Africa’s richest man, Aliko Dangote, has surprised many Nigerians by revealing he doesn’t own a house outside the country. Dangote stated he has homes only in Lagos and his hometown Kano and Lagos and rents an apartment when visiting the capital, Abuja.
Despite Nigeria’s economic challenges, Forbes magazine listed him as Africa’s richest man for the 13th consecutive year in January. His net worth increased by $400 million over the past year, reaching $13.9 billion, Forbes added.
The 66-year-old business mogul, who built his fortune in cement and sugar and recently opened an oil refinery in Lagos, shared why he doesn’t own a house outside Nigeria.
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Speaking at the Dangote Petroleum Refinery on Sunday, his comments surprised many, as Nigeria’s wealthy elite are known for their opulent lifestyles and often own properties in cities like London, Dubai, and Atlanta.
His remarks have sparked a lot of social media reactions, with some praising his decision as a wise business move, noting that renting is cheaper than buying a house.
Dangote, however, explained his choice was driven by a desire to see Nigeria grow.
“The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria,” he said.
“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state, Kano, and a rented one in Abuja.
“If I have houses all over, in America and co, I would not be able to concentrate and build something for my people.”
Dangote owns an opulent residence in Lagos’ exclusive Banana Island, home to many high-profile Nigerians. In contrast, his house in Kano is modest and was used to host guests following his brother Sani Dangote’s death in 2021.
Public affairs analyst Sani Bala praised Dangote, stating he is setting a very good example.
“Nigerians need to be re-oriented to understand owning several mansions is not an achievement when the money would be needed elsewhere.
“Dangote said he sold his house in London in 1996 and I am sure monies realized from the sale was put back in his business – that is the way to go,” Bala said, as reported by BBC.
