Aliko Dangote, the CEO and chairman of the Dangote group, has completed the listing of his businesses in the Nigeria stock exchange.
With a capitalization of $14 billion dollars, this means that the company has the highest capitalization at the Nigerian stock exchange. This has also raised the overall capitalization of the stock exchange by a third. The Dangote group has investments that spurn across many sectors and it is hoped that such investments will reinvigorate the dwindling public interest in the Nigerian stock exchange. The Dangote group has investments in many African countries such as Senegal and South Africa. According to the Forbes magazine, Mr.Dangote is among the world’s richest men.
It is hoped that such listing will spur confidence in the Nigerian and African markets in general. He has also called for value addition on African natural resources in order for the continent to begin enjoying some of its wealth. Though he may have his critics who may obviously not be comfortable with his enormous wealth in such a poor country, he has invested most of his wealth in the continent. Some people argue that it is such caliber of entrepreneurs that are needed in the continent. They point out that entrepreneurs such as him, Zain founder Mo Ibrahim, Econet founder Steve Masiyiwa are exactly the kind of entrepreneurs that are needed in order to create the badly needed jobs in the continent.
Whilst it really takes an iron stomach in order for one to do business in the continent, the opportunities are enormous. Take the case of the telecom companies for example. They have fulfilled a communication need and they are smiling all the way to the bank.However, many point out that even though telecoms sector is important for growth, what is really needed is for a transformation of the agricultural and the manufacturing sector. Such industries have a capacity to generate millions of jobs.