Africa’s richest man, Aliko Dangote, has revealed why he abandoned the idea of owning luxury homes abroad.
The 69-year-old billionaire made this explanation during a recent podcast with Nicolai Tangen, chief executive officer of Norges Bank Investment Management.
Speaking about his discipline, Mr Dangote said that hotels offer a simpler lifestyle, allowing him to focus entirely on business growth rather than maintaining expensive foreign properties.
The President of the Dangote Group disclosed that he sold his high-end properties in the United States and the United Kingdom after deciding to concentrate fully on industrial investments in Nigeria, a decision he described as central to his long-term business philosophy.
Business, not luxury
Mr Dangote, whose business empire spans cement, sugar, salt, fertiliser, petrochemicals and oil refining, said luxury real estate abroad can become a distraction for entrepreneurs pursuing ambitious goals.
“When I decided to go into the industry, I sold all my properties in the US. I had two big mansions in the US and a house in the UK. I wanted to really sit in Nigeria and concentrate,” he said.
Further explaining his discipline, Mr Dangote said that he does not mix business and pleasure. “People see that I work so hard, do you know why? It is because I take my business as my hobby. If I take my business as a joke, I won’t work this hard. I work so hard that I sleep by 11pm and wake up by 5am, then I go to the gym where I stay till 7:30am, and when I get to the office, I work like any other staff.”
Why hotels make more sense
Explaining his preference for hotels over private mansions abroad, Mr Dangote said owning holiday homes often entails obligations that require constant attention.
The billionaire noted that hotels provide convenience, flexibility and peace of mind without the burden of maintenance and management.
“Sometimes, when you own a holiday home anywhere, you have to create time to go and use that property. Now my life is very simple. Wherever I go, I use hotels; I pay. When I leave, nobody will call me about any issue,” he said.
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Business strategy
The businessman stressed that long-term planning remains central to his decision-making process, noting that the Dangote Group already has strategic targets extending to 2030.
“So I’m committed to what I do. I always create a vision. It’s like now, we have a vision for 2030, so I have targets to meet,” he said.
Mr Dangote further explained that many of his investments are guided by the principle of backward integration, producing locally what Nigeria previously imported.
“We produce what the people need. When you wake up every morning, you are using part of what we produce,” he said.
The strategy has shaped the company’s operations in cement manufacturing, fertiliser production, sugar refining and petroleum processing.