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Aliko Dangote
CEO, Dangote Group

The Nigerian Creative Industry Visits Dangote Refinery

📅 Oct 19, 2026 Channels Television 81 MIN 1562 VIEWS 163 SEGMENTS · 3 SPEAKERS
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What Aliko Dangote said

Written from the verified transcript and checked against it. Every figure links to the moment it was said.

Aliko Dangote, CEO of Dangote Group, hosted Nigerian creative industry figures at his refinery and shared his personal and business journey. He described his start selling four trucks of cement daily, earning 6,000-7,000 naira per day in 1978, and receiving a 500,000 naira loan from his maternal grandfather. He recounted writing a $10 million check to physically verify his money in London and buying a plane in 1982. Dangote discussed the refinery's construction, noting exchange rate challenges (from 136 to 1,650 naira) and that the loan was 3.7 billion dollars. He mentioned plans to triple the refinery's current capacity within three years, adding petrochemical products. He also criticized the lack of government support for Nigeria's creative industry, praised Nigerian artists, and committed to appearing on a popular YouTube show, promising a change in engagement with younger audiences.

Key takeaways

  1. Dangote plans to triple the current refinery output within 2.5 to 3 years, expanding petrochemical production.
  2. The refinery was built despite initial skepticism, with only about 10 people in Dangote Group believing it would succeed.
  3. He will appear on the popular YouTube show of Beu Babi, promising a free Q&A session with younger audience.
  4. Dangote stated that the Dangote Vision 2030 target is too small and a new vision will be set in January.
  5. He recounted that during refinery construction, the naira exchange rate went from 136 to 1,650, while loans were dollar-denominated.

Numbers and commitments

FigureWhat it refers toTypeAt
500,000 naira Loan from maternal grandfather in 1978 commitment 11:34
$10 million Cash withdrawal to verify personal wealth in London metric 14:14
136 naira Exchange rate at start of refinery project metric 50:14
1,650 naira Exchange rate during refinery construction metric 50:14
30,000 tons Urea fertilizer being loaded for Brazil metric 2:06
520 hectares Size of the refinery site metric 58:55

Chapters

  1. 0:00Tour of Dangote Port and Fertilizer Export
  2. 6:34Early Business Start and First Million
  3. 10:00Cement Armada and Grandfather's Loan
  4. 13:49Personal Stories of Wealth and Extravagance
  5. 18:40Work Ethic and Sleep Habits
  6. 20:31Compliments and Critique of Nigerian Creative Industry
  7. 21:39No Retirement and Pursuit of Legacy
  8. 34:25Lessons from Failed Ventures
  9. 50:14Refinery Construction Challenges

