Why my grandson doesn’t want to work with me yet – Dangote

The president of Dangote Industries Limited, Aliko Dangote, has revealed that his first grandson is not currently interested in taking up a role in the family business because he wants to pursue a different career path for now.

Mr Dangote disclosed this on Tuesday in Nairobi at a meeting with Kenyan and other East African institutional investors, arranged as part of the events related to the ongoing IPO of Dangote Petroleum Refinery and Petrochemicals FZE IPO.

According to him, his grandson, an electrical engineer, wants to gain ample experience in notable multinational professional services consultancies before pitching his tent with the Dangote Group.

“And my first grandson, he’s not finding it interesting to work with me for now. He wants to go and get experience with KPMG or PWC,” he said.

“Then after he’ll come and join us. He’s an electrical engineer, but he wants to go and learn about money first,” he added.

This month, Dangote Petroleum Refinery launched the public share sale, touted as the biggest ever IPO on the continent, offering 4.1 billion ordinary shares at N525 each with a minimum subscription of 10 shares as it seeks to raise $1.6 billion (N2.2 trillion).

The proceeds of the transaction will help finance the refinery’s next phase of expansion, expected to double processing capacity at its location on the outskirts of Lagos to 1.4 billion barrels per day by 2030.

Another refinery, able to process 700,000 barrels of crude per day, is in the works in Lamu, Kenya, and is projected to serve the energy needs of the East African region.

Family business

Three of Mr Dangote’s daughters are already involved in the family business and occupy key positions within the group.

Halima Dangote is currently the executive director of the Dangote Family Office and international offices, Dubai and London. Before taking up the position, she was the executive director, sales, and marketing, Dangote Flour, formerly a subsidiary within the group. She joined the company in 2008 and served as special assistant to the president & CEO.

Mariya Dangote, the eldest of the three, is the group executive director in charge of the commercial operations for the cement and food businesses. She initially held the role of business strategy & corporate risk specialist at Dangote Industries Limited before becoming the group strategy lead. Before her current position, she was the executive director overseeing operations at Dangote Sugar Plc.

Fatima Dangote, the youngest of the billionaire’s daughters, is currently the group executive director, commercial operations – oil & gas, WAEP and fertiliser at Dangote Industries Limited. She also oversees branding and communications, strategic procurement as well as general administration within the group. Until her present role, she was the executive director, commercials at NASCON Allied Industries Plc, the salt refining and seasoning-making subsidiary of the group.

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Mr Dangote said at the event that setting targets too far into the future could create complacency among employees and executives, as distant deadlines may reduce the sense of urgency.

He noted that the group operates mainly on five-year plans, developed with the involvement of senior executives and directors across the organisation.

The businessman previously spoke about succession within the conglomerate, clarifying that having a male heir is not a priority for him.

He has also hinted that one or more of his daughters could eventually take over the leadership of the business, reflecting his position that succession should be based on the ability of the next generation to lead the group rather than prioritising gender in leadership.