With a net worth of US $10.9b, Aliko Dangote is the world’s richest black man

The world’s richest black man Aliho Dangote of Nigeria.

The cement and commodities tycoon Aliho Dangote of Nigeria, has retained his title as the world’s richest black man this year.

After building his fortune in sugar, flour and cement, Dangote is embarking on his most ambitious project to date—a private oil refinery in Nigeria which will have a refining capacity of 6,500,000 barrels a day. The refinery is expected to reduce Nigeria’s dependence on oil imports.

Dangote started out in business more than three decades ago by trading in commodities like cement, flour and sugar with a loan he received from his maternal uncle. He went on to build the Dangote Group, the largest industrial conglomerate in West Africa.