Africa’s richest man, Aliko Dangote, said further deals with the Investment Corporation of Dubai may run into billions of dollars after the Emirati holding company invested $300 million in his cement business last month.
“We have also agreed to invest in other other ventures in oil and agriculture,” Dangote said yesterday in an interview at a conference in Dubai.
“They already have a seat on our Board. This could run into billions of dollars. There are a lot of opportunities that we are looking at with ICD.” Continue...
ICD is exploring opportunities to work with the Nigerian billionaire after taking an unspecified holding in Dangote Cement Plc (DANGCEM) last month, its first major Africa investment, ICD Chief Executive Officer, Mohammed Al Shaibani also said today in Dubai.
The company is diversifying its investments, which include Emirates airline and Emaar Properties PJSC.
Dangote, whose cement and commodities businesses built him a $23.1 billion fortune, according to the Bloomberg billionaires index, partnered with the private-equity firms Blackstone Group LP (BX) and Carlyle Group LP (CG) in August for Africa investments.
He plans to spend about $3 billion to boost production of sugar and rice at his companies, he said today.
Dangote’s cement business, the biggest producer in Africa, has the capacity to produce 29 million tons in Nigeria and plans to expand in 13 other countries on the continent.
The billionaire is bidding for gas assets in Nigeria to help stem continuing disruptions to his cement plants.
He is also building a $9 billion oil refinery and petrochemical complex in Ogun state that is scheduled to be completed in 2016.
“We are looking forward to doing more with Mr. Dangote, and we have some things that we are exploring at the moment,” ICD’s Al Shaibani said.
“Having the right partner, especially in Africa, is the key thing.”
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