Africa's Richest Man Says He Doesn't Own A House Outside Nigeria

Africa’s richest man, Aliko Dangote, has shocked many Nigerians by saying he does not own a house outside the country.

Mr Dangote said he had two houses, in his hometown of Kano and in Lagos, and lived in a rented apartment when he visited the capital, Abuja.

In January, Forbes magazine named him Africa’s richest man for the 13th year in a row, despite the country’s economic problems.

His fortune increased by $400 million in the past year, giving him a net worth of $13.9 billion (£10.7 billion), Forbes reported at the time.

The 66-year-old businessman made his fortune in the cement and sugar industries and last year opened an oil refinery in Lagos, Nigeria’s economic hub.

The industrialist made the revelation while speaking to journalists at the Dangote Petroleum Refinery on Sunday.

His comments surprised many in a country where the wealthy elite are known for their lavish lifestyles.

Many wealthy Nigerians own homes in London, Dubai and Atlanta.

His comments have sparked a flurry of reactions on social media, with some saying it’s a smart business decision because it’s cheaper to pay rent than to buy a house.

For Mr Dangote, the reason is simply that he wants Nigeria to grow.

“The reason I don’t have a house in London or America is purely because I wanted to focus on industrialisation in Nigeria,” he said.

“I am very passionate about the Nigerian dream and besides my house in Lagos, I have another one in my home state, Kano, and a rented house in Abuja.

“If I had houses everywhere, in America and co, I wouldn’t be able to concentrate and build something for my people.”

Mr Dangote is known to own a lavish house on the popular Banana Island in Lagos, where many prominent Nigerians also own mansions.

His house in his home state of Kano is modest and was used to receive his guests after the death of his brother Sani Dangote in 2021.

According to Sani Bala, public affairs analyst, Dangote set a very good example.

“Nigerians need to relearn that owning multiple mansions is not an achievement if the money is needed for something else.

“Dangote said he sold his house in London in 1996 and I am sure the money he made from the sale went back into his business. That is the way to go about it.”