The Secret "Old Money" Family That Owns West Africa: The Dangote Family

when discussing the topic of old money families in Africa all too often the common assumption is that these dynasties are of European descent indeed the history of European Commerce interacting with Africa's abundant natural resources is characterized by centuries of tension Division and societal upheaval but what if we were to tell you that the current richest person in Africa doesn't just belong to an old money family with a legacy of wealth spanning over 100 years he isn't even the first member of his family to be crowned the richest person on the continent on today's episode we dive into the story of perhaps the quintessential old money family of Africa and they're not of European descent in fact this family is so prominent that they've not just had not one not two but three members each at different times reported as the richest individuals in West Africa therefore join us as we explore the fascinating journey of this extraordinary Legacy home to the current richest man in Africa describing the dangote family the secret old money family that owns West Africa aliko dangote Nigeria's very own business Titan and philanthropist has bank accounts bursting at the seams with a net worth of$ 13.9 billion US says Forbes Bloomberg however UPS the anti to a whopping 22 billion why the disparity well pinning down the exact worth of this Mogul is like trying to catch smoke it's all about different calculations and the ever fluctuating tides of stocks and currency rates now dangat the Kingpin of Dango Industries has his fingers in many pies cement sugar salt oil you name it and the crown jewel of his Empire is a commanding 86% stake in dangote cement the heavyweight of cement production in subsaharan Africa churning out 48.6 million metric tons yearly across 10 countries but that's just the tip of the diamond encrusted Iceberg with stakes in danot Sugar nascon Allied Industries and United Bank for Africa adding to the mix furthermore Dan gorte has been cooking up a $19 billion oil refinery a game Cher for Nigeria's oil dependency this Behemoth project not even counted yet in his current Fortune could churn out $30 billion annually from a smogus board of petroleum products and this move could Skyrocket down dti's wealth and reshape Nigeria's economic landscape and in a dramatic twist dangua cement's shares doubled in the last month padding dang's Pockets with an extra $6.9 billion credit partly goes to Nigerian Tycoon femi ota's buying spree boosting dango's wealth to its highest in a decade and despite political shuffles and currency devaluation post election Dan's Fortune still ballooned by 400 Mill million crowning him Africa's richest for the 13th consecutive Year yes year not month but what's a billionaire without a touch of extravagance Danang goat's losos Mansion A Modest $25 million Affair sprawls over 3 hectares and boasts a garage for 100 cars and his garage is a petrol head's dream a Maybach 57s night luxury tricked out by Night luxury with a carbon fiber facelift and a 700 12 horsepower engine a classy Mercedes-Benz CL65 AMG with a turbocharged V12 a $2 million Bugatti Veyron that's as fast as it is pricey and a Bentley Mulan the epitome of Bentley's craftsmanship and let's not forget his wings two private jets including a $45 million bombarder Global Express XRS and a $43 million yacht a floating Testament to his success for furthermore even Dan goat's taste in watches is nothing short of opulent for his daughter Fatima's wedding he picked out a Harry Winston diamond watch a snip at 32,000 speaking of dangote's children including Fatima Hala and Abdul Rahman fasi they lead lives as fascinating as their father and they don't just bask in the shadow of Daddy's Fortune they're carving their own niches particularly in the Lux world of high society while the family keeps a tight on their private life they're no strangers to the glittering social circuit often gracing high-profile events with their presence Hala dang guate for example echoing her father's business Acumen is a familiar face in these Elite Gatherings known for her Poise and elegance but it's not all champagne and caviar they're deeply rooted in philanthropy mirroring aliko dang goa's commitment to bettering lives with giving back on our minds aliko dang goate isn't just about amassing wealth he's equally passionate about spreading it in March 2014 he generously endowed his aliko dang foundation with $1.25 billion amplifying its impact in health education and economic empowerment he's also teamed up with the Bill and Melinda Gates Foundation to tackle polio and other pressing issues and this philanthropic Spirit trickles down to his children who actively partake in various charitable Endeavors proving that the dangat Legacy is as much about generosity as it is about wealth now while it's all well and good to hear about the