62 Views

10 Money Tips You Should Learn From The Richest Man In Africa, Aliko Dangote

Alhaji Aliko Dangote is the most successful businessman in Africa with a net worth of several billions of United States Dollars, here’s an interesting list of tips we came across and we thought to share.

His business is heavily present in Nigeria, Africa and other countries in the world. He left the whole world stunned when he increased his personal net worth by a million in less than 24 hours in February 2015 and according to Forbes, he is the 53rd richest man in the world.

In spite of all the giant strides attained by Aliko Dangote, here are some of his financial secrets that are worth emulating by individuals and business organizations:

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 deliver faster than his competitors.

ALSO READ  In Photos: Here Are Top 7 Nollywood Superstars Whose Deaths The Entire World In 2016!! –

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 break
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.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

How Generator Fumes Killed Two Friends In Edo State.
Shocking
43 views
Shocking
43 views

How Generator Fumes Killed Two Friends In Edo State.

MT - December 14, 2017

A fashion designer and her friend died after inhaling toxic fumes from an electricity generator. The bodies of Muobuikwu Uju Kate and Nkiru Anozie were discovered in…

Nigerian Celebrities Who Went Public With Their Relationships In 2017
Entertainment
41 views
Entertainment
41 views

Nigerian Celebrities Who Went Public With Their Relationships In 2017

PH - December 14, 2017

Celebrity couples often like to keep their romance under wraps, away from the scrutiny of the public.   2017 had its fair share of celebrities coming public with their…

Meet The 99-Year-Old Inmate On Death Row In Enugu Prison With His Son. Photos
Shocking
67 views
Shocking
67 views

Meet The 99-Year-Old Inmate On Death Row In Enugu Prison With His Son. Photos

MT - December 14, 2017

A 99-year-old man identified as Celestine Egboluche from Imo State is arguably the oldest man in a Nigerian prison. According to evangelist Christian Okezie Chukwuka who paid…

How Nigeria Almost Lost Its Place At The 2018 Word Cup After FIFA Sanction
Sports
40 views
Sports
40 views

How Nigeria Almost Lost Its Place At The 2018 Word Cup After FIFA Sanction

MT - December 14, 2017

The Super Eagles escaped being kicked out of the 2018 World Cup, after FIFA awarded three goals and three points to Algeria on Tuesday. Nigeria was sanctioned…

#NobodyUgly: This Throwback Photo Of Olamide Baddo Before The Fame And Money Will Leave You Inspired
Entertainment
44 views
Entertainment
44 views

#NobodyUgly: This Throwback Photo Of Olamide Baddo Before The Fame And Money Will Leave You Inspired

MT - December 14, 2017

Nigerian indigenous rapper, Olamide Adedeji had a very rough background in the ghetto area of Bariga, Lagos State where he struggled with his poor family. The humble…

How Policeman Who Assaulted Tinsel Actress, April Joju Muse Was Punished
Entertainment
63 views
Entertainment
63 views

How Policeman Who Assaulted Tinsel Actress, April Joju Muse Was Punished

MT - December 14, 2017

April Joju Muse took to her Facebook profile on Tuesday, December 12, to share the video she made while the police officer was trying to make his…

I Go Dye Bags UK Ambassadorial Award And Who He Dedicated It To Will Amaze You
Entertainment
44 views
Entertainment
44 views

I Go Dye Bags UK Ambassadorial Award And Who He Dedicated It To Will Amaze You

MT - December 14, 2017

  Comedian, I Go Dye, was recently honored with a Make A Difference Against Corruption Today award by the UKAID and youth alive foundation MADACT. Posting photos of the…

Nigeria’s 2017 Trending Videos On YouTube
Entertainment
39 views
Entertainment
39 views

Nigeria’s 2017 Trending Videos On YouTube

PH - December 14, 2017

YouTube, on Wednesday, released its annual Rewind lists, showcasing the moments that captured the attention of Nigerians and YouTube users around the globe this year. The top…

Chimamanda Adichie’s “Dear Ijeawele, Or A Feminist Manifesto In Fifteen Suggestions” Listed Among the Best Books of 2017
Best of Nigeria
57 views
Best of Nigeria
57 views

