Three African billionaires share their principles on money and wealth

Aliko Dangote

Dangote, the world’s richest black person, believes in investing and reinvesting money in profitable ventures rather than spending on things that don’t generate wealth or promote his businesses.

Over the years, he has maintained the principle of investing all his money back into his businesses rather than spending or keeping money idle in the bank. His money principles have materialized into a successful business conglomerate with up to thirteen different companies – cement manufacturing, sugar refining, salt & seasoning, fertilizer, infrastructure, tomato farming, rice farming, automotive, refinery, energy, petrochemicals, training academy, and polysacks.

Here are some of his popular quotes about business and wealth:

“Dangote is different from most Africans who keep most of their money in the bank. At Dangote, we do not keep money in the bank, we invest all we have and we keep reinvesting.”

“I only enter a business that I can fully understand; I don’t venture into a business that is not clear to me.”

“I only enter a business where I can become the number one, or at worst, the number two.”

“A lot of people, even the younger ones need to be very careful. One of the biggest issues with us African is that, we spend our projected incomes. Once you start doing business and the business starts doing well, rather than for you to keep reinvesting into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business, so you need to be much focused. Luxury things take up your time, which will make you not to focus on your business. I don’t have any holiday home anywhere, I don’t have a house anywhere else, but I know people who are working for me, they have a house in London, but I don’t.”