Aliko Dangote explains how he is going to preserve some of the family’s wealth

Dangote and his daughters
  • Aliko Dangote says he will open an office in New York to help diversify his investments and preserve wealth against the devaluation of the naira.
  • In the last decade, Naira dropped more than 200% against the US dollar, closing at an average rate of N362/$1 in 2019.
  • Dangote reiterates that he is interested in buying the Arsenal football club after building his ‘$20 billion refinery project’ in Lagos.

Africa's wealthiest man, Aliko Dangote, has said that he is ready to open an office in New York to help diversify his investments, preserve wealth against the devaluation of the naira.

In an interview with Bloomberg on The David Rubenstein show, the 62-year-old Nigerian businessman said the diversification of wealth, and investment across the world will help him manage the local currency crisis, whenever it occurs.

In the last decade, the Nigerian Naira dropped more than 200% against the US dollar, closing at an average rate of N362/$1, according to an analysis conducted by Premium Times citing Bloomberg Terminal.

Shortly after announcing the devaluation of Nigerian currency in 2014, Aliko Dangote lost more than $7 billion of his fortune to the naira slump.

Dangote said he will use the New York base and an existing one in London to become more global after the completion of his refinery empire in Lagos which currently under construction.

“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth.

“What we are trying to do is to use a major part of that money and invest outside Africa and maybe 40% of it and continue to invest in Africa because we have invested very heavily now, " he told Bloomberg.

He reiterated that he is interested in buying the Arsenal football club after building his $20 billion refinery project in Lagos.

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