Questions asked in this interview

12
  1. 21:39Will that time ever come when you can balance the enjoyment and the business?
  2. 24:17Is that not a prayer that you will give your worst enemy?
  3. 30:12>> Who do you think among all the actors should play Dangote, Aliko Dangote, in the movie?
  4. 34:12>> It's, um, I was just thinking, does success have mistakes that you look back and say, oh, maybe that's money in any way?
  5. 46:32Early morning meetings or late night phone calls?
  6. 46:54Spend 1 billion naira on a party or invest in another factory?
  7. 47:07One week without your phone or one week without your private jet?
  8. 48:47Dinner with 10 billionaire friends or dinner with 10 childhood friends?
  9. 58:44Can you pass the mic, please?
  10. 59:11Who's asking the question? Oh, am I?
  11. 59:15What can you tell us that you've learned dealing at the highest levels, at the lowest levels, building teams about executing and actually solving problems in this environment that you can share with us to take with us?
  12. 1:11:04So the question is, when do you think we can have you on the show, sir?
Aliko Dangote 0:00 ↗
Three for the product cargo and two the crew where we discharge the food and the loading product.
But I think for us here, not doing anything to pollute the waters and take away. Please for... we realize that we our best. Everybody say happy birthday.
Interviewer 1:30 ↗
>> This is yesterday's boss. Yesterday, >> thank you so much.
Aliko Dangote 1:43 ↗
So good morning to you ladies and gentlemen, welcome. Good morning, and the tanker operations that is attached to the refinery. So welcome, this is Dangote Quay, a private port facility that we operate. This facility was conceived and constructed primarily for the construction of the refinery.
This port was built to handle loads 10 times more than what Apapa can handle. So we started off with that, then eventually it was expanded to create an export facility for Urea. Now this vessel is loading 30,000 tons of fertilizer Urea going to Brazil. Primarily our one major customer is Ethiopia. Cargoes go via Djibouti into Ethiopia, and because of the global situation we have had buyers from India, Australia as well.
Now the conveyor pumps the fertilizer into the ship, into the vessel. >> Yes. Inside the whole thing is the container. >> I don't know how to explain it. >> Thank you. Hang on. Heat. Slacking. Hello. I don't know.
[music] And when I say despite all, I can spend a whole day telling you [music] >> telling you the challenges, the challenges that we face in this project, which is my... Don't worry. >> Okay.
Each and every one of you for finding time to come to, you know, our refinery and petrochemicals, but I'm sure you must have gone around the other areas like the fertilizer.
>> Yes. I would have actually been with you much earlier, but unfortunately they mixed up and put up a meeting of our group executive committee meeting, and we had a very, very long meeting today. Much, much... I mean, not the normal meeting of two hours. Today really we spent a couple of hours debating on some few issues about some of our business. So we sit down every month and look at what we have achieved and then what next.
So that's... so I must really apologize. You know, I would have loved to take you people around. You know, nobody could actually tell you the exact story of what we went through more than myself and Mr. Dev Edwin, because he's been the field man.
So well, thank you. Going back to this, you know, I heard the lady out there saying that I won't remember... you know, the first 1 million. I can easily remember that first 1 million. You know, obviously I started very... well, not very small at that. And see, I really... most of members too in the family, people like to work for themselves, which is good. It's one of the traditions really in the north. People really like to establish themselves rather than working for the family, even though I'm lucky my own children now, they decided to work with me.
So going back to that first 1 million, then you know I was selling, average getting allocation of four trucks of cement, and selling those four trucks. That was my only job. I woke up in the morning, I get my allocation for four trucks, and I sold the four trucks. And if you remember at that time, okay, I had a bit of my own money.
One of the earliest things that I went through was when my father passed when I was just about 8 years old. So what I inherited from my father, you know, bought the building, this and that, and I actually donated it to charity. So I didn't... you know, I mean it is just God that designed everything. So it means that yes, you don't actually make money from inheritance because I gave away everything, you know, built an Islamic school and said okay, that's it.
And then the four trucks a day was really a very big stuff because the profit I was making at that time, if you hear, maybe you'll laugh, but I'll tell you the story. So every day I was making an average of 6 to 7,000. So most days I make about maybe 7,000 naira per day. But 7,000 naira of 1978 >> is not a small money because I was a very, very happy person in 1978.
