Africa’s richest man, Aliko Dangote, plans to donate one-third of his wealth to charity as part of his succession plan, according to his daughter, Halima Dangote.
Africa’s richest man, Aliko Dangote, is planning to donate one-third of his wealth to charity as part of his succession plan, with the backing of his family, according to his daughter, Halima Dangote. Halima, a trustee of the Aliko Dangote Foundation, disclosed the arrangement in an interview with Bloomberg published on Tuesday, as reported by The Punch, saying the billionaire has embedded philanthropy into the family’s long-term inheritance plans. According to the Bloomberg Billionaires Index, Dangote’s net worth is estimated at $35.1 billion, meaning one-third of his current fortune would amount to about $11.7 billion if maintained at that level. Halima explained that her father had already established the necessary structures to ensure the foundation continues supporting health and education projects for generations.
Speaking on the planned donation, Halima said Dangote had already transferred a significant portion of his wealth to the Aliko Dangote Foundation. “He actually donated 25 per cent to the foundation. If you look at it, it is what we call in Sharia Code in Islam; it means he has donated 33 per cent of his whole inheritance to his foundation,” she said. She added that giving back is central to the family’s values and that Dangote asked her, her two sisters and his mother to endorse the arrangement under his will to ensure the donation benefits humanity. The Aliko Dangote Foundation, established in 1994, was endowed with $1.25 billion about a decade ago and has since received an additional $700 million in funding. According to Halima, about 70 per cent of its spending is dedicated to Nigeria, 20 per cent supports projects across Africa, while the remainder funds initiatives in other parts of the world.
The report by Bloomberg noted that the foundation’s interventions cover health, education, nutrition and humanitarian relief, including partnerships with the Bill & Melinda Gates Foundation and northern Nigerian state governments that contributed to the eradication of wild poliovirus in Africa. It added that although the proposed 33 per cent commitment falls short of the Giving Pledge benchmark of 50 per cent, it ranks among the largest philanthropic commitments ever announced by an African billionaire. Earlier this year, TIME magazine named Dangote among the world’s most influential philanthropists in its inaugural TIME100 Philanthropy list.
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