The secrets you didn’t know about the riches of Aliko Dangote and Muhammadu Indimi

Aliko Dangote, the chairman of the Dangote group is Africa’s richest man. This is no news. Muhammadu Indimi, the Nigerian oil mogul is also one of Africa’s richest men. That too is no news.
However, it is interesting to note that this two men were born 10 years apart, Aliko Dangote in 1957, while Indimi was born in 1947. Both were born in Northern Nigeria and both had help from their parents to start their business.Here are some other things you did not know about how Muhammadu Indimi made his money:1. Animal skins

10 facts about how Indimi and Dangote made their fortunes

Sales of hides and skins is popular in Borno

In 1957, at the age of 10, Muhammadu Indimi, was working with his father in his hides and skins trading business. He did this until about 1965 at the age of 18. It was the beginning of his business.

2. Father’s loan

10 facts about how Indimi and Dangote made their fortunes

Mohammed Indimi received a loan from his father

Indimi’s father gave him a loan of £100 in 1963, which he invested in the hides and skins business, and which he also used to get some land to farm wheat.

3. Ready-made clothes

10 facts about how Indimi and Dangote made their fortunes

Ready made clothes are a booming business

Another business Indimi went into was the clothing business. He states in an interview with Forbes that at the age of 20 he would cross into Cameroon to buy ready-made clothes which he sold in Maiduguri.

4. Flour

10 facts about how Indimi and Dangote made their fortunes

The flour business is one many should take advantage of

Indimi shares the interest in the flour business with Dangote. He made his first big profit from the flour business at the age of 26, £50,000. This is a large amount of money now. Back then, it was a fortune which set him on his way to being extremely wealthy.

5. Water pumps

10 facts about how Indimi and Dangote made their fortunes

Water pumps contributed to Indimi’s wealth

Mobile water pumps were next in line for the business-savvy Indimi. He tells the story in a Forbes interview of how he bought mobile water pumps for about $1.3 million and sold them to make a fortune under the Obasanjo administration.

6. Oil

10 facts about how Indimi and Dangote made their fortunes

Oil is almost always a source of income for Nigeria’s billionaires

In 1991, while still in the water pump business, Indimi also moved into the oil business, for which he is known  throughout Africa today.

Now we move to Aliko Dangote and the secrets behind his wealth:

7. Apprenticeship

10 facts about how Indimi and Dangote made their fortunes

Sani Dangote is Aliko Dangote’s uncle and current VP of Dangote Group

Dangote got his first chunk of cash from apprenticeship to his uncle Sani Dangote. Who later gave him money with which he started his business, about NGN 500,000.

8. Commodity trading

10 facts about how Indimi and Dangote made their fortunes

Commodity trading is one of Dangote’s strengths

Sugar, rice, pasta, salt, cotton, millet, cocoa, textile and vegetable oil are some of the commodities with which Dangote started building his empire.

9. Import license

10 facts about how Indimi and Dangote made their fortunes

Dangote’s cement is a household name in Nigeria

The importing license Dangote got for cement is one reason he had monopoly on the sale of cement for a very long time.

10. Family relations

10 facts about how Indimi and Dangote made their fortunes

Alhassan Dantata

Family wealth is also one reason, Aliko Dangote is wealthy. He is the great grand son of Alhaji Alhassan Dantata, the richest African at the time of his death in 1955.

LEAVE A REPLY

Please enter your comment!
Please enter your name here