Dangote heirs back plan to donate $12bn to charity, Bloomberg reports
Dangote heirs back plan to donate $12bn to charity, Bloomberg reports
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Africa’s richest man, Aliko Dangote, plans to commit one-third of his fortune to charitable causes, according to comments attributed to his daughter, Halima Dangote, in an interview with Bloomberg.
The public support from Dangote’s heirs offers a clearer picture of succession planning within the Dangote Group, one of Africa’s largest privately owned industrial conglomerates, as it prepares the next generation to take on greater responsibilities across the business.
Based on Bloomberg’s Billionaires Index, which values Dangote’s fortune at about US$36.5 billion, one-third would amount to more than US$12 billion. Business Insider Africa reported that the pledge would rank among the largest philanthropic commitments ever announced by an African billionaire.
The Dangote Group’s operations span cement, fertiliser, sugar, salt and food processing, and include the 650,000-barrel-per-day Dangote Petroleum Refinery.
Business Insider Africa reported that the group has recently expanded the responsibilities of Dangote’s three daughters—Halima, Fatima and Mariya—within a broader leadership transition, as Dangote pursues plans to grow the business into a US$100 billion enterprise by the end of the decade.
According to the report, Halima oversees the family’s Dubai and London offices, Fatima plays a leading commercial role in the group’s energy business, and Mariya leads commercial strategy across the food and cement businesses.
Dangote, who turns 70 next year, has previously said he wants his wealth to create lasting social impact, and that he spends more on charitable causes than on himself, the report added.
Through the Aliko Dangote Foundation, established in 1994 and endowed with US$1.25 billion, Dangote has funded programmes in health, nutrition, education, disaster relief and poverty reduction across Nigeria and other African countries. The foundation has supported vaccine programmes, school feeding initiatives, maternal and child health projects, and emergency humanitarian responses, and has worked with partners including the Bill & Melinda Gates Foundation and government agencies across Africa, according to Business Insider Africa.
The report noted that, for investors, the public endorsement from Dangote’s heirs may be as significant as the philanthropic pledge itself. It comes at a time when the group is preparing major listings for its refinery and fertiliser businesses and pursuing further expansion plans across Africa.
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