Having bought my first Mercedes-Benz 200, I paid... >> brand new or brand new? Stinking new, not even [laughter]. And you know how much I paid? >> No, like... >> 5,100 naira. >> That was the cost of a Mercedes 200.
You know, in fact that time Mercedes themselves, they had not started making power steering, so you know it's a little bit of a... you have to eat a while before you can turn the thing. But I mean that was my first vehicle.
But the most interesting part of the business then was that there was what you call the cement armada. You know, a couple of you were not actually born at that time, but cement armada, you know, Nigeria just found oil. It was that same time that General Gowon was saying that look, our biggest problem and challenge is what do we do? We don't know what to do with money.
>> You know, because we got to that stage, and Nigeria, in trying to rush, they ordered over 500 ships of cement, and some of them really, it was cheaper for them sinking those ships because of demurrage cost.
So my late grandfather said that look, you know, I have 500,000 to add to what you have, but I mean it's not free, it's a loan. >> So he [clears throat] gave me that loan. So because there was also a lot of mix-up. Some people say my uncle, no, it was my grandfather whom I...
Interviewer 11:12 ↗
>> That's your maternal grandfather. >> My maternal, yes.
Aliko Dangote 11:14 ↗
>> Yes. And that 6,000 naira I was making was like I was in heaven every day, you know, because it means that I was making an average of one and a half Mercedes-Benz every day. So it wasn't a small money. Yes. >> Yeah. >> You know, it was a big money, but 6,000 sounds very small.
He gave me 500,000 that, you know, this is payable when able, you know, as a loan to add to what I had. But because of the type of business that I was looking at and the luck that I had, you know, in business or in making money you need two things, or three rather: one, to be focused and have a vision; the other one is also to work, to be very hardworking.
Third is you need a bit of luck, you know, because some things you plan, but then the plan might be a good one, but it might actually lead you to something else. So I had to return that 500,000. Why? Because people were coming to pay me money for cement and said that they will come back in 6 months' time. That was the waiting time.
And this actually even up to the time we went back to cement in 2000, people used to pay us for 300 trucks and they go and come back after a month and a half, two months. That was the cycle of how the cement business was. So the 6,000 I was making was really a big amount of money.
And then, you know, then I started and I had quite a lot of luck, especially when we started trading other commodities. You know, there was... well, I don't know how many questions that you have, but you know, there was also a time that... I mean, I don't think I've actually mentioned this. I went to my grandfather, my same maternal grandfather. My paternal grandfather, really, I don't even know him. I mean, he died when my father too was young, so he too didn't get to know his father.
And what happened, at a point when I was actually making quite a lot of money, I went to a bank in London. That time there wasn't anything like money laundering or what, all these laws were not there, and I said that look, I know that I have money in the bank, but I want to physically see part of this money.
[laughter] So that is when I actually wrote a check of $10 million. I didn't go with the driver. I dropped my Rolls-Royce myself there and I asked them to give me the cash. They actually gave me the cash. I took the cash. They helped me put it in the boot of my car. Went to my house at, I think it was number 53, Manor House Drive, London.
Interviewer 14:45 ↗
>> This was 10 million pounds. >> 10 million dollars. Dollars. Yeah. Yeah. Pounds. You never get that kind of cash, you know.
Aliko Dangote 14:53 ↗
And kept opening, checking the money, and then the next day I took the money back to the bank. Now I say, yes, I knew that this money, you know, was real, [laughter] you know.
So that's why sometimes I always tell people, when I see people misbehaving when they first start making money, I always laugh because I went through that same trajectory. And the same thing in 1982, you know, I went to Washington. It was also a draft of a check. I think it was $2 million.
>> In 1982. >> In 1982. >> Yes. >> You know, and went to one company called Ammon Aviation and said that look, I want to buy a plane. They said that okay, fine. What kind of plane? I said no, just a very nice executive one, and I want to buy it this week.
They say, okay, we have something to show you. You won't believe it was late at night. We went to Miami airport and then they opened one, put on the engine. I had nothing, no idea of what a plane was all about. All what I wanted was just to buy a plane. I didn't go through any advisory or whatever. Nobody advised me. The only thing that they did was they put on the engines and I was listening to the engines of the aircraft, you know.
