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Africa’s Richest Man Aliko Dangote Donates $1.2 Billion To Foundation

Africa’s Richest Man Aliko Dangote Donates $1.2 Billion To Foundation

Aliko Dangote, Africa’s richest man, crowned his entry into the 25 richest people in the world with a gesture of philanthropy by announcing he will donate $1.2 billion to a foundation he set up two decades ago.

According to the latest Forbes magazine’s rich list, Dangote became the first black man to break into the league of the top 25 richest people in the world with a personal wealth of $25 billion, up from $16.1 billion in 2013.

Dangote’s net worth has risen nearly seven folds since he debuted on the Forbes Rich list in 2008. This has been mainly attributed to the tremendous growth his cement investments have grown over the years tracking the increased infrastructure growth across many countries in Africa.

In an interview with THISDAY newspaper in Nigeria, he said he would donate $1.2 billion of his personal contributions and shares of publicly listed firms to the Dangote Foundation

20 Years Old

“Since the Dangote Foundation is now 20 years old, this initial endowment will assure that the foundation has secure and steady funding to carry out its mission as we significantly scale up our work.” Dangote told THISDAY.

He said the Foundation last year appointed Adhiambo Odaga, a Kenyan national who previously served as the Ford Foundation’s chief representative in West Africa, as the managing director of the Foundation and it was time for it to move to the ‘next stage’.

He added that from the second quarter of this year, the foundation would lay greater emphasis on youth and women empowerment through large-scale efforts that cultivate meaningful change in their lives.

Forbes reported the Foundation disburses small grants usually within the range of $50 – $80 to very poor rural women and youths who want to start small businesses. An $80 grant, as miniscule and as insignificant as it may seem, could be a breakthrough for many rural dwellers in Nigeria require such small amounts to start low-cost businesses like roadside catering, shoe repair, and other similar concerns.  The Foundation also funds the construction of University libraries and hospitals across Nigeria.