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Sunday 29 December 2013

NEWS: Africa's Richest Man Bets Big on Oil Refinery.



Two men walk past an abandoned illegal refinery in Nigeria where bandits pilfer up to 400,000 barrels of crude a day from pipelines. Associated Press

LAGOS, Nigeria—Africa's richest man sat barefoot on his new yacht in a lagoon here after another night of about three hours sleep.

The day was filled with meetings about his cement company and preparations for a polio-fighting trip with fellow billionaire Bill Gates. His BlackBerry buzzed every few minutes with messages from the president of Benin, and a former U.S. ambassador wanted some face time.

"You don't see any sign of stress on me," Aliko Dangote said with a tight smile. The 56-year-old businessman said he was getting an energy boost from a weeklong fast that limits him to six glasses of watermelon juice a day.

For two decades, Mr. Dangote (pronounced DAHN-go-tay) has turned his relentlessness, connections and entrepreneurial bets on the rise of Africa into a fortune estimated at about $22 billion.

Most of it comes from his controlling stake in a conglomerate of cement, sugar, salt and noodle factories sprawled across 16 countries. Profits in three publicly traded companies he controls hit $1 billion in the first nine months of 2013, up 43% from a year earlier.

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