So anyway, so I actually bought my... you know, I bought a plane, my first... this, you know, around that time. On 31st of March 1983 we had a plane crash in London at Luton Airport. So that's why, you know, I was telling somebody, when I see people making all these things, I said well, I went through the same thing. I had 27 cars. I bought my first, you know, plane before the age of 23.
And so that's when I realized that look, there are two things: serious business does not go with too much >> enjoyment. >> The two, they don't go together. You have to sacrifice one for the other, and if you don't, it will be almost impossible.
Interviewer 17:31 ↗
>> Okay. We're going to throw the floor open for questions later on, but we just want to go through a few questions quickly. Oh, by the way, what was the cement company that you used to go with, your... wait, for your...
Aliko Dangote 17:42 ↗
>> It was a company called Dantata Holdings. It was actually my uncle's company. >> Okay. You know, he was my uncle, he's late now, but his son is still around me even here, Osman Dantata. Okay. That is when I used to... there were just about four of them selling cement.
You... I mean, can you imagine what kind of money they were making >> at that time >> at that time? So it was Dantata, then Yankalife, okay, >> then Management Enterprises, and I think North Flour Mills. There were about four. They are the ones that were selling and distributing the entire cement of Nigeria at that time.
Interviewer 18:29 ↗
>> Yes. So back then, when you were this young businessman, millionaire, working close... do you sleep now or...
Aliko Dangote 18:40 ↗
You know, the issue is that one thing that I have, which God actually gave me, it's a very, very good luck. You know, if we sit at night, if you don't keep talking to me, I won't sleep. So, and I've realized something. I say that look, whatever problems that I have, I have two things. One is that early morning when I wake up after my gym, I go to my office.
I will sit in that office. The first thing that I do is to wait for problems to come because I know they will come. There must be problems. If they come, I will face them, I resolve them. If they don't come, fine. Then I run my life and leave the office.
But when I get home, any issues, problems, you can see me on TV fighting, shouting. But once I get home, I will forget everything and then I sleep very deep. The only thing is that I go to bed maybe a bit late and then I wake up very early in the morning. But my sleep is always very, very deep.
I mean, even yesterday I went to a dinner, you must have seen it in the social media. I went to... invited us for dinner, you know, myself, the current deputy governor, Samad Ravi, were having a dinner. Actually at the dinner table I started dozing, so that was the end of the dinner. They said that, well, I think it's better, it seems you are tired. I said no, I'm not tired, that's how I am really, you know, I sleep so really.
I know that a lot of some of my partners or colleagues in business, when they get into their bedrooms, it takes them a couple of hours. >> It's a gift. It's a gift that you have to teach the rest. >> Well, it's not, you know, it's not easy.
I mean, all of you, you have passed through, and some of you I must really admit that you have actually done very, very well in your own industry despite the hardship of Nigeria. In fact, even in Cairo, we went to the stock exchange and I was telling them about our Vision 2030, and I said that our people in the entertainment industry in Nigeria, they do not get one single help from the government.
But they have actually made it. When you are counting our artists in the world, musicians, if you are going to count 10 in the world, at least 40% of those ones will be from Nigeria. So we are very proud of you really. >> Thank you so much, you know. >> And that's without any help.
So Nigerians are very, very creative and, you know, nothing is impossible. You can do quite a lot of things.
Interviewer 21:39 ↗
Have you ever gotten to a point where you say, enough? I've done enough. I've built the biggest refinery in the world. [clears throat] I need to be on a yacht somewhere or something. Will that time ever come when you can balance the enjoyment and the business?
Aliko Dangote 21:56 ↗
You know, for the first time since when we started this industrial trajectory, the first time I took one month's holiday was this year in August, and there was a lot of bets from friends that it's impossible, there's no way Aliko will travel out of Nigeria for a whole month.
And I really shocked a lot of people because I stayed for one full month in Monaco without traveling to anywhere, you know. So, >> but your phone was with you. >> Of course. Yes. The phone, of course. Of course.
But of course, that's what, you know, I mean, otherwise you go crazy if you don't have your phone [laughter] with you. I'm not really a very... I'm not a social media person, but I mean, at least I tested that yes, I have very, very good hands.
