Dangote bagging plant is demolished

Dangote Cement’s bagging plant at the Apapa port complex has been torn down to make space for the expansion of A. P. Moller’s port facilities.

According to local reports, Dangote had been asked to vacate the premises some time ago, with one newspaper reporting that the company had refused to vacate the premises for more than six years. However, with local production capacity sufficient to negate the need for exports, a Dangote spokesperson said the bagging plant is of no longer of use.

US$20 billion man

This week also saw the announcement that Aliko Dangote has been named Africa’s first US$20 billion man, placing him in the top 25 richest men in the world. The Dangote CEO has seen the value of his company soar in recent years, with Dangote Cement’s earnings increasing 80.6% y/y at the close of the last fiscal. Dangote himself is now richer than India’s Lakshmi Mittal, according to Forbes, and is catching up with Google founders Larry Page and Sergey Brin.

Edited from various sources by Katherine Guenioui