31 C
Accra
Sunday, April 18, 2021
Advertisement
Home African News Africa's richest man plans U.S office to diversify wealth

Africa’s richest man plans U.S office to diversify wealth

Africa’s richest man, Aliko Dangote plans to take office space in New York to help diversify his investments.

He also wants to avoid the risk of currency fluctuations on the continent, bloomberg reports.

The owner of the biggest cement company in sub-Saharan Africa will use the base and an existing one in London to become more global after the completion of a $12 billion, 650,000 barrel-a-day refinery currently under construction in 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, he 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 brand.

They account for more than a fifth of the value of the Nigerian stock exchange.

Source: africanews.com

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

KGL Technology Limited’s Contract Will Boost NLA Financially

The management of the National Lottery Authority (NLA) wants to place on record that KGL Technology Limited does not have 11 years...

NLA Reacts To Press Conference By Ghana Lotto Operators Association(GLOA)

The resolution of a 30-year-old impasse between Private Lotto Operators and NLA is at the brink of collapse due to reckless and...

Greater Accra Yoruba President Sends Easter Goodwill Message To The Youth Around The World

The President of the Greater Accra Yoruba Community, Amb. Oloye Fatuyi FIIM, has urged all, especially the youths to use the Easter...

Association Of Private Lotto Operators And Agents, Others Call For Calm In The Lottery Industry

The National Association of Private Lotto Operators and Agents in Ghana, and the Ghana National Chamber of Banker to Banker Lotto Operators...

Recent Comments

Seth Orlando Ahiadagli on NPP Leads With 51% In IEA Polls