And this question you asked, let me tell you what I said two years ago >> okay >> in another interview. And I said, if I have my worst enemy, and somebody says, what bad prayer will you actually pray for this your bad enemy? It's for him to go and start a refinery. [laughter]
But you won't believe that today, what you have seen actually today, we are just increasing. Not only that, we are doubling. We are putting a lot of other plants actually. You know, to tell you the truth, even was it today or no? Today in the morning I saw David, is David here? David B, the CEO, and I told him that hey, look, we have increased the capacity of what again, we are doing some petrochemicals. So really, I say yes, you know.
So what you have seen today really, by next two and a half years, 3 years, when you come, will be three times what you have seen today. >> We saw, we saw some of the... we saw the grounds being prepared. >> Yeah, but some of the foundation is not yet even done, but everything will start this year.
Interviewer 24:17 ↗
So, so why are you now wanting to do another one in Kenya? Is that not a prayer that you will give your worst enemy?
Aliko Dangote 24:22 ↗
No, no, no. But we have passed that level. Right now, we are totally in a different trajectory. You can see, let me give you an example. It was in December at a hotel we launched this. You see, our even logo has changed now. You see Dangote Vision 2030.
>> 30. Okay. So some of our staff, they didn't believe it will happen. Okay. But even today at this our group executive meeting, we now realize that look, the vision is too small. So we are coming up with a new vision in January with a new number because we realize that the 100 billion is less than what we can do.
>> For those of you that haven't bought, that are not part of our company yet, now you see why we are buying. Don... [clears throat] you see why we are buying. So the vision is still getting... but at this point it's no longer about money. No, actually no, it's not about money, you know. It's not really about money at all. It is about legacy.
We realize and we noticed that many times, you know, we've been taken for a ride, even though I mean that's our fault. We've been waiting for foreigners to come and make our continent prosperous, and that will never happen.
So the issue is that when you go to places like, you know, even Singapore, Singapore, you won't believe that Malaysia forced them out of their side. You know, they thought they are just parasites, and Singapore, they had to work hard, and now Singapore is even bigger than Malaysia. They created so much out of nothing.
Okay. So that's why when you look at all these things, I always advise people. Yesterday we even talked about it, somebody was talking about retirement, say, okay, no, no, no. Actually no, it was on Friday. I have a friend's daughter, she is a partner today, I don't want to mention her name, but she's a partner with McKinsey.
And then I say, okay, well, so how about your retirement? Because she told me that, look, uncle, once I get to 40, I'm going to retire. So I said, so why haven't you retired? You are now 40. She said no. I said, okay, let me advise you. Normally when you are working, you are healthier. The day that you retire, all sorts of illnesses will appear and you won't last long.
I mean, obviously yes, God has already written when you will die, but I can tell you if you really want to see different types of sickness in your body or out of your system, retire.
Interviewer 27:37 ↗
>> So this is just you saying that there's no retirement.
Aliko Dangote 27:40 ↗
>> No, no, there's no retirement. I can see, I mean, when we first started flying business, if some of you maybe you know, fly Mezzoforte, yeah. So the chairman was George Kouros. George Kouros was chairing our meeting up to the age of 92. >> Wow. >> He retired at 92 and he died at 94.
So it's the same thing with exercise. You know, people who sit down, they don't do exercise, they can never be as healthy as people who do exercise. So it is very important for you to look after your health. But you see the mindset, that thing that you exercise your brain on a daily basis. That's why they say that knowledge does not have a limit. >> That's right.
That's why I see sometimes people go to even university at the age of 70 to go and learn something. So things do change, and even in the business that you are doing, you can be at the top today if you are not very creative.
Okay. If you are not very creative, something can happen. You look at what happened. I saw today, Rishi, the former prime minister of UK, was saying that, you know, today, number one car, number one selling car in UK is not a British car anymore.
>> You know, I have it on my phone. I can't remember the name. I played it to my team today and he mentioned the name. It is one car, the rich, maybe you know the car, it's one that looks like Range Rover. >> It's one of those Chinese ones. >> It's a Chinese car. Yeah. >> Is it the Jetour or something? >> Something. I will get my guy to play it for you. You'll see. >> It's one of those.
