Africa's richest man withdrew US$10 million just to look at it

Saturday, April 13, 2019

Print this page Email A Friend!


ABIDJAN, Ivory Coast (AFP) — Nigerian billionaire Aliko Dangote, known as Africa's richest man, told a forum in Ivory Coast on Saturday how he once took US$10 million in cash out of the bank just to look at it and get it into his head that this was real money, not just figures on paper.

“When you're young your first million is important, but after, the numbers don't mean much,” Dangote, a manufacturing tycoon with a range of companies spanning cement to flour, told the Mo Ibrahim forum in Abidjan.

“One day, I cashed 10 million, put them in the boot of my car [and] I put it in my room. I looked at them and thought 'now I believe I have money' and took it back to the bank the next day,” he told his audience.

Anecdotes aside, Dangote said that the two most promising sectors for Africa's future were agriculture and new technologies. But he advised young African entrepreneurs not to get carried away by the first flush of success.

“Often in Africa we spend our projected incomes. There are ups and downs” in business, he warned.

Dangote said he regrets the customs and administrative problems that hamper business development throughout the continent.

As an example he cited the difficulties his cement group faces in exporting to Benin from Nigerian factories 40 kilometres (25 miles) from the border. Benin imports “more expensive” cement from China instead.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT