Asking Africa’s Richest Man How He Made $30 Billion!

I'm about to interview the richest black man in the entire world. Let me say that again. I'm about to interview the richest black person in not just Africa, but on the entire planet. Alinko Dengote, according to Forbes, has a net worth of over 30 billion dollars. And I just flew out to Nigeria to interview him, to find out how he became one of the wealthiest men alive. But here's the craziest part. He didn't start off this way. He started off selling candy to classmates at school. And now he's built some of the biggest companies in all of Africa. So this video is about to be insane. Stay tuned. That being said, let's get this video on the way. Guys, we made it to Nigeria. And very soon, as you know, we're going to be interviewing the richest man in all of Africa, the richest black person in the entire world, you guys. But look, before we do that, since we're in Nigeria, which is home to 220 million people, the fourth largest economy in all of Africa, I'm going to be going around the city of Lagos, trying to find the wealthiest people that live here, getting in and out of cars or in private facilities to figure out how they got rich and how you can do the exact same thing just like them, you guys. Let's go see who we can find. Out here in Nigeria, anytime that you see a car with security detail, it means that there's somebody really influential getting it out of that car. I'm talking about billionaires, the richest people out here in Africa, you guys. We have literally a full army of people that are getting out right here, you guys. Come on. Back up, back up, back up, back up. Jeez. Excuse me, ma'am. Ma'am. I have a channel with 24 million followers. I'm going all over Nigeria asking billionaires how they got rich. How did you get rich? I'm in private equity. How long have you been in the business? For about 12 years now. What was the most amount of money you made a single year? We managed about $80 million. You said $80 million? Yeah. Can I interview you for a minute real quick? Sure. Is that okay? How did you get into private equity? So I got my first job in investment banking at 18 years old at Lehman Brothers. Then JP Morgan and M&A at 20. I got my first job in private equity at 21. And then at 29 years old, whilst I was five months pregnant, decided to launch my own fund. And today we have the largest venture capital fund in Africa that's run by a solo female GP. Congratulations. Thank you. Did people think you were crazy when you got into private equity? Oh yeah, for sure. I was only 29 years old. They thought, what are you doing? Wait to have the baby. But I had a lot of conviction in the gap. So you were pregnant when you started? I was pregnant when I started. I was five months pregnant. But I had a lot of conviction in the gaps that I'd seen. And I wanted to make sure that I was here on the ground, taking advantage of that opportunity. Private equity is competitive. How did you stand out? What did you get from everybody else in the private equity business? So I really wanted to focus on where everyone else was not investing. I saw two clear gaps. One, nobody was investing in small businesses. And two, nobody was investing in women. So I saw $150 billion opportunity, where less than 2% of capital is going to women. And for me, when no one else is looking, that's where you should be investing. That's where you see the best mispriced opportunities, where you can get in at very, very attractive discounts and make a lot of money. You managed $80 million. What's the number one money lesson you've learned that you would give to the younger generation? 99% of success is refusing to take no for an answer. People quit one room before the yes. My favorite quote is, There are going to be rejections along the way. There's going to be disappointments along the way, but stay the course. People always told me that I couldn't make it in private equity because I was young, I was black, and I was a woman. But I think if you stay the course and you show resilience, you'll make it. So you faced a lot of rejection? A lot of rejection. It took me eight years to raise my first fund. Eight years to raise my first fund. If someone is not going to give you a seat at that table, create it yourself. But I think if you stay the course, and also I strongly believe in God. I believe that with God, nothing is impossible. I was going to ask, do you believe in God? Of course I believe in God. I believe in Jesus. Without him and without the doors that he opened, there's no way I'm standing here talking to you today. So we can tell him right now that Jesus is king? Jesus is king for sure, and he will make a way. In the next one to two years, what is the best industry people should be looking to get into right now? I'm a big proponent of the informal economy. It's a $1 trillion opportunity. Informal economy? So that is the women in the streets that are selling you your milk, your bread, your Coke, your water. They don't have a formal bank account. They don't have a formal building that they're selling from. But it's a $1 trillion opportunity, and 70% of those people are women. We want to invest in the businesses that are enabling those businesses to grow, providing them with payment infrastructure, providing them with technology, providing them with logistics, providing them with working capital. We see that as a $1 trillion opportunity. And nobody's talking about it. Nobody's talking about it. They're too busy thinking about oil, or they're too busy thinking about the obvious opportunities. But I think if you find businesses that are enabling the informal economy, you'll be a billionaire. You're how old today? I'm 36. You're 36. I am. Over these 36 years of your life, all the wisdom, the capital, the businesses that you've grown, me and you die tomorrow, and you could leave one last message with the younger generation, what would that be? Don't let anyone tell you that you can't be who you are. My message is trust God, believe in God. With Him, nothing is impossible. And if you're not investing in Africa, you should be. Can I tell you something? Tell me. You have amazing advice. Thank you. Thank you so much for your time. I really appreciate that. And I connect with all the millionaires and billionaires I interview. Could I get your contact? For sure. Guys, we just interviewed a private equity broker out here. She manages nearly $100 million. She just gave one of the best interviews in all of Africa, you guys. She just dropped straight game. We got to keep this thing rolling and go get this next interview, guys. Come on. Excuse me, sir. Sir, how did you get rich? How did you get