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Nairaland Forum / Nairaland / General / Business / 10 Wealth Secrets Of Aliko Dangote: A Must Read. (35654 Views)
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10 Wealth Secrets Of Aliko Dangote: A Must Read. by Everfrank(m): 12:51am On Apr 24, 2015 |
10 Secrets Of How Aliko Dangote Made His Billions Africa’s richest man Alhaji Aliko Dangote is the most successful businessman of the continent. His business is presented in a lot of countries. As of January 2015, Dangote had an estimated net worth of US$18.6 billion.He made his fortune is cement, sugar and flour. In April 2014, months before oil prices plunged, he announced $9 billion in financing from a consortium of local and international lenders to construct a private oil refinery and fertilizer and petrochemical complex in the country. In August 2014 he said he would invest $1 billion in commercial rice farming and modern rice mills. His publicly traded Dangote Cement is also grabbing new markets in Africa, with $750 million in new plants planned for Kenya and Niger. His net worth tumbled from $25 billion in February 2014 as a result of a weaker Nigerian currency and a drop in demand for cement. He made his first fortune more than three decades ago when he started trading commodities with a loan from his powerful uncle. Nigerianbulletin reviews some of his financial secrets: 1. He once worked for someone Dangote worked for his uncle, Sani Dangote. He served his master diligently. He acted in accordance to the statement which says if you must lead, you must serve. It was while working for his uncle that he gathered experience, skills and confidence. 2. He took a loan to start his business Aliko Dangote started his business with the NGN 500,000 loan he took from his uncle/master. He approached his uncle in 1977 and told him about his plan to establish a business outfit and his uncle gave him the loan to start the business. However, he was given a three-month-deadline and he repaid the loan in three months. 3. He kicked off his business by trading in commodities Sugar, rice, pasta, salt, cotton, millet, cocoa, textile and vegetable oil were the commodities he started his business with. He was importing these commodities into Nigeria. 4. He developed a strong distribution network Since production is not complete until the goods reach the final consumer, Dangote developed a strong distribution channel that made his goods delivered faster than his competitors’ goods. 5. He leaped from importation to manufacturing After some years in his importation business, Aliko Dangote transformed into a producer of products he was importing. In one of his statements, he revealed that changing from an importer to a manufacturer has so far been his best move. The move produced Dangote Group, an organization that controls over 13 companies. 6. He built a brand Dangote built a vibrant brand for his business. He corroborated this during an interview by saying “to succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand (Dangote), which I diligently built in the course of my trading.” 7. He sells cheap quality products In his mission to gain the loyalty of his customers, Dangote started selling his competitive products at cheaper rates compared to his competitors’ rates. 8. He had a big breakthrough Dangote’s networking skills and ability to make unprecedented connections made him record the major breakthrough he needed for the prosperity of his business. His break through emerged when he acquired the license to import cement. 9. He works pretty hard As an astute businessman, Alhaji Aliko Dangote spends most of his time strategizing and brainstorming on how to grow his business. Reports have it that he sleeps by 2:00 am and wakes up by 5:00 am everyday. Can you beat that? 10. He obeys the laws of the land Unlike other cunning businessmen, Dangote is an upright man as far as abiding by the rules and regulations governing the ethics of business are concerned. He keeps his credit records as well as his tax records tidy and he preaches that business should be done as stipulated by the regulatory bodies. http://www.naij.com/426890-wealth-secrets-of-aliko-dangote.html 19 Likes 6 Shares |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by emmykk(m): 10:56am On Apr 24, 2015 |
He said 5000k was the cost of Mercedes 200 then.which means his uncle gave him loan of 100 Benz figure that. He may not be upright getting all these anyway 14 Likes 1 Share |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by onosprince(m): 4:16pm On Apr 24, 2015 |
G |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Nobody: 4:17pm On Apr 24, 2015 |
Who is Aliko Dangote? ![]() 1 Like |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Siga: 4:17pm On Apr 24, 2015 |
... Though I believe these secrets... but the main the main secrets wont be shared... that main secret na hin make am rich like this... not necessarily all u listed... but good ... Monopoly is one major open secret... 79 Likes 1 Share |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by okooloyun1(m): 4:17pm On Apr 24, 2015 |
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Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Dygeasy(m): 4:17pm On Apr 24, 2015 |
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Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by lonelydora: 4:18pm On Apr 24, 2015 |
Join you soon. Working on my ideas. See you at Forbes in the nearest future. 10 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by ednut1(m): 4:18pm On Apr 24, 2015 |
leave matter for Mathias he made it because he was born rich and remained rich, and play d political game with sense ![]() ![]() 12 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by LatestTrend: 4:18pm On Apr 24, 2015 |
