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On Aliko Dangote’s office desk in Lagos, Nigeria are three powerful words written on a plaque which says “Nothing is impossible.”  These words remind him always on how to approach the world.
Aliko Dangote, whose worth was about $12.3 billion as at mid August has a modest personal life but is outrageously bold in business. Ruling an empire of freight, infrastructure, cement, agriculture and soon—oil refining, Dangote, at 60 has  an overpowering ambition that aligns with the scale of his projects. Dangote Group has grown and spread rapidly into new areas across Africa and also into new territories. Aliko Dangote who in a single year lost close to $6 billion remains unmoved as he always make daring moves that people shy away from.
Dangote plows almost $5 billion into dairy, sugar and rice production and $11 billion into his oil refinery’s construction outside Lagos. He looks to begin investing 60 percent of his business beyond Africa as from 2020. He says he is particularly keen on adding Arsenal Football Club to his portfolio. Arsenal FC is one of the top teams in the English Premier League. Aliko says he won’t be the manager or goalkeeper but a striker scoring goals.
Sir, you’ve made billions in cement— what is your opinion on something others have produced for years?
What I actually figured out was looking at the African continent, especially the sub-Saharan, and asking, “What do we actually produce?” And I learned that majority of African countries imported cement. The better way, I thought, would be to empower Africa—to meet our own infrastructural needs so we could be more self-sufficient.
What excited you about this business?
It’s not about making money. It’s about making impact. For more than 20 years, Dangote was only a trading company. Then we decided we wanted to be an industrial giant—and we had to start somewhere. It wasn’t just about cement. It was about industrialization. If you look at what Dangote Group is doing now, it’s about improving lives.
What does it mean to be an industrialist today? It seems almost like a job description from another time.
I think you need to be very courageous and bold. You have to be bold but also consistent. It’s not very easy to become one, I’ll tell you that much.
How would you describe your business to one who’s never heard of it?
We’ve done $18 billion of business in the span of about four years, which is almost unheard of in Africa. Most people don’t know what is happening in Africa or that we’re the first African company to attempt these feats—cement, agriculture, and now, so much more. Sometimes you meet people, and they look at you and say, “How did this guy get here?” Because if you say, “You are in Africa,” they think Africa is a jungle—that’s theproblem. So unless you go and see, you will not believe all these things are happening.
What opportunities excite you the most right now as an entrepreneur?
It is agriculture. When you look at it—not just in Nigeria but in the whole of Africa—the majority of countries here rely on imported food. It is impossible to have a population of 320 million in West Africa and no self-sufficiency.
So the number one thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be importing food massively. With modern farming, one can get 8 to 10 tons per hectare. I believe Dangote Group is in the right position to drive this trajectory. I expect another 5 to 10 companies to follow suit next year. By 2019 we might be able to create about 290,000 jobs in agriculture. And that’s what you can do to empower people, especially those in rural areas.
Sir, why have you not done this before?
What you should understand is that in Africa, going back 25 or 30 years, majority of the businesses were actually owned by government. And government has never been any good at handling business. That’s the issue we have. Government’s job is not to drive the process. We have entrepreneurship now, and that’s what we are trying to do. We are not as lucky as Asia, where they already had a lot of entrepreneurship dating back generations and caught that wave. In Africa, when you look at it, we lack the entrepreneurship to match the boom in Asia. And we do not have the capital markets to help drive the process. But it’s happening, slowly.
You’re making a tactical choice to address food security just as climate change becomes more pronounced. How do you keep your endeavors from withering?
We are following that very closely and are trying to agree on what to do. We must protect ourselves. Today in Nigeria, if you look at climate change—which I believe is real—we have never seen this kind of rain. So we are following everything strongly, especially sugar and rice, two crops we’re focusing on.
And now you’re in the process of building one of the world’s largest oil refineries. Why do you want to go into oil? Don’t you think we’ve reached the peak in oil production?
Our strategy was to be an African company. When you look at the other alternatives, it’s really agriculture—and agriculture is not that expensive to work on. We always invest most of our money back into the business, so when we looked at it in 2015 and projected our revenue for the next few years, we looked at what we had left after investing in fertilizer and realized we still had billions of dollars we could put somewhere else. The only place to invest that much money was in the oil and gas business. So the refinery takes those dollars and allows us to spend in something we are used to, which is industry.
Why didn’t you get into oil business earlier?
Majority of the people here made their money through oil. But Dangote has never dealt in oil, which is to prove that you don’t have to be in oil. In Nigeria, oil has really dented our thinking. Everyone is thinking about oil, oil, oil. And we are one company that has made a success without doing that. Also, people always say, “Oh, he’s in oil and gas—there’s a lot of corruption in oil and gas.” We didn’t want to be a part of that. I have a lot of friends in oil, and they are doing the right things. But I didn’t want to be a suspect, so that’s why we’re not in oil.
