“We have also agreed to invest in other other ventures in oil and agriculture,” Africa’s richest man said in an interview reported on by Bloomberg business news agency at a conference in Dubai. “They already have a seat on our board. This could run into billions of dollars. There are a lot of opportunities that we are looking at with ICD.”
ICD is exploring opportunities to work with the Nigerian multi-billionaire after taking an undisclosed holding in Dangote Cement Plc (DANGCEM) last month, its first major Africa investment, ICD Chief Executive Officer Mohammed Al Shaibani also said in Dubai. The company is diversifying its investments, which include Emirates airline and Emaar Properties PJSC.
Dangote, whose cement and commodities businesses has seen him accumulate a near $25 billion fortune, partnered with the private-equity firms Blackstone Group LP (BX) and Carlyle Group LP (CG) in August for Africa investments.
The entrepreneur’s cement business, the biggest producer in Africa, has the capacity to produce 29 million tonnes/year in Nigeria and plans to expand in 13 other countries on the continent.
Dangote is bidding for gas assets in Nigeria, Africa’s largest economy, to help stem continuing disruptions to his cement plants in the West African nation. He’s also building a $9 billion oil refinery and petrochemical complex in Nigeria’s south-west that is scheduled to be completed in 2016.