So when you look at this, you know, even your own various businesses, please don't relax. Every day keep being very, very creative and you must have a lot of innovations in your business, otherwise that business will not last.
>> You know, and I've seen it, you know, you can simple even example, you look at Nokia. Before all this Apple and co, everything, 80% of the market of this was Nokia. Why is Nokia... >> like Kodak, gone the way of Kodak. >> Like Kodak. >> Yes. >> So, you know, so.
Interviewer 30:12 ↗
Talking about, you know, creativity and innovation, we in Nollywood, we've been looking at your life and just thinking of how to do a blockbuster on your life. Who do you think should play in Nollywood? >> What do I... >> Who do you think among all the actors should play Dangote, Aliko Dangote, in the movie?
Aliko Dangote 30:34 ↗
I don't know which one of you [laughter] will do that, but I think that person will have a great job. The way that, you know, people who work with us really, right, they know that it's not very easy because the difference between us and other companies is that all our businesses, we know our businesses in and out.
So that's why you as an MD or CEO, you don't go and sit down with your team and produce a budget and come and give us a budget. No, we create the budget for you and challenge you that you can produce this, you can give this result every day. And when you are about to meet it, we will always give you another target that we believe that you can beat this target.
I think, you know, David is just coming in. David, I was talking about you before you came in. I said that we are very, very innovative here and things change here very fast. And I was telling them at our GEC meeting today, I was briefing you of the new investment we are making here. You remember, you are shocked.
>> I told you that we're adding polyethylene, polypropylene, and another million, you know, tons of product. So that's how we do that, you know. So right now I'm sure David has done his budget already, and I'm sure when David brings that budget, me and him, we will almost fight before that budget is done because we will challenge him, we'll challenge his numbers. So that's all our businesses, that's how we run all of them.
>> When we look at... >> So what I'm trying to say, in your various fields, please don't put a cap. >> Don't put a cap that look, this is my hope. What you need to do is to look at and say, okay, fine, to yourself: four, five years ago there was no company in this world, on the face of the earth, that is worth a trillion dollars of market capitalization. But today there are more than four or five of them.
So all what I'm saying is that with you guys, why can't you think big? You must have big dreams because most of these guys who are doing great abroad out there, most of us, we actually went to the same school. What I said specifically on Nigerians, you hardly see Nigerians at the bottom of the class.
Doesn't matter which university you go to. So how can you now, after arming yourself with an education, then now you come and you cannot perform and translate that knowledge into something very productive? >> It's easy to look at your success and think that...
>> You know, and this is what we need to be talking about. We should not be talking about, yes, somebody, a Nigerian was caught with drug elsewhere. Yes, they were not the only ones now. Other countries too, they do have this kind of issues. But some of us now, we overblow those issues in trying to demarket ourselves, which shouldn't be the case.
Interviewer 34:12 ↗
>> It's, um, I was just thinking, does success have mistakes that you look back and say, oh, maybe that's money in any way?
Aliko Dangote 34:25 ↗
Of course you have to. That's why we always said that in business you also have to take what you call calculated risk. You see, there's what you call taking risk and calculated risk. Calculated risk, you've done all your hard work, you've done every single step as to say, okay, fine, what if.
You know, I'll give you a very simple example, and that's why really some of you, when you see an upcoming person or an upcoming company doing the same business with you, don't look down on them because they can be the leaders of tomorrow.
>> You know, in Chevron there was one very senior Nigerian. So Chevron worldwide, they are having a meeting, and in this meeting that they were having, you know, at a point it was all the discussion about Dangote Refinery. So they sat down, I think it was Chevron if I can remember. So they sat down thinking about, you know, so this guy is a risk guy.
So after they finish, no, no, no, no, don't worry. It's not possible. Dangote can never, that refinery will never see the light of the day because the biggest refinery ever built in the world was 450,000 barrels per day. This is 50% more. And have you ever seen a refinery which is being built by, when I say by direct labor? We didn't do direct labor, but we are the contractors. We are the EPC contractors.
So that is why every single boardroom in the oil industry, they are laughing at us. But you know what that guy said? So fine, I agree with you. It's true. It wouldn't be possible. But what if >> it is possible? >> That thing that he said, what if, that is what made that company to say, okay, you know what, go and sell all our refineries.
