₦airaland Forum

Africa’s richest man Alhaji Aliko Dangote is the most successful businessman of the continent. His business is presented in a lot of countries.

As of January 2015, Dangote had an estimated net worth of US$18.6 billion.He made his fortune is cement, sugar and flour. In April 2014, months before oil prices plunged, he announced $9 billion in financing from a consortium of local and international lenders to construct a private oil refinery and fertilizer and petrochemical complex in the country. In August 2014 he said he would invest $1 billion in commercial rice farming and modern rice mills. His publicly traded Dangote Cement is also grabbing new markets in Africa, with $750 million in new plants planned for Kenya and Niger. His net worth tumbled from $25 billion in February 2014 as a result of a weaker Nigerian currency and a drop in demand for cement. He made his first fortune more than three decades ago when he started trading commodities with a loan from his powerful uncle.

Nigerianbulletin reviews some of his financial secrets:

1. He once worked for someone

Dangote worked for his uncle, Sani Dangote. He served his master diligently. He acted in accordance to the statement which says if you must lead, you must serve. It was while working for his uncle that he gathered experience, skills and confidence.

2. He took a loan to start his business

Aliko Dangote started his business with the NGN 500,000 loan he took from his uncle/master. He approached his uncle in 1977 and told him about his plan to establish a business outfit and his uncle gave him the loan to start the business. However, he was given a three-month-deadline and he repaid the loan in three months.

3. He kicked off his business by trading in commodities

Sugar, rice, pasta, salt, cotton, millet, cocoa, textile and vegetable oil were the commodities he started his business with. He was importing these commodities into Nigeria.

4. He developed a strong distribution network

Since production is not complete until the goods reach the final consumer, Dangote developed a strong distribution channel that made his goods delivered faster than his competitors’ goods.

5. He leaped from importation to manufacturing

After some years in his importation business, Aliko Dangote transformed into a producer of products he was importing. In one of his statements, he revealed that changing from an importer to a manufacturer has so far been his best move. The move produced Dangote Group, an organization that controls over 13 companies.

6. He built a brand

Dangote built a vibrant brand for his business. He corroborated this during an interview by saying “to succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand (Dangote), which I diligently built in the course of my trading.”

7. He sells cheap quality products

In his mission to gain the loyalty of his customers, Dangote started selling his competitive products at cheaper rates compared to his competitors’ rates.

8. He had a big breakthrough

Dangote’s networking skills and ability to make unprecedented connections made him record the major breakthrough he needed for the prosperity of his business. His break through emerged when he acquired the license to import cement.

9. He works pretty hard

As an astute businessman, Alhaji Aliko Dangote spends most of his time strategizing and brainstorming on how to grow his business. Reports have it that he sleeps by 2:00 am and wakes up by 5:00 am everyday. Can you beat that?

10. He obeys the laws of the land

Unlike other cunning businessmen, Dangote is an upright man as far as abiding by the rules and regulations governing the ethics of business are concerned. He keeps his credit records as well as his tax records tidy and he preaches that business should be done as stipulated by the regulatory bodies.

DO YOU KNOW THAT YOU TOO CAN BE LIKE ALIKO DANGOTE?
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Hmm, no rich man ever shates his true secrets

enieme:
Hmm, no rich man ever shates his true secrets

so ppl think....actually a good percentage of them do....dangote don't need to spell all his secrets for you to know them....
1-He has some thing to sell

2-He sells cheaper

3-He gives you quality at a good price

4-He puts his customers well

5-He pays and take care of his staffs

6-He works hard even if he's the boss and richest man in africa(look at the time he wakes and sleeps)....some people would make money and start spending,rubbing it on others,abusing and stepping on other people just because they are rich....fail to plan on expanding,accumulate expenses instead of investing etc like you see most yahoo boys doing (others included just using this as an example) they make huge amount of money,maybe once-the partying starts,they abuse people or their mates with money,have no biz in taking others properties like their girl friends (they forget to take care or feed the goose that lays the golden egg)

7-He works smart and not hard (has others do his work for him,hires graduates and intelligent people who are way better than him ....bill gate said something like that once...that while he was in school he never took 1st or was ontop in class...but now he's the boss to the dude that takes first.
Like an adage I came across on twitter say-"lazy people look for smart ways to get things done)

If I continue,my own post go plenty pass the op own

No 5 rili changed his fortune. Transformation to manufacturing. Humble man