So why go so big on oil instead of renewable energy?
In  business,  you need to know before you jump into something. You have to do a lot of homework. For example, Nigeria’s refineries were privatized in 2007. We bought two, but after a few months we had a new government that decided to void the transaction, thinking we got a very good deal. So since 2007 we’ve been working on building our own refinery, but we didn’t start something until 2015. Here the profit margins are huge—much larger. And if you are not a big player, you have no way of survival”
Have you always wanted such large a refinery? Won’t it be one of the largest in the world?
We had already thought of doing 300,000 barrels a day back in 2005. At that time I couldn’t even fathom a larger refinery. I had no financial capacity. Then in 2010, we paid up Dangote Group’s debt, which amounted to $2 billion, and then started accumulating cash. When we decided to build the refinery of our dreams, we reviewed our plans again and put the figure at 400,000. Then it jumped up to 650,000bpd. So a refinery had actually been on the drawing table for years, but this is how we were able to finally set it in motion.
How’s it coming along?
For now we are a little bit off track. We didn’t really realize that we were going to need almost 70 million cubic meters of sand. But we are catching up, and should be able to deliver it by the last quarter of 2017.
Do you agonize about not finishing?
I do not worry. We have the most vigorous team anyone can put together, and we’ve been doing this kind of work together for years. We have actually never failed in delivering any project. We always deliver our projects on time and at cost. If we hadn’t delivered our projects on time, that would be something. We will definitely deliver, by the grace of God.
Still it’s quite complicated to be thriving at an industry you don’t know very well.
We don’t want to listen to the critics, because their intention is to destroy us. We are using our own money. This is my lifetime project. I have to back it up with my own life to make sure it is delivered. I know that, yes, it’s true, a lot of people have tried to deliver on refineries in the past, mostly governments. They couldn’t.
Is it the main determined project you’ve ever achieved?
It’s actually a determined venture, sure, but we’ve  got other things at that exact site, as well. Such as  gas pipeline, for instance. We are planning on bringing gas to Nigeria. With the likes of Shell and other oil firms the total gas that will come out will be at par . This will transform Nigeria because, as we speak, we have about 6,800 megawatts of power capacity that has been installed but not been put to use, the reason being that we don’t have the infrastructure.
deliver, by the grace of God.
Would you be interested in going into technology?
When I look at telecom, for instance, I think that would be very tough for us. We are a little late. Some players have been in this market for 17 years already. There’s no way you can go and jump over somebody after 17 years of their hard work. So I think we would pass when it comes to telecom today. There are other businesses that we understand better.
Why not back more tech startups?
We can really do almost anything, but I think technology is not really one of the areas we want to go into right now. If I am going to invest in a tech company, I can buy shares, but it’s not something I want to go in and run. I am very passionate about industrialization—more than going into a tech company. It doesn’t make any sense for us to go  there directly.
Because of your portfolio?
Because of our portfolio, yes. If you try to do a little bit here and a little bit there, you get into trouble. We arrive with focus, and we stick to it. Right now, beyond the oil refinery, our focus is on agribusiness. Anything we are doing between now and 2020 has to be agriculture—that’s it. I don’t want to stretch myself too thin, and the best way to do that is we should deliver on things that were promised, especially because people are wondering if we’ll be able to deliver.
Are you ever frustrated that valuations seem to be better in tech companies than in the industries like your own?
Honestly, I do. Look at the U.S., the way the tech companies are getting massive. And it’s still nothing compared to the GEs, yet those don’t get that kind of valuation. I wish that we’d entered into tech, but our concentration has always been in Africa.
You’ve mentioned wanting to buy Arsenal Football Club before. Is that still on your wish list?=
Yes, but I don’t want to go after Arsenal until I deliver the refinery. Once I deliver, I will go after Arsenal.
There are no other clubs you’d want to buy?
I don’t change clubs. Even when Arsenal isn’t doing well I still stick with them. It’s a great team, well-run. It could be run better, so I will be there. I will wait. Even if things change I will take it and make the difference going forward.
Do you think Stan Kroenke and Alisher Usmanov would sell their stakes?
Well, you know anything is possible in this world. If they get the right offer, I’m sure they would walk away. We’ll be in a position to give them the right offer. They will not hold ¬Arsenal forever. Someone will give them an offer that will make them seriously consider walking away. And when we finish the refinery, I think we will be in a position to do that.
How would you change things?
The first thing I would change is the coach. He has done a good job, but someone else should also try his luck.
If you were playing for Arsenal, would you be a striker, defender, goalkeeper, or the manager?
I would rather be a striker. Naturally, I’m an aggressive person. I don’t want to be part of the support team. I want to be the one scoring the goals.