And that's what they did because he said what if. And I can also tell you for nothing, I don't think in the entire Dangote Group we have more than, we don't have a handful, when I say handful I mean 10 people that actually believe this thing will actually be a reality.
A lot of us thought that it was a dream, it might end up being, you know, a bad dream, and that has actually given us a lot of experience, you know, because even myself, I can see something that might be difficult.
That's why we went on a... this we normally do that, you know, every year. So last two years, Bill Gates normally invites his friends, we'll go on a yacht. About 11 of us, we went to the Red Sea. Part of the attraction we went to was where this thing they call NEOM City. The NEOM City is a futuristic thing, you know, something out of the vision of MBS.
And when we went there, and you know what I said? I said, look, Bill, they went before us because, you know, I don't use helicopter. >> Bill Gates, by the way. >> Bill Gates, sorry, Bill Gates.
So when we went there, one English guy came, did some presentations and go. So after they finished, you know, we left, we went back to the yacht. And when we went back to the audience, I said, you know what, Bill, this project, I can tell you for nothing, it will not see the light of the day, it will be abandoned.
I think they've just sold a watermelon. You know, when somebody says that, you know, a watermelon is something that yes, you will see it, you don't know what it has inside. When you cut, you might have a lot of juicy water there and it might be also dry. So I said they must have sold MBS a watermelon. I personally don't believe this thing will happen because what they took us through, it wasn't feasible for any human being to deliver.
Even if they deliver, it didn't make sense to me. And that's what happened today. They have abandoned 90% of the NEOM City. >> City. So, so with all the doubts around... >> It's not that we have done... you see, because in everything that you do, you have to know your strength, and I think as part of our strength is that we know our businesses in and out.
I don't know, I'll give you a story. People, maybe some of you, you know, some of you don't know. You know, we started banking the same time with GTBank and FBN and co. Our own, we did a merchant bank called Liberty Merchant Bank. We wanted to make a statement even then, 1990. So 1991 we were given licenses. You know, GTBank and co, their own capital was 6 million and they had to gather 20 people to pay and gather that 6 million to have a banking license.
You can check it on record. We, our bank, Liberty Bank, we started with a capital of 30 million. But it got to a point where we say that, you know what, this banking doesn't really go with our DNA because number one, we are not professional bankers, so we have to always rely on these professional bankers to tell us why.
Because you know, you'll be like a blind person in a car, you don't know where you are going. They have to tell you, okay, we are now at Aja or we are now at the airport. So did you get me? So what happened was that we now decided that, you know what, we should get out of banking. And when we see a business where we think we will not do well, we will quickly go and cut our losses and get out.
And that is what we did in the textile business. When I went to India to hire Edwin, and we interviewed him, myself and a friend of mine who is late now, it was 36 years, 36 years ago, we went there, you know, to hire him, and we hired him to come and run our textile mill.
We were very aggressive, but we realized that there was no protection and there was so much dumping of textiles in the country. We made so much of investment, and you know, you look at 1995, how much money was... banks' capital was no more than 25 million, but we had to get rid of that textile business and it cost us a lot of money.
Because one of the industry, the one they call Nigerian Textile Mills, was set up by Awolewo, so we didn't calculate the pension and gratuity of the workers. Luckily for us, we had just sold our bank, two banks, Liberty and the other one was a commercial bank. They call it Gamji Bank, which we changed the name, and we collected about 1.2 billion. The 1.2 billion that we sold the bank, 960 million of that money went in paying the...
Interviewer 42:29 ↗
Pension and gratuity, but we still say it was easier and cheaper to get out.
Aliko Dangote 42:34 ↗
No, to get out or not, it will continue to... You know, yes, I will say the same thing in sort of when people now come up and say that, you know, our refineries... So if you now go, you check how much those workers will collect when you close the refineries permanently, it will be huge. But when you say that no, the refineries will work, you will keep working and working and you keep spending money. So always, I'm just giving you as my own experience: don't use good money after bad money, because there are some things that are just impossible. You will not be able to turn. So we have also made mistakes. We've invested in, you know, textile, you know, not out of our own mistakes, but out of somebody's mistakes. So whenever you are going to do something, look at all the issues.
