Aliko Dangote

Contrary to reports in some media outlets that the Dangote Group is planning to relocate its head office to New York, United States, Business Hallmark has been informed that there is no such plan.

A senior management staff who spoke to one of our correspondents on Thursday said although the group plans to open a branch office in New York as it has already done in London and some other cities of the world, it is untrue that there is plan to move the head office there.

The source also clarified that the CEO of the group, Alhaji Aliko Dangote has no plans of relocating to New York.

Speculations had emerged earlier on Thursday that Alhaji Dangote was planning to relocate to New York following his statements in an interview with Bloomberg where he said his family will start investing in the United States after which a family office will be opened to diversify the worth of his wealth

“We already have an office in London that has been in operation for the last 30 years so we want to turn part of that to a family office so that we can diversify the worth,” Dangote said.

“Sometimes in Africa, we have issues of devaluation so we want to preserve some of the family’s worth.”

The 62-year-old Africa’s richest man whose wealth was estimated to be worth $25 billion in 2015, but dropped to $12.4 billion in 2017 and further plunged to $10.5bn in 2018, discussed extensively his family history in the said interview with Bloomberg’s David Rubenstein.

“I came from a wealthy family. My late great grandfather in the 1940s, was actually the richest man in West Africa,” Dangote said.

“My grandfather was one of the wealthiest Nigerians. The family name is Dantata. That’s on my maternal side.”

Dangote said his father was also quite rich but died when he was only eight years old and he did not inherit any money from him.

“My father was also quite rich both in business and politics. But you know, one thing I am very proud of is that I did not inherit any money from my father.”

Dangote who, however, became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar, making him the 96th wealthiest man in the world in the period under review, went further to say had his college education in Egypt and started business selling cement in Lagos in 1978.