rich? I'm going all over Nigeria interviewing the richest people. What do you do? I run an oil and gas business. Oil and gas? You own the company? Yes. How long have you been an entrepreneur? About 32 years. Over these 32 years, what was the most amount of money you made in a single year? I think we have revenues in excess of a billion dollars. A billion with a B? Billion. Can I interview you for one minute? I'm going all over Nigeria. Could we get one minute with you for our channel? It'll be worth it. I promise you. Sure. Is that okay? Sure. Awesome. Did you come from a lot of money growing up? No, but come from a reasonably middle-class family. So what was your turning point to financial freedom? Learning and seeing what my mother done in business and trying to emulate that and be much bigger. And Nigeria is a very huge countering force, right? You have a lot of very successful people historically. You learn, focus, dedicate your money and try and make a difference. Nigeria has one of the largest populations of youth in the entire world. If you were a young person starting over in today's world in the next one to two years, what is the best industry people should be looking to get into right now? Culture and entertainment. Why? Because it sends a language. It speaks the language that people, the younger generation understands. And it speaks the truth about what people are feeling and how they're feeling. How do you monetize that? Oh, simple. It's already happening. Nollywood, Afropop, Afromusic. It's just taking Africa to the world. Do you have any companies that failed? Like everything in life, right? But you get up and try and try over again. Do you think everybody's built for entrepreneurship? Not really. But the key is once you can drive yourself with the zeal, determination, you can always make a difference and be a good entrepreneur. What was your superpower in business? When you think about yourself, what's your name? Khaled Karim. When you think about yourself as the entrepreneur, what was the one thing that you were the best in the world at? Ability to smell, see, feel and touch a deal. You're a good negotiator. I do try my best. What's the biggest deal you've ever closed? It's an oil and gas transaction. Was it actually? Yes. What was the valuation of it? It's over a billion dollars. Over a billion dollars? Are you serious? Yeah. What's your secret to negotiation? Listen, agree or disagree, close. Those three things. That's it. How do you close the deal, though? Look at the person, your counterparty, understand what you want out of the deal and put your benchmark of where you're going to start. Once you understand that, the possibility of closing a deal is very high. What's the best question to ask the other person in a negotiation? Where and how do you see this deal closing? Get and fill their threshold before. People ever doubt you at any point in time when you were starting out? Oh, yeah. That's normal. Nothing good comes easy. But with your mindset and your focus, the difference is clear. What do you have to sacrifice? A little time. Time with family. That's a big sacrifice major entrepreneurs have to give up. You can't be on a business trip and at the same time be at a school dinner or school dance or school play. Something's got to give, right? But that sacrifice makes it worth it because then you have a family, you have a partner, you have a wife that's strong to support that growth. Now, do you only do business in Nigeria or other places as well? Oh, we've got business all over the place. We have business in the United States. You actually? Yes, we do. We're producing in the United States. How important is it to go global? I think the world today, we're so interconnected, globalization. So any business that's worth its onions got to think global. But I call it glocal. So global, but think local. You're in the oil and gas business. What is the future of this business look like for those that want to get into it? The future of the oil and gas business is very clear. As the world's population grows, there's got to be requirements for enough energy to continue that growth. So you need it for daily movement, aviation, trucks, cars. So it doesn't matter how much renewable energy grows, the inflection point to catch up with fossil fuels is still long-winded. Love that right there. And you're 57 today. Correct. If me and you died tomorrow and you had one more message to leave with the younger generation, what would that be? I think do your best, leave the rest, but live life making a mark. You got amazing advice, my friend. Thank you. Thank you for your time, my friend. Thank you. I like to connect with all the millionaires and billionaires out there. Could I get your contact? Yeah, of course, 100%. Guys, the time has now come. We are about to interview the richest Black men in the entire world. But before we do that, I have a very special announcement to make. According to Forbes, the School of Hard Knocks was just named one of the top 50 highest earning creators in the entire world. And I'm not kidding. You can see it right here. Last year, we made $10 million. There is only one reason why that happened. The billionaires I interviewed, the billionaires you watch me interview every week became my mentors. And that is the only reason I became a millionaire by 23 years old. So because of that, I've decided to do something insane for my audience. I built the number one community for entrepreneurs and business owners in the entire world. And it's called the School of Mentors, where every single week I host live Zoom calls with the billionaires, the CEOs, the eight, nine, the 10-figure entrepreneurs I interview on this channel, where they mentor you directly. Let me say that again. You get face-to-face with the billionaires that I interview, and you get to ask them your questions live every single week. But listen carefully, because on July 22nd, in just a few weeks, I'm doing something crazy for my audience. I'm hosting three live calls with billionaire entrepreneurs where they're going to mentor my audience. Now, you may be wondering, who are these billionaires exactly? Well, how about Andy Frisella, who built a multi-billion dollar company? He's going to be breaking down exactly how he scaled a billion-dollar business. Or how about Michael Leach, who became a billionaire by investing? He's going to be teaching my audience how to invest and make your money work for you in the exact steps it takes to build generational wealth. Last but not least, Miami billionaire John Ruiz is going to be sharing his billionaire secrets on how he built a billion-dollar tech company. But here's where it gets even crazier. