Billionaire businessman Aliko Dangote has explained why his first grandson is not ready to join the family business, saying the young electrical engineer wants to gain work experience elsewhere before joining the Dangote Group.
Dangote disclosed this on Tuesday, September 29, while speaking at an investor engagement in Nairobi, Kenya.
The event brought together institutional investors from Kenya and other parts of East Africa as part of engagements around the planned initial public offering of the Dangote Petroleum Refinery.
Speaking about the future of his businesses and the involvement of his family, Dangote said his grandson was not interested in working directly with him for now.
‘And my first grandson, he’s not finding it interesting to work with me for now. He wants to go and get experience with KPMG or PWC. Then after he’ll come and join us. He’s an electrical engineer, but he wants to go and learn about money first,’ Dangote said.
The businessman also spoke about other members of his family who are already involved in the conglomerate.
His eldest daughter, Mariya, and her husband, Alassane, were present at the Nairobi event, where Dangote introduced them to the audience.
Mariya is one of Dangote’s three daughters, alongside Halima and Fatima, who have responsibilities within the family’s business interests.
Dangote also spoke about the group’s plans for the future, saying the company works with five-year targets rather than a 10-year vision.
According to him, setting goals too far into the future could encourage complacency. He said senior officials across the group are involved in developing and implementing the company’s shorter-term plans.
The Dangote Group has interests in sectors including cement, sugar, fertiliser, petroleum refining and manufacturing.
Dangote has previously said the future of the business does not depend on having a male heir, expressing confidence in his daughters’ ability to take leadership responsibilities within the conglomerate.