When did you start loving the club?
In the mid-’80s. I was introduced to a man named David Dein, who was Arsenal’s vice chairman, through a friend of my uncle’s. He was the first person who showed me a cargo of sugar in 1980, when I started importing. I started buying sugar, and he started taking me to the stadium.
Just wondering: Would you ever run for president? You’re still young. Maybe in 10 or 15 years?
I’m old—60.
That’s young!
No, I’m not interested. There’s quite a lot we can do from the business side. I enjoy a lot of what I am doing, and I also love my freedom—and I don’t have too much. The little I have, politics would take away. I am not ready to give that up. There are businessmen who are interested in politics. I’m not one of them.
Where do your best business ideas come from?
I always look at what other people have done and what we should be doing. There are quite a lot of industries which we do need in Africa. We create a lot of raw materials and export finished goods. It is actually easier for us to think about what to do here because, whatever you do, the majority of those decisions will make a positive change. There are a lot of opportunities because of where we are starting from. In the Western world—the U.S., Europe—you have almost everything. In Africa we don’t have much competition, in part because so many people have their money in liquid cash, not assets.
What do you have to do to get things done in Africa? Do you need politicians on your side?
Well, in Africa, yes, I do think you need politicians. But at the same time, we cannot get things right unless there is good cooperation between the politicians and the businessmen. It’s a win-win. When you look at it today, in Nigeria, more than 85 percent of the GDP is from the private sector.
Do you ever feel under pressure to make political donations? Do you worry about being corrupt or being corrupted?
Well, you know the political donation depends on who you are dealing with and who you are donating money to. But the issue is we don’t go and give people in politics money for favors. I’ve told presidents of countries, “I’m a contractor, I’m running a business, I don’t need any favors.” And really when you look at it today, in all our businesses, we don’t need any favors. I’m saying this here and now. I can tell you today, as we speak, that we, Dangote Group, don’t have any agreements on our fertilizer, our refinery, our agriculture. We don’t have any support at all. We’ve done our numbers. We think this business will work, and we don’t need government support.
What is the human flaw that frustrates you the most in business?
In Africa, you normally need to know who you’re dealing with. You have to make sure you’re dealing with very honest people who have integrity—that’s why we have so few partnerships. Dangote itself has plenty of headaches to take care of.
Maybe that’s why there seem to be fewer industrialists in the world?
Yes, the industrialists are now in Africa! Others have matured and are doing something different. I’m still a big believer in industrialization, though. And when you look at, say, Reliance Group, they are doing quite a lot. We have a lot to catch up with them. That’s why for us to grow, we can’t take too much risk. It’s good for us to also go outside Africa to balance the currency fluctuations.
You’ve talked a lot about your business being for something other than business—sometimes it’s for Africa, other times it’s for Nigeria. Which is it?
I think it’s mainly for the continent. I’m a very satisfied person and content with what I have so far. I think one of the legacies to leave is how much of an impact have I had for my own people. Really, when you look at it, we are pushing hard on the business and also on the altruistic side. I want to make the most impact on the world before I depart. I hope to start from home and grow from there.
Have you always wanted to do something for the greater good?
I always feel like that, and that’s what we have. In our foundation we are 70 percent Nigeria, 20 percent rest of Africa, and then 10 percent the rest of the world. As we grow we will lessen that portion of Nigeria. Because as we grow, the foundation will keep growing. It is my dream not only to be a champion of Africa, but also a champion of the world.
Do you care a lot about your own wealth? One year you lost almost $6 billion, for instance. Is it something you look at or is it just a bother?
When you think about it, yes, maybe you lost money. But I believe in what we are doing. The businesses are very solid. The only thing that bothers me in Africa is you can achieve so much in five years and then you could have two or three years of bad currency valuation. if not, it doesn’t really keep me awake at night.
What is your advice to kind of advice your 20-year-old self today?
The same thing I tell everyone. If you’re going into business, you have to be unswerving in what you are doing. You have to work hard. Things don’t come that easy. Think big, dream big, and do big things.
You’re known as a very quiet billionaire. Do you prefer making money to spending money?
I’m not a person who just likes to throw away money. I expend more money on charitable things than myself. Luckily, my children and I have been very disciplined. If you look the way I run my lifestyle, I actually don’t have any home outside Nigeria. I stay in hotels. Quiet. Simple. My life is not very lavish, and I actually get very discomfited if I try to show that I have money. I don’t.
I think I always advise people that it’s better to be very mutual. In Lagos, I drive myself around on weekends. I ask my driver to go have a rest, and then I drive myself around. I still visit my friends I grew up with. My house is open 24 hours a day for them. I mingle with everybody. That’s the only way to know what’s going on.

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