company
2. Egbin Power Station
3. Port-Harcourt Refinery

i have read almost all the posts and i can see alot of us are sooo sentimental about this issue. Honestly i cant say who i think is richer but it sure looks like Dangote is richer. But a lot of emphasis is being placed on him and the connection with the governmet. My dear Nigerians all the very very successful buisness moguls in the worl today have something to do with the governement be it Nigeria, Europe or the states. Lets forget about entertainers, the richest man today Carlos Slim is so like Dangote, Bill Gates is soo like Dangote. Study all these people one way or the other all they do is Monopoly and that is all Dangote is doing. Why are some of us getting soo angry over nothing. The man is wealthy, he is so many steps ahead of many of you so instead of getting soo heated up, use that energy to think of how you can build your buisness empire.
We are all talking like Oprah is saint herself, she is just the perfect entertainer who make alot out of other people's mysery, period.
welll like they say opinion is opinion, so we are all entitled to our opinions right!!!!!!!!!!!!!!

all u dangote haters,critics inshort anti dangote, go to hell,
dangote has offered millions of nigerians employment, how many americans has oprah employed, teach a person how to fish and not give him fish, nigerians shuld learn to be patrotic thats what helped america.
moreover america is full of hype, how do we know that oprah is 1.5bill, when carlos slim was declared richest man in the world.i went to forbes.com but it was still bill gates, forbes is an american outfit, but too bad somebody is richer than billgates, this is what wikipedia said about dangote, at the end of his profile, i quote"he is unofficially the richest black man in the world" oprah and all dangote haters kiss my bumbum

Oprah's ascent into wealth was through legitimate business, via her talkshow spanning into other lucrative projects. Hence, her title as the richest black American. Wikipedia has explained Forbes decision not to list Nigerians like Abacha because his source wealth was shrouded in controversy.

For Dangote, why are you all upset that he has not been listed as a billionaire on Forbes Magazine? Must we be looking upto the west to uplift our status in the world? If Dangote acquired his wealth in a clean manner, but is ignored by the west, that should not be his problem. We need to stop seeking recognition from the western world.

Dangote started business way back in 1977 with N500,000 loan from his uncle, Sanusi Dantata.

Let us be mathematical with this Capital loan he started with.

Way back in 1980,

$1 was worth N0.65.

Check http://www.nigeriaworld.com/feature/publication/peterside/060606.html

So,

N1 will be equal to $1.54

This means that Dangote got a loan of

$ 500,000 times 1.54

Which equals $770,000

NB:This was far back in 1980

Converting this sum with todays exchange rate of Naira to dollar, i.e $1 = N 130

We will be right to say dangote got a loan of

N 770,000 x 130

Which is equal to N 100,100,000.

If you are not good at reading numbers let me tell you in words:

Dangote got a loan of One Hundred point one million Naira as a loan from his uncle to start business.

So, he had a greater opportunity to be rich than Nigerian youths of today.

Nairaplus is 4 real.Salad days are at the Forex.

The quantification of wealth exclusively in terms of numbers is foreign to our culture. Our colonial masters brought this idea. Prior to their arrival, wealth was way more than mere numbers.

We are playing a largely Western game (wealth quantification), and they are the experts.

Likewise, there are many areas where we (Africans) are experts and they (Westerners) are novices.

Until Dangote's wealth is estimated by known experts in the field, we'll just say "the guy is very wealthy".

I think Hedges got it right on the mark.

Dangote is business man with an attitude. He rides on the goodwill of our corrupt leaders to enrich himself, PERIOD

I have seen the forbes list and the Forbes Africa List I have still not seen Aliko Dangote's name on any of the lists. Where did you all get your information from? Some Nigerian media? Or where? I mean the Forbes list is of Billionaires around the world, right? and if Aliko is supposedly higher than Oprah, why is he not on the Forbes lists I have seen so far? Or am I missing something here??


Tokorie

Tokorie, why do people attempt to ascertain people's wealth via their inclusion on Forbes List? From my understanding, the list, is reserved for those, whose wealth is unquestionable, so, while there may be some of our ex-leaders richer than Oprah, the fact remains that they wont be included on Forbes List. Besides that, and not that I am condoning corruption, but why do we, blacks have to look upto Forbes/any western periodical to measure one's financial worth?

Hey Ndipe,

Here is a clue as to why people like to consult lists like that compiled by Forbes, because just about any tom dick and harry can make claims and in this world we live in, we have lists like those to ascertain that such claims are not false.

By the way, the fact that even you believe Forbes questions the way these people got there money actually means you yourself have no solid proof of your own that they do have the money they claim they do. Heck, even I can claim to be a billionaire and not need to supply proof for such claims but if I want to be taken seriously, I would think there should be some solid information that I provide for those who would like to research those claims and come up with information that says it is so. Forbes accesses the information provided to come up with the list and so once again , Where in the world do you people get the claims from? Since it is not on Forbes, what is your ACTUAL source??


Oprah is black and there are so many other blacks on Forbes, so PLEASE OH PLEASE , do not play the RACE CARD in here now. Just show me the source of your CLAIMS is all I ask.




Tokorie

Being excluded in Forbes magazine is not a yardstick in ascertaining someone's wealth. Or why arent the names of corrupt leaders of our country, who stole billions of dollars missing from the list? Would you honestly say that because Forbes has declared Oprah the richest black woman in the world, then that is true, and that she is richer than the likes of some former first ladies in Africa, whose source of wealth were acquired in an ill-gotten manner?

