Africa’s richest man, Aliko Dangote, has shocked many Nigerians after saying he doesn’t own a house outside the country.
Mr Dangote said he had two houses – in his home town of Kano, and Lagos – and lived in a rented apartment whenever he visits the capital, Abuja.
He was listed by Forbes magazine in January as Africa’s richest man for the 13th year in a row despite the country’s economic difficulties.
His fortune rose by $400m over the last year, giving him a net worth of $13.9bn (£10.7bn), Forbes said at the time.
The 66-year-old businessman made his fortune in cement and sugar – and last year opened an oil refinery in Nigeria’s economic hub, Lagos.
The industrialist made the disclosure while speaking to journalists at the Dangote Petroleum Refinery on Sunday.
His comments surprised many in a country where the rich elite have a reputation for their opulent lifestyles.
Many wealthy Nigerians own houses in London, Dubai and Atlanta. Not long ago, it was reported that African Fintech pioneer and CEO of Flutterwave, Olugbenga GB Agboola acquired an over $7 million mansion in California.Flutterwave, Olugbenga GB Agboola acquired an over $7 million luxury Miami Beach home.
Dangote’s comments have elicited a wide reaction on social media, with some saying it is a wise business decision as it is cheaper to pay rent than to buy a house.
For Mr Dangote, the reason is simply because he wants 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.”
Mr Dangote is known to own an opulent residence in Lagos’ popular Banana Island, where many high-profile Nigerians also have mansions.
His house in his home state of Kano is a modest one and was used to received his guests following the death of his brother Sani Dangote in 2021.
Public affairs analyst Sani Bala said Mr Dangote was 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 realised from the sale was put back in his business – that is the way to go.”
