Nigerian billionaire Aliko Dangote is setting his three daughters up to take on greater leadership responsibilities across his massive business empire.
Setting Up His Legacy
Mariya Dangote, 47, Halima Dangote, 42, and Fatima Dangote, 40, have spent more than a decade working in their father’s companies. All three were promoted to senior leadership positions this year as the 69-year-old industrialist shifts more of his attention toward his oil refinery and fertilizer operations, according to Bloomberg Businessweek.
The sisters are taking charge of different areas of the business, which includes cement, sugar, food, fertilizer, and energy. But for now, Dangote has no plans to step down.
“This isn’t, for now, a succession for the top job,” Mariya told Bloomberg.
Instead, the plan is to give the sisters greater responsibility for existing operations, allowing their father to focus on expanding his energy and industrial ventures.
Mariya oversees commercial strategy across the cement and food businesses, including sugar and salt. She has a law degree from Bayero University in Kano, Nigeria, and an MBA from Coventry University in England.
Halima manages the family office. Fatima, a lawyer who joined the family business in 2012, leads corporate communications and oversees sales for the fertilizer and energy businesses.
The sisters grew up in Kano, a predominantly Muslim city in northern Nigeria.
Their grandmother also played an important role in their upbringing. “She taught us how powerful a woman can be,” Halima said.
The leadership transition comes as Dangote’s business empire expands. The conglomerate generates approximately $20 billion in annual sales, with its $20 billion Dangote Petroleum Refinery and Petrochemicals complex near Lagos serving as its flagship asset.
Parts of the Dangote empire are already public, while its massive oil refinery is currently in the middle of its initial public offering (IPO).
The refinery’s planned initial public offering is expected to raise at least $1.6 billion by selling approximately 3 percent of the business. According to Bloomberg’s reporting, the offering could increase Dangote’s fortune to about $58 billion, although the valuation remains dependent on the market.
Dangote will retain more than 80 percent of the refinery’s shares following the offering.