Smart Executives

It Does not Make Sense to Invest in Fintech Startup – Africa’s richest man, Aliko Dangote

Seye Joseph

The richest man in Africa with $12.3 billion and business investments in cement, freight, infrastructure, and agriculture, Aliko Dangote, has cleared the air on why he would never invest in fintech startup. He said it does not make sense.

He said his company could do almost anything but “I think technology is not really one of the areas we want to go into right now. If I am going to invest in a tech company, I can buy shares, but it is not something I want to go into and run”.

He added that he is passionate about industrialization more than “going into a tech company. It does not make any sense for us to go direct there because of our portfolio, yes”.

According to the interview he granted to Bloomberg Market’s Francine Lacqua, he explained that his focus is agribusiness.

“Anything we are doing between now and 2020 has to be agriculture. That is it. I do not want to stretch myself too thin. And the best way to do that is we should deliver on things that we promised especially because people are wondering if we will be able to deliver.”