Aliko Dangote's Business Setbacks Before $20 Billion Refinery

Aliko Dangote, Africa's richest man, faced numerous setbacks while building his $20 billion refinery, which is now valued at approximately $47.6 billion following a $1.6 billion initial public offering. His fortune is estimated at $51.3 billion.

Over the years, Dangote ventured into textiles, banking, telecommunications, aviation, and food processing, but many of these businesses were eventually closed or sold. His textile venture, Dangote General Textile Mills, faced challenges from cheap imports and high operating costs, leading to the closure of factories and affecting nearly 8,000 workers.

Dangote Flour Mills, established in 1999, was sold to Tiger Brands in 2012 but was later repurchased at a lower price after Tiger Brands struggled. Dangote also attempted to enter the telecommunications sector but abandoned the project due to internal disagreements and regulatory delays.

His tomato-processing factory in Kano, opened in 2016, struggled with inadequate supplies and high costs, generating minimal profit.