Africa’s richest man, Aliko Dangote, has shocked many Nigerians after saying he doesn’t own a house outside the country.

Mr Dangote said he had two houses – in his home town of Kano, and Lagos – and lived in a rented apartment whenever he visits the capital, Abuja.

He was listed by Forbes magazine in January as Africa’s richest man for the 13th year in a row despite the country’s economic difficulties.

His fortune rose by $400m over the last year, giving him a net worth of $13.9bn (£10.7bn), Forbes said at the time.

The 66-year-old businessman made his fortune in cement and sugar – and last year opened an oil refinery in Nigeria’s economic hub, Lagos.

His comments surprised many in a country where the rich elite have a reputation for their opulent lifestyles and own houses in London, Dubai and Atlanta.

His comments have elicited a wide reaction on social media, with some saying it is a wise business decision as it is cheaper to pay rent than to buy a house.

“The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria,” he said.


“Nigerians need to be re-oriented to understand owning several mansions is not an achievement when the money would be needed elsewhere.

“Dangote said he sold his house in London in 1996 and I am sure monies realised from the sale was put back in his business – that is the way to go.”