fabulously wealthy current generation of the family you've probably been wondering since the intro of this video how Alo came to be not even the first member of his family to Dawn the title of Africa's richest man in order to do that we'll have to Circle back to the African Sands of the 19th century to learn the lessons of the family patriarch who went from humble beginnings to the richest man in the Cradle of of humanity the Dan goate family's Legacy originates in babayi now located within the Contemporary boundaries of Nigeria's Koo State now the Dynasty's rise to power first began with the birth of the future richest man in subsaharan Africa the legendary family patriarch alhassan dantata in 1877 it was here within the historic Caro Emirate an Ur while pre-colonial State and a part of the tooto caliphate established in the 19th century that dantata was poised to become a prominent figure in Africa's commercial history now dant's upbringing was deeply rooted in the culture of the Howa people one of the largest ethnic groups in Africa and during the 1870s the Hower renowned for their trading prowess were Central to the intricate tribal networks that shaped Northern Nigeria these groups including the fani who were often closely associated with the housea in cultural and governance aspects significantly influenced the Region's social and political framework and dant's early life was marked by his lineage in the aalaa trading family the Caravan trade routes Central to his parents Abdullahi and Fatima muga Amara's livelihood were a defining aspect of his Heritage however dant's world was transformed with the early loss of his parents catapulting him into unforeseen challenges responsibility and care for dantata then then fell to Tata a loyal servant in the family honoring this Guardian he adopted the name dantata meaning son of Tata a Monica that would not only reflect his humble beginnings but also stand as a symbol of the resilience and strength that would come to Define one of Africa's most distinguished families dant tata's education began at a quranic school in Bee with his father's wealth seemingly dissipated he was compelled to fend for himself and he worked diligently saving his own earnings in a traditional pottery vessel known as asusu soon his Keen business sense and Relentless work ethic propelled him to become a successful Trader you see dantata specialized in Cola nuts and ground nuts and his trade networks reached across Europe and by 1922 he had emerged as Caro's wealthiest businessman surpassing his contemporaries in the trading sphere renowned for his meticulous financial management and close supervision of his Workforce dant's approach to business was methodical and disciplined and as a pioneering Merchant in adopting bookkeeping practices dant's attention to detail played a crucial role in his commercial triumphs and his wife Amina um zarya was not just a supportive partner but a businesswoman in her own right she managed a network of Agents across Kano City ensuring the efficient distribution of goods to women and the timely collection of payments thus as dant's life progressed he imparted value able lessons to his descendants emphasizing the importance of maintaining the family's commercial Heritage and the value of strong familial ties this Legacy of wisdom and entrepreneurial spirit continues to resonate within the dantata family guiding successive Generations in their Endeavors and his final days were spent ensuring the survival and prosperity of his lineage upon dant's death in 1955 he was firmly placed as the richest man in West Africa leading to his legacy as the very first member of aliko dango's family to hold this distinction then the mantle of leadership descended upon aminu dantata in 1960 and under amu's guiding star the family binus alhassan dantata and Sons expanded its Horizons venturing into new Realms of Building Construction and trading however it wasn't simply a minu who gained power after the patriarch passed dant's 18 children each a bearer of his Legacy received a piece of his Empire in accordance with the rhythms of Islamic tradition among them one sanusi danata aliko dangote's grandfather inherited a portion of this vast economic Kingdom born from this Rich Heritage around 1919 also in Kano Nigeria sanusi's early years were a brief time spent in formal education at Dara elementary school but this was a fleeting encounter before the magnetic pull of familial trade Drew him into its orbit and this shift from classroom to Commerce was a common trajectory in his era especially among those Born Into the bustling Lanes of trade and Entrepreneurship thus in the next chapter we'll find out how he began the second member of the family to become one of the wealthiest men in Africa sanusi dant's early life was steeped in the complex patrimonial system of his family's trading empire and this intricate Network involving a legion