Aliko Dangote, Africa’s richest man,
crowned his entry into the 25 richest
people in the world with a gesture of
philanthropy by announcing he will
donate $1.2 billion to a foundation he
set up two decades ago.
According to the latest Forbes
magazine’s rich list, Dangote became
the first black man to break into the
league of the top 25 richest people in the
world with a personal wealth of $25
billion, up from $16.1 billion in 2013.
Dangote’s net worth has risen nearly
seven folds since he debuted on the
Forbes Rich list in 2008. This has been
mainly attributed to the tremendous
growth his cement investments have
grown over the years tracking the
increased infrastructure growth across
many countries in Africa.
In an interview with THISDAY
newspaper in Nigeria, he said he would
donate $1.2 billion of his personal
contributions and shares of publicly
listed firms to the Dangote Foundation
20 Years Old
“Since the Dangote Foundation is now
20 years old, this initial endowment will
assure that the foundation has secure
and steady funding to carry out its
mission as we significantly scale up our
work.” Dangote told THISDAY.
He said the Foundation last year
appointed Adhiambo Odaga, a Kenyan
national who previously served as the
Ford Foundation’s chief representative
in West Africa, as the managing
director of the Foundation and it was
time for it to move to the ‘next stage’.
He added that from the second quarter
of this year, the foundation would lay
greater emphasis on youth and women
empowerment through large-scale
efforts that cultivate meaningful change
in their lives.
Forbes reported the Foundation
disburses small grants usually within
the range of $50 – $80 to very poor
rural women and youths who want to
start small businesses. An $80 grant, as
miniscule and as insignificant as it may
seem, could be a breakthrough for many
rural dwellers in Nigeria require such
small amounts to start low-cost
businesses like roadside catering, shoe
repair, and other similar concerns. The
Foundation also funds the construction
of University libraries and hospitals
across Nigeria. source: http://afkinsider.com/45582/africas-richest-man-aliko-dangote-donates-1-2-billion-foundation/