#Facebook Post of 1Official:
Before #Aliko Dangote became Africa’s richest man, he had already watched several businesses fail.
An airline shut down.
Telecoms struggled.
His textile business collapsed after cheap imported fabrics flooded the market.
The textile failure was especially painful because some workers had spent 25 to 30 years with the company. #Dangote still had to pay their pensions and benefits.
To do it, he sold his own Liberty Merchant Bank for ₦1.2 billion (Which at the time converted to approximately $9.52 million #US dollars.)
About ₦985 million of that money went directly toward what he owed his former workers.
His food businesses also faced problems.
Dansa Juice and Tomato Paste struggled, while Dangote Flour Mills initially grew quickly before competition became too strong.
He eventually sold a controlling stake to South Africa's Tiger Brands for nearly $200 million.
The deal later went badly for Tiger Brands. The company reportedly lost more than $120 million before eventually leaving #Nigeria.
Dangote later bought the business back for a fraction of the price and eventually sold it again to #Olam Foods.
But through all those failures, some businesses finally worked.
Dangote Cement.
Sugar.
And eventually, the Dangote Refinery.
The lesson is not that every business will succeed.
It is that failure does not have to be the end of the story.
Sometimes, success comes after you have already lost money, closed businesses, paid your debts, rebuilt, and tried again. #azastory #azatell #dangotegroup #truestory
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Before #Aliko Dangote became Africa’s richest man, he had already watched several businesses fail.
An airline shut down.
Telecoms struggled.
His textile business collapsed after cheap imported fabrics flooded the market.
The textile failure was especially painful because some workers had spent 25 to 30 years with the company. #Dangote still had to pay their pensions and benefits.
To do it, he sold his own Liberty Merchant Bank for ₦1.2 billion (Which at the time converted to approximately $9.52 million #US dollars.)
About ₦985 million of that money went directly toward what he owed his former workers.
His food businesses also faced problems.
Dansa Juice and Tomato Paste struggled, while Dangote Flour Mills initially grew quickly before competition became too strong.
He eventually sold a controlling stake to South Africa's Tiger Brands for nearly $200 million.
The deal later went badly for Tiger Brands. The company reportedly lost more than $120 million before eventually leaving #Nigeria.
Dangote later bought the business back for a fraction of the price and eventually sold it again to #Olam Foods.
But through all those failures, some businesses finally worked.
Dangote Cement.
Sugar.
And eventually, the Dangote Refinery.
The lesson is not that every business will succeed.
It is that failure does not have to be the end of the story.
Sometimes, success comes after you have already lost money, closed businesses, paid your debts, rebuilt, and tried again. #azastory #azatell #dangotegroup #truestory