of Associates agents and Farmers was a vibrant ecosystem where seni and his brother aminu orchestrated the movements of about 200 agents these agents the lifeblood of their operations dealt in Commodities like Cola nuts livestock and ground nuts and this Rich exposure to the subtleties of trade and commerce honed sanusi's skills as a future entrepreneur however sanusi's life was not just defined by Commerce but also by his deep cultural Roots as a devout Muslim his spiritual journey mixed with his worldly Pursuits and he was not only a benefactor to the kadiria a prominent Islamic school of thought but also a personal friend of its leading scholar this spiritual dimension of his life was as vital as his business Acumen and by The Swinging 60s sanusi had risen to become Nigeria's preeminent groundnut buying agent his wealth however was not kept to himself instead it was a Wellspring of generosity from which about about 40,000 Great British pounds flowed annually in credit to friends and the less fortunate a reflection of his magnanimity thus under British colonial rule the dantata family flourished trading in grains like oats and rice and sanu's business press extended Beyond Koo making him one of the city's richest men now the foundation of dant's Empire rested on a patrimonial system a complex network of credit trade and kin-based business transfers this model comprised five autonomous levels each integral to the procurement and transportation of goods from remote rural areas then the' 7s heralded a new era for the dantata business Saga characterized by bold expansion and diversification the family ventured into large-scale farming with assada farms and broadened their import business to Encompass a wider range of building materials and vehicles and their foresight to diversify into sectors like telecommunications and the automobile industry was a strategic move that fortified their commercial Legacy thus the dantata family's story weaves through the fabric of Nigerian Commerce a narrative enriched by their astute business strategies adaptability and unshakable family bonds and embedded in this tale of Commerce and tradition is the connection to aliko dangote Africa's current richest man you see his mother Maria sanusi dantata was sui's daughter intertwining the Destinies of the dantas and Dango the union of Mariah and Muhammad dangote one of sanusi's business associates and alico's father was a meeting of two powerful African trading legacies setting the stage for a new chapter in the page of Nigerian and African business history in the dynamic realm of African business history aliko dangote born on the 10th of April 1957 stood out as an heir to a family where business accur human and wealth were not just inherited traits but deeply ingrained legacies and growing up dangote was nurtured under the attentive guidance of his parents the aforementioned Maria sanusi dantata and Muhammad dangote his early life was profoundly influenced by the commercial prowess of his grandfather and this familial environment was rich in entrepreneurial ethos and teachings shaping young danang's perspective on business and trade danang's educational Journey then commenced at shik Ali Kumasi madrasa laying the foundation of his learning he later attended Capital High School in Carno furthering his academic Pursuits and these formative years played a pivotal role in molding his future business strategies and philosophies yet even within the scholarly Halls his business inclination sparkled he turned pocket money into profit through Savvy sweet Trading Post High School dangote's quest for knowledge led him to Alazar University Egypt's Beacon of of Islamic learning where he honed his business intellect with a degree in Business Administration the 1980s thus welcomed a seasen dangote armed with his degree back to Nigeria's vibrant business Arena born into a family synonymous with Commerce he was already no novice to the trades EB and flow and his initial Venture a small trading firm established in 1977 laid the Cornerstone for what would become the dangua group with a loan from his uncle he plunged into the trading of Essentials rice sugar salt flour and cement and his business proess Shawn brightly as he swiftly repaid the loan within 3 months 1981 subsequently saw the birth of the danu group a transformation of his modest firm into a burgeoning conglomerate early on the group's Focus was on importing and trading essential Commodities tapping into Nigeria's pulsating demand for these Goods you see the group's philosophy was steeped in vertical iCal integration or controlling the Journey of its products from importation to distribution this approach not only streamlined operations but also Amplified profitability setting a solid foundation for expansion and throughout the 80s dango's entrepreneurial canvas broadened his trading routes blossomed into a diverse portfolio establishing