Aliko Dangote, Africa’s richest man, plans to take office space in New York City to help diversify his investments and avoid the risk of currency fluctuations on his home continent.
According to a Bloomberg report, Dangote will use the base and an existing one in London to become more global after the completion of a $12 billion, 650,000 barrel-a-day refinery currently under construction in Nigeria.
“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show.
Africa’s richest and 95th richest person in the world, Dangote already operates an office in London.
The 62-year-old Nigerian businessman became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar. The completion of a $12 billion, 650,000 barrel-a-day refinery will also add to his fortunes.
The refinery has the capacity to meet more than Nigeria’s entire fuel consumption and could transform Nigeria’s economy that currently imports all its refined product needs.