Africa's richest man, Aliko Dangote, has broadened the roles of his three daughters in his industrial group as part of succession planning to expand the business significantly.
Aliko Dangote, the wealthiest individual in Africa, has initiated a succession plan by empowering his three daughters with broader responsibilities in managing the Dangote Group. This shift aims at expanding the company's operations to reach an impressive $100 billion in revenue over the next four years. The Nigerian billionaire, with a net worth of $31.9 billion, oversees a conglomerate involved in various sectors including cement and oil.
The management changes come on the heels of Dangote’s resignation from his position as the chairman of his cement company, which reinforces his intent to formalize a leadership structure among his heirs. According to an internal memo revealed by Bloomberg, Fatimah Dangote will take a leadership role in the group's energy sector, including overseeing a refinery in Lagos. Her sisters will also receive designated responsibilities that reflect their strengths and expertise.
Dangote's business empire began in 1978 with trade in rice, sugar, and cement, eventually establishing the largest cement company in West Africa. As he prepares to pass the baton, this strategy not only aims to secure the future of his business but also signifies a shift in corporate governance towards involving family in leadership roles, which could impact how family-owned enterprises in Africa plan for succession in the future.