Chimamanda Adichie’s “Dear Ijeawele, Or A Feminist Manifesto In Fifteen Suggestions” Listed Among the Best Books of 2017

PH - December 14, 2017

Chimamanda Ngozi Adichie‘s “Dear Ijeawele, Or A Feminist Manifesto In Fifteen Suggestions” has been listed among the Best Books of 2017 by both NPR Books and Audible.…

Ubi Franklin Throws Welcome Party For Daughter As She Arrives Nigeria
Entertainment
67 views
Entertainment
67 views

Ubi Franklin Throws Welcome Party For Daughter As She Arrives Nigeria

MT - December 14, 2017

Back in November 2017, Music executive turned entrepreneur Ubi Franklin revealed in an Instagram post that he’s a father-of-two and not one as people assume. He and his ex-wife, Lilian Esoro share…

Adesua Etomi, Late Moji Olaiya, Others Top List Of Nigeria’s Google Searches For 2017
Entertainment
40 views
Entertainment
40 views

Adesua Etomi, Late Moji Olaiya, Others Top List Of Nigeria’s Google Searches For 2017

MT - December 14, 2017

So much has happened in 2017 that it’s almost impossible to believe they all happened in one year. Today, Google announced the results of its 2017 Year…

Lepacious Bose Recounts How She Hated Herself Due To Her Weight, Yet Still Made People Laugh
Entertainment
53 views
Entertainment
53 views

Lepacious Bose Recounts How She Hated Herself Due To Her Weight, Yet Still Made People Laugh

MT - December 14, 2017

Comedian Lepacious Bose is celebrating 5 years of her weight loss journey with this inspiring post. According to her, the devil stole 25 years of her life…

Daddy Freeze Challenges Davido To Use A Tithe Of His Income To Help Someone And Here’s His Reply
Entertainment
84 views
Entertainment
84 views

Daddy Freeze Challenges Davido To Use A Tithe Of His Income To Help Someone And Here’s His Reply

MT - December 14, 2017

Top Nigerian singer, Davido, has accepted the challenge to use ten percent of his income to bring someone out of poverty. Recall that controversial Nigerian OAP Daddy…

How To Reduce The Risk Of Having Cancer – Oncologist Gives Important Tips In Ibadan  
Food and Health
66 views
Food and Health
66 views

How To Reduce The Risk Of Having Cancer – Oncologist Gives Important Tips In Ibadan  

MT - December 14, 2017

Dr Adebayo Oladeji, a Consultant with the University College Hospital, Ibadan, on Wednesday said youths could reduce their cancer risk by 90 per cent  through  healthy living,…

REVEALED: How EFCC Boss Ibrahim Magu Escaped Assassination
Politics
65 views
Politics
65 views

REVEALED: How EFCC Boss Ibrahim Magu Escaped Assassination

PH - December 14, 2017

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Mr. Ibrahim Magu on Tuesday night escaped death by the whiskers as some gunmen stormed his…

Channels Television Emerges TV Station Of The Year For 12th Time
Best of Nigeria
57 views
Best of Nigeria
57 views

Channels Television Emerges TV Station Of The Year For 12th Time

PH - December 14, 2017

Channels Television has won the Nigerian Media Merit Award for Best Television Station Of The Year for a record 12th time. The award-winning station was presented with the coveted…

Davido In A Relationship With A New “Girlfriend”? (See Photos)
Entertainment
99 views
Entertainment
99 views

Davido In A Relationship With A New “Girlfriend”? (See Photos)

MT - December 13, 2017

Since the news of the birth of her 2nd child, whose mother is an American, the music star, Davido, has been reassured to keep his relationships hidden. Earlier…

5 Nigerian Politicians PDP Should Consider As ‘Presidential Candidate’ To Defeat Buhari In 2019
Politics
112 views
Politics
112 views

5 Nigerian Politicians PDP Should Consider As ‘Presidential Candidate’ To Defeat Buhari In 2019

MT - December 13, 2017

Nigeria’s major opposition party, Peoples Democratic Party (PDP), has hinted that it has begun the search for a ‘sellable candidate’ who can match President Muhammadu Buhari in…

Loading...