Billionaire Dangote Forecasts $30 Billion of Revenue by 2030

LAGOS (Capital Markets in Africa) – Nigerian billionaire Aliko Dangote said revenue at his group of companies may rise seven-fold to $30 billion a year by 2030.

Africa’s richest man, worth $12.6 billion, also said tax payments from his Lagos, Nigeria-based Dangote Industries Ltd. would exceed $1 billion annually in about five years, according to a speech he gave Thursday in Ghana’s capital, Accra.

Dangote, 61, derives almost 75 percent of his wealth from Dangote Cement Plc, according to the Bloomberg Billionaires Index. He also has interests in sugar, flour and packaged food, and has said he eventually wants to buy London’s Arsenal Football Club.

Dangote Cement said in April it will consider a London share sale over the next two years as Africa’s biggest producer of the building material seeks funds forexpansion. It will also seek to raise $500 million via the sale of a Eurobond, on top of a 300 billion-naira ($833 million) local-currency bond announced earlier this year.

Source: Bloomberg Business News