Dangote Plans To Open New York Office To Diversify His Wealth

Dangote Plans To Open New York Office To Diversify His Wealth

Richest billionaires Aliko Dangote phosphate project
Nigerian Aliko Dangote, Africa’s richest man worth an estimated $15 billion, is planning to open a New York office to diversify his investments. In this photo taken, Monday, Oct. 8, 2012, Nigerian billionaire businessman Aliko Dangote attends a global business environment meeting in Lagos, Nigeria. Image: AP Photo/Sunday Alamba, file

Nigerian Aliko Dangote, who kept his title as Africa’s richest man by adding $4.3 billion to his fortune in 2019, is planning to open a New York office. 

Dangote is expected to use the office to diversify his investments and avoid the risk of currency fluctuations in Africa, Bloomberg reports.

With a net worth of around $16.2 billion, the 62-year-old businessman is ranked the 88th wealthiest man in the world, according to the Bloomberg Billionaires Index.

Dangote already has an office in London and said he plans to use the U.S. office to become more global and “preserve some of the family’s wealth”.

His business interests include cement, agricultural commodities, real estate, oil and gas.

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In 2019, Dangote donated $20 million to the nonprofit Africa Center, a New York institution that aims to showcase positive African stories, according to a press release.

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The 70,000-square-foot center on Fifth Avenue at 109th Street in East Harlem promotes creative expression and interaction with the public to challenge historical stereotypes of Africa. 

In recognition of his donation, the main hall of the Africa Center is named after Dangote and will be known as “The Africa Center at Aliko Dangote Hall”.