The same thing now, when we wanted to do industry, I never really wanted industry. I have always loved trading. But then trading, you don't leave a legacy. The problem with trading is that when you die, for example, you die with the business. And you can look at most of even the people who have tried, may their souls rest in peace, because if they had actually structured those businesses very well, they have what you call, they list them maybe at the exchange. And I remember, may his soul rest in peace also. So, Chief, he said that yes, the mistake that they made is that they did not list any of their businesses, because when you list, there's what you call minority shareholders. So even if there are issues, the exchange will come up and the regulators, they will save the business and settle the issue and make sure that business runs. And I'm sure I don't want to go into details so that nobody will sue me. But you've seen, for example, what happened to Sheraton Hotel when there were issues with the Hebrews. Sheraton Hotel, things are done. Sheraton is running very well. So you know, when you have a business, don't be too greedy. Share the joy with other people.
Interviewer 45:08 ↗
Thank you so much, Alhaji. You've met kings, you've met bigger. You've...
Aliko Dangote 45:14 ↗
Yeah. Well, you know, I mean, depends on what you're asking. Now, what you're asking, is it to do with business or a favor or what?
Interviewer 45:20 ↗
Favor, business.
Aliko Dangote 45:22 ↗
Of course. I mean, yes, if things are not right with the person, of course, the person will say no. But really, I haven't really had those kind of issues, because before I talk to you, I must also size you up. I must ask you what I believe is possible. I don't come now and tell you, you know, it is very easy for me to come and say that, look, I would like to ask the hand of your daughter for marriage. If I go now to even ask the hand of your girlfriend for marriage, it's a problem. So, you know, so there are different issues. But what I want all of you to do, really, in your own individual capacities, is to actually broaden your mindset and say that yes, somebody has done something and I can do better.
Interviewer 46:16 ↗
Better. So we just wrap up with this, what they call it, quick fire. I'll just ask you quick questions and you answer. So jollof rice or tuwo shinkafa?
Aliko Dangote 46:27 ↗
I know jollof rice is better. I like jollof rice, but the jollof rice has to come with dodo.
Interviewer 46:32 ↗
Dodo, okay, good. Early morning meetings or late night phone calls?
Aliko Dangote 46:39 ↗
Well, early morning meetings, because I'm a very early morning person.
Interviewer 46:46 ↗
Football or Afrobeats?
Aliko Dangote 46:48 ↗
No, football. You know, I'm a very... I'm a football fan. Yes.
Interviewer 46:54 ↗
Okay. No, we'll get to that. Spend 1 billion naira on a party or invest in another factory?
Aliko Dangote 47:01 ↗
Of course, that one, you should, you know, the answer. Invest in another factory.
Interviewer 47:07 ↗
One week without your phone or one week without your private jet?
Aliko Dangote 47:10 ↗
I think it's easier to put me in prison than to take my phone away. So, you know, I mean, taking my phone away is a no-go area. You know, you know how many contacts I have on my phone?
Interviewer 47:27 ↗
I, you know, yesterday we were together. We tried to watch a film together and then your phone was just buzzing and buzzing. So I know, I know that will be almost...
Aliko Dangote 47:37 ↗
My number, I have had that number since 2000. I have more than 13,000 contacts on my phone. Wow. I hardly... I don't like blocking people. So a lot of people have my number. And so, you know, I answer my, you know, my calls. And, you know, yesterday too, when I was leaving, you know, I think it was not... it was Samad Rabi, he said, 'Ah, where is your driver?' I said, 'No, I drove myself here.' 'You mean you drive here?' I said, 'Somebody, why are you asking me this? I drive myself. Everybody knows I drive myself, especially on weekends.'

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APA

Dangote, A. (2026, October 19). The Nigerian Creative Industry Visits Dangote Refinery [Interview transcript]. Channels Television. CEOInterviews.AI. https://ceointerviews.ai/interview/3095848/

MLA

Aliko Dangote. "The Nigerian Creative Industry Visits Dangote Refinery." Channels Television, 19 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3095848/.

BibTeX
@misc{dangote2026_3095848,
  author       = {Aliko Dangote},
  title        = {The Nigerian Creative Industry Visits Dangote Refinery},
  howpublished = {Interview transcript, Channels Television. CEOInterviews.AI},
  year         = {2026},
  month        = {oct},
  url          = {https://ceointerviews.ai/interview/3095848/},
  note         = {Speaker-attributed transcript with timestamps}
}