@Ndipe,

People of questionable wealth are not listed on the Forbes list. Period!

Likewise, charlatans who claim all sorts of rubbish are never awarded the Nobel Prize or the Fields Medal or any international award. Period!

In the arena of international recognition, though not totally devoid of biases, we must have standards. Aliko Dangote, for all his purported wealth, has not measured up to the standard required to be recognized by the likes of Forbes.

Until he measures up that standard (financially, morally, etc.) he'll just be "a very rich man".

It's similar to the Babalawos or Dibias in some Nigerian villages that claim to defy gravity. They will not be recognized internationally with, say a Nobel Prize in Physics, for research in the area of anti-gravity. Their claims are not verifiable! So is Dangote's claim!

@Ndipe,

People of questionable wealth are not listed on the Forbes list. Period!

Likewise, charlatans who claim all sorts of rubbish are never awarded the Nobel Prize or the Fields Medal or any international award. Period!

In the arena of international recognition, though not totally devoid of biases, we must have standards. Aliko Dangote, for all his purported wealth, has not measured up to the standard required to be recognized by the likes of Forbes.

Until he measures up that standard (financially, morally, etc.) he'll just be "a very rich man".

It's similar to the Babalawos or Dibias in some Nigerian villages that claim to defy gravity. They will not be recognized internationally with, say a Nobel Prize in Physics, for research in the area of anti-gravity. Their claims are not verifiable! So is Dangote's claim!

That is EXACTLY my point @RichyBlacK .


I am glad you at least see what I mean. Oprah and the others are on the list cause their claim is somewhat verifiable but how do you verify a claim when there is no available means of verifying such claims. Simple!!

I am sorry Ndibe, but I refuse to believe unsubstantiated claims. Show me proof that this man is a billionaire or just accept you have claims and nothing more. and basically the subject of this thread is not even based on facts.


KoboJunkie

Great. Now it is substantiated that this man is actually a billionaire. Now what happens next for us all?? I am curious

WOw!!!!!, This is a mad dream come thru, a Nigerian is the Biggest Black Boy in the world!!!!, Yes, our very own Aliko Dangote, based in Lagos, Nigeria has been recognised by forbes as the Richest Black person in the world, worth an estimated 3.3B USD!!!, also he's the first Nigerian to be a Billionaire in USD!

http://en.wikipedia.org/wiki/Black_billionaires

Well,, in his footsteps there's another young Nigerian, Adeola, a 23 yr old, he is said to be Nigeria's youngest self made billionaire, worth an estimated: 1.2B naira!!!!,

Nigeria is on fire!!!

A 23 year old billionaire?? What does he do Who are his parents?? wetin e dey sell??

Kobojunkie:

A 23 year old billionaire?? What does he do Who are his parents?? wetin e dey sell??

HE IS SELF MADE,SO WETIN CONCERN YOU WITH HIS PARENTS?

hbrednic:

HE IS SELF MADE,SO WETIN CONCERN YOU WITH HIS PARENTS?

If you are not going to answer the question, don't post a reply to it at all.

damola1:

Nigeria is on fire!!!

yeah, the fire of poverty.

4Him:

yeah, the fire of poverty.

LMAO!!!! The Sort of things people react to and they way they do never ceases to amaze me. We have a Billionaire and potentially another one who is a 23 year old and we are rejoicing?? LMAO!! In a country where over 75 million are considered VERY POOR as in less than a dollar a day and who knows how many millions are on the POOR list as in a dollar a day, we rejoice that we have a billionaire, I have to confess, I don't know how to, LMAO!!

damola1:

Well,, in his footsteps there's another young Nigerian, Adeola, a 23 yr old, he is said to be Nigeria's youngest self made billionaire, worth an estimated: 1.2B naira!!!!,

Nigeria is on fire!!!

1.2bn Naira? What is the equivalent in US dollars? I'm sure there are many Nigerian sports men who are or were worth that already in their 20s.

Oh, I thought we were still on Dollars, phew!!!

Kobojunkie:

LMAO!!!! The Sort of things people react to and they way they do never ceases to amaze me. We have a Billionaire and potentially another one who is a 23 year old and we are rejoicing?? LMAO!! In a country where over 75 million are considered VERY POOR as in less than a dollar a day and who knows how many millions are on the POOR list as in a dollar a day, we rejoice that we have a billionaire, I have to confess, I don't know how to, LMAO!!

That the 23 year old allegedly is a billionaire(albeit in Naira terms)is not necessarily a bad thing.Actually,its good.The problem we have is the likes of Dangote who acquired their wealth through "unwholesome" means.How much of Dangote's alleged wealth is actually his and not mere fronts for pilfering ex-Nigerian leaders and military generals? Celebrating Dangote's wealth or any such wealth is tantamount to celebrating the looting and brigandage that has left Nigeria in its current state.

Now that I think of it, 1.2 Billion Naira is still huge for a 23 Year old. That is about 100 Million Dollars. Where does he work?? What does he do for a living ?? Who pays him that much ?? I mean we are speaking of a 23 year old here. Even in Sports, when did he start playing?? When he was 13?? Does Nigeria actually pay sports professionals of that age that much

Perhaps the boy was selling recharge cards.

Its about $10m. . . .many Nigerian sportsmen are worth that and more in their youth.

Phew again!!! LMAO!!