Why I Don’t Have Houses in London, US – Dangote

Africa’s wealthiest individual, Aliko Dangote, has explained his deliberate choice to abstain from owning homes abroad, attributing his decision to maintain focus on advancing Nigeria’s industrial landscape.

Speaking to reporters at the Dangote Petroleum Refinery located in the Ibeju-Lekki area of Lagos State, Dangote emphasized that owning properties in London or the United States would potentially divert his attention from his commitment to fostering industrial growth within Nigeria.

“The reason I don’t have a London or American house is solely because I wanted to focus on industrialization in Nigeria,” stated the billionaire entrepreneur. He elaborated, expressing concern that owning foreign residences might create reasons for frequent travel to those locations, thereby disrupting his dedication to Nigerian industrial projects.

Dangote underscored his passionate pursuit of the Nigerian dream, noting that besides his residence in Lagos, he also maintains homes in his native Kano State and rents another in Abuja.

His daughter, Fatima Dangote, echoed sentiments of admiration for her father’s unwavering work ethic and determination in realizing his vision for Nigeria. “I have not seen anyone as hardworking as my father. Sometimes I wonder how he never gives up,” Fatima remarked, highlighting her wish for more leaders of similar dedication in Nigeria to contribute to national progress.

Addressing recent developments at the Dangote Refinery, the business magnate disclosed that the Nigerian National Petroleum Corporation (NNPC) has seen its stake in the refinery reduced significantly. Initially holding a 20% stake, NNPC’s ownership has dwindled to just 7.2% due to failure to fulfill financial obligations that were due in June.

“NNPC no longer owns a 20% stake in the Dangote refinery,” Dangote clarified. “Despite being scheduled to complete their payment in June, they have not fulfilled their obligations, resulting in their current ownership of a 7.2% stake in the refinery.”

The reduction in NNPC’s stake underscores ongoing financial dynamics at the Dangote Refinery, a pivotal project in Nigeria’s quest for self-sufficiency in petroleum refining.