Aliko Dangote Africa’s richest man says he once withdrew $10 million in cash from a bank “just to look at it.”
The Nigerian billionaire says he wanted to get it into his head that this was real cash and not just figures on paper.
Dangote said that when one is young their first million is important, but after, the numbers don’t mean much.
The tycoon, whose vast business empire spans cement to flour, was addressing Mo Ibrahim forum in Abidjan.
The 61-year-old industrialist has advised upcoming African entrepreneurs not to get carried away by the first flush of success.
“One day, I cashed 10 million; put them in the boot of my car I put it in my room. I looked at them and thought ‘now I believe I have money’ and took it back to the bank the next day,” he reveals.
He said that its often that most Africans spend on projected incomes. he also warned that there are ups and downs” in business.
As an example, the billionaire explained how his cement companies experience difficulties exporting to Benin from Nigerian factories located 40 kilometers from the border. There is a need to address the customs and administrative problems that hamper business development in Africa.
Instead, Benin imports “more expensive” cement from China, Dangote says.
He is estimated to be worth $10.6 billion and has maintained his title as the continent’s wealthiest man for years.