| How to stay on top
of your wealth –Aliko Dangote
By SEUN ADESIDA
Saturday, April
26, 2008
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•Alhaji
Aliko Dangote
Photo: Sun News Publishing |
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The chairman of Dangote group of companies, Alhaji Aliko
Dangote has identified the declining wealth creation and sustenance
to poor management, lack of visionary and direction by wealth
managers.
Offering fillips on how to build and sustain wealth in a paper
entitled “Wealth Strategy”, Dangote noted that
he owes his success in whatever he is into because he has
been able manage his wealth in order to stay on top.
According to the business tycoon, “I’m successful
in what I do but because it reminds me that no matter how
wealthy you are, you need to manage that wealth in order to
remain on top of wealth and even become wealthier.”
Proffering strategies to wealth management, Dangote conceded:
“I must tell you that a wealthy man must be proactive;
you must be able to anticipate which direction investment
wind is blowing. You must be visionary. Most times you take
investment decisions based on tomorrow. By this, I mean you
must envisage what the economic climate will be in five to
10 years time-or-even more.”
Drawing on the Dangote experience, he said: “Today,
the Dangote brand, in all modesty is a success story. There
is no business that we are not in the forefront. The worse
scenario, we are number two. The strategy is to lead in every
market segment. And to do this, we have to be visionary, to
manage our wealth and resources in order to grow it.”
Revealing the success story that has today become the Dangote
brand, the conglomerates’ chairman offered: “Take
the case of flour. In the year 2000, we entered into this
business that people have been for 40 years. Now we are number
two and at the verge of becoming number one. We fought our
way into the market, using the power of the Dangote brand
and offering quality services, and I believe, we will still
do that with the product we are about to unveil today.”
According to Dangote, “Wealth needs good brains to
be managed and sustained. Before, we were basically importers,
but today we are manufacturers of cement, flour, refiners
of sugar and many other things.
Take a look at our one billion dollar factory at Obajana,
we have 97 per cent of all we need in one location. It is
a product of good thinking. Even though I am the CEO, I’m
not the only one running the company. There are other good
brains making things work.
In everything you do, you need direction and planning. For
you to sustain wealth, you need good heads to help you plan.
You need vision to anticipate the way the economic wind will
blow. Yes, wealth must be managed to add value both to the
person who owns the wealth and the environment the wealthy
man finds himself.”
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