Dangote, Africa’s richest man, plans to take office space in New York to help diversify his investments and avoid the risk of currency fluctuations in Nigeria.
The owner of the biggest cement company in sub-Saharan Africa will use the base and an existing one in London to become more global after the completion of a $12 billion, 650,000 barrel-a-day refinery currently under construction in Nigeria.
“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” He said.
Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance,” said Dangote, who’s worth $11.1 billion, according to Bloomberg’s Billionaires Index. Dangote Group will consider investments in Asia and Mexico, but will focus mainly on the U.S. and Europe, he said. “I think renewables is the way to go forward, and the future. We are looking at petrochemicals but can also invest in other companies.”
Dangote has diversified rapidly in the last five years, both geographically and into new industries. He’s expanded Dangote Cement Plc, which accounts for almost 80% of his wealth, into nine African countries aside from Nigeria. In 2015, he began building a 650,000 barrel-a-day refinery near Lagos, The country’smain commercial hub, and he’s constructing gas pipelines to the city from Nigeria’s oil region with U.S. private equity firms Carlyle Group LP and Blackstone Group LP. He said in July he’d invest $4.6 billion in the next three years in sugar, rice and dairy production.
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