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.