What is left for we other Nigerians to sell then ? |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by tucky200(m): 4:18pm On Apr 24, 2015 |
If only everybody had people like dangote's uncle everywhere.... 13 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by okooloyun1(m): 4:19pm On Apr 24, 2015 |
emmykk:It's easy to accumulate wealth when you 're frm a wealthy family. 6 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Brymo: 4:19pm On Apr 24, 2015 |
Empty pockets never held anyone back. Only empty heads and empty hearts can do that. –Norman Vincent Peale 21 Likes 4 Shares |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by MKO4ever(m): 4:19pm On Apr 24, 2015 |
Still waiting for the secrets!!! 6 Likes 1 Share |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by dharay99: 4:20pm On Apr 24, 2015 |
![]() if this is it, then tell me why on earth wunt i make it.? No lele, d alarm go soon blow. GBBBAAAAAAAAMMMMM ![]() 2 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by pat077: 4:20pm On Apr 24, 2015 |
the secret is incomplete if you don't include government patronage. 8 Likes 1 Share |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by free2ryhme: 4:20pm On Apr 24, 2015 |
Everfrank: story story story 99% lies 3 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by 299: 4:20pm On Apr 24, 2015 |
He got the laws switched in his favor by his kinsmen in government ![]() ![]() ![]() 5 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Marlicque: 4:20pm On Apr 24, 2015 |
11. The Nigerian Government monopolize the market for him 9 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Pavore9: 4:20pm On Apr 24, 2015 |
l dey read....but OP Dangote has been seriously connected right from birth coupled with his acumen, not the rag to riches lane. Dangote has always been loyal to any government in power and he has always been rewarded with concessions, which at most times stifled competition, imagine controlling the Nigerian market, the returns is liken to ritual money. The entire East African region market is only about 60% of Nigerian's , you can imagine! 3 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by ichidodo: 4:21pm On Apr 24, 2015 |
[b] Absolute rubbish......The only things Dangote had working for him was; His Tribe:Nigeria in those days was a harsh place for businness men especially indigenous, the only pass to breakout of the mold was your close links with the military junta and in some cases your ability to speak fluent Hausa and worship in the very same mosque as the rulers can put you in good confidence with them and their policies..... Ability to curry favour and maintain old contacts: Even after power, Dangote still kept tabbs with ex-rulers, furnishing and maintaining their needs outside power,yet you want to tell us he won't get the very goods ear of these Exes to the present Rulers? His powerful uncle: When your uncle once was one of the richest men in the country during your breakout season,we don't see how doors won't open as against your very many competitors.... Doors??: When we mean doors, we meant ease of obtaining financial aid in phenomenal scale, safety of your businness intersest by those in power,having national policies revolve around your interests including shutting down those are a threat to your monopoly.... Democracy:If one had a thriving businness despite the general harsh,restrictive and widespread economic stagnation of the military Juntas we don't see how one shouldn't survive an avalanche of economic opportunities,liberties even the sheer scale of rehabilitation,reconstruction and re transformation afforded by Democracy.[/b] 6 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by tomiwa20(m): 4:21pm On Apr 24, 2015 |
k 1 Like |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by jendy36(m): 4:21pm On Apr 24, 2015 |
A nice lesson for me |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by mekaboy(m): 4:21pm On Apr 24, 2015 |
Dangote was from a wealthy background. You forgot to add corruption to the secret. Lobbying govt in power with bribe and shares for monopoly of a line of business. 4 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by scribble: 4:21pm On Apr 24, 2015 |
Back when he took 600k loan. Dollar was equal to naira. Just fyi He is also known to be very stingy. 1 Like |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Nobody: 4:23pm On Apr 24, 2015 |
Nonsense Abacha made him rich. Obj made him richer by giving him control over everything; cements, flour etc. this man practically owned d Nigerian stock exchange. That's why he keeps rallying around politicians 5 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Nobody: 4:23pm On Apr 24, 2015 |
Borrow me 500m to start business bros Gimme 2years then I'll return back with interest 2 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by ogalanya(m): 4:23pm On Apr 24, 2015 |
Conniving with the govt in power to stiffle competitors like ibeto cement 4 Likes 2 Shares |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Nellybii: 4:23pm On Apr 24, 2015 |
emmykk: Well going by today's values, his uncle actually loaned him well over 500million naira. That in itself is massive. You must be a Dangote to get that kind of loan anytime. 8 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Everfrank(m): 4:23pm On Apr 24, 2015 |
free2ryhme:Then tell us the truth or shut up. 3 Likes |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by Peacewealth(f): 4:24pm On Apr 24, 2015 |
gbam! |
Re: 10 Wealth Secrets Of Aliko Dangote: A Must Read. by nikkflexible(f): 4:24pm On Apr 24, 2015 |
thats good to know |
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