See Aliko Dangote reasons for renting apartments instead of buying

• Aliko Dangote says he lives in a rented house in Abuja, and when he travels out of Nigeria for business
• He said despite having the funds to buy it, he chose to rent to avoid distractions and focus on industrializing Nigeria.
• He revealed that he sold his London house in 1996 to concentrate on his business ventures in Nigeria

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Aliko Dangote, Africa’s richest man, has revealed that he only has houses in Lagos and his home state, Kano.

The industrialist disclosed during a media parley held at the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos State, on Sunday, July 14, 2024.

Aliko Dangote is the richest man in Africa Photo credit: Jason Alden
Source: Getty Images

According to Dangote, the house he stays in whenever he is in Abuja is not his personal property.

Dangoe gives reasons for renting apartments

Explaining his decision, Dangote noted that his commitment to Nigeria’s industrialization is the primary reason he does not own houses outside the country.

His words:

“The reason I don’t have a house in London or America is solely because I wanted to focus on industrialisation in Nigeria."

He shared that he once owned a house in London but sold it in 1996 to eliminate distractions and maintain his focus on his business ventures in Nigeria.

Aliko Dangote has led the table as the richest man in Africa for over ten years, and according to Forbes, he is currently worth $13.1 billion.

Despite his wealth, Dangote said:

“I figured that if I had those houses, there would be one reason or another for me to visit those places, thereby causing distraction for me. "I am very passionate about the Nigerian dream, and apart from my Lagos house, I also have one in my home state of Kano and a rented one in Abuja."

IOCs, oil companies FG'sFG's order to supply Dangote crude oil

Legit.ng previously reported that the Nigerian government, through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), has agreed with oil producers to allow the sale of crude oil to local refineries at market prices.

The agreement will end a supply dispute between local refineries and oil producers, including international oil companies (IOCs).

The oil producers, under the aegis of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce Industry (LCCI) at the behest of the NUPRC, agreed to yield to a scheme that would mutually benefit both parties and focus on ensuring that local refineries are not starved and ripped-off.

Source: Legit.ng