the dangu group as a towering presence in Nigeria and gradually across Africa the group's evolution in this era was a Prelude to it Ascent as West Africa's largest conglomerate and a potent force in the regional economy in the 1990s the dangat group embarked on a Monumental journey of transformation moving away from its established roots in trading the group steered towards manufacturing an audacious move aimed at substituting Imports and meeting the burgeoning demands of Nigeria and a defining moment of this era was dangote's ingenious proposal to the Central Bank of Nigeria an initiative that bolstered the group's stature and influence within the Nigerian economy this period saw the group branching into textiles flower Milling salt processing and sugar refining diversifying not only within Nigeria but also marking its territory across other African nations the group thus emerged as a cement production Powerhouse extending its reach to over 10 African countries therefore the growth strategy of the dangote group was a blend of expansion and diversification targeting sectors that promised High returns in rapidly developing economies by the late '90s the group had morphed into one of Nigeria's largest industrial conglomerates commanding the sugar market and venturing into Realms as diverse as real estate banking textiles oil and gas consequently in the mid 2000s Dan Go's ambition soared to new heights with the undertaking of the obajana cement plant one of the world's largest despite challenges the group's valuation skyrocketed from from $3.3 billion in 2008 to $7.3 billion in 2016 however Dan Go's Journey to the Zenith of wealth was not without its Shadows he faced controversies including mentions in the Panama papers and comparisons to other controversial business magnates nonetheless his influence only grew with his induction into the France Nigeria Business Council further cementing his Global business leadership specifically dangote's success is rooted in a Relentless expansion and reinvestment Ethos with 16 billion in capital projects including a flagship $14 billion Refinery his Empire continued to flourish and Dan guate cement became a Colossus dominating the African cement market and witnessing substantial Revenue growth however as we know by now the key to maintaining generational wealth and continuing to be old money is based on the patriarch's ability to pass on wealth and power to the Next Generation let's get an update on alico's children in the next chapter and bring our tale up to the present day as 2024 unfolds the dangote family an emblem of African entrepreneurial Spirit sees its youngest members actively steering the Colossal ship of dangote Industries limited exemplified by the formidable Miss Halima dangote alico's daughter Halima the group executive director ctor of commercial operations at d orchestrates a broad swath of the conglomerates operations and her realm extends from overseeing commercial strategies to managing strategic procurement and branding since joining Dill in 2008 hel Lima has navigated through various executive roles notably spearheading a pivotal turnaround as executive director of dun goatey flower mills and guiding its subsequent sale to Olam her tenure at nascon as an executive director further honed her expertise in consumer products and Beyond her corporate role helima serves as a trustee of the Alo Dan guat foundation and a board member of endeavor Nigeria advocating for entrepreneurship and social advancement and her educational background is AS Global as her vision with a bachelor's in marketing from American InterContinental University London and an MBA from Webster business school United Kingdom further complimenting her academic credentials our leadership programs from PR prestigious institutions like Harvard Business School Kellogg School of Management and Columbia business school therefore the dangote Dynasty's aspirations transcend mere business success they aim to be a transformative Force across Africa and now we'd like to see you in the comments which wealthy family from Africa would you like us to feature next on our Channel we look forward to hearing from you and thanks again for your continued viewership here with us at Old Money luxury cheers until next time

Channel: Old Money Luxury

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Keywords: luxury, old money, old money luxury, old money families, old money vs new money, wealthy families, richest families in the world, old money elite, african old money, old wealthy families, black old money, old money black families, black families, African history, real old money families, aliko dangote, dangote family, richest man in Africa, richest in Africa, history of africa, richest families in africa, elite, black history, african, nigerian prince, billionaire, millionaire

Id: 6IgGAFrLmAc

Length: 21min 8sec (1268 seconds)

Published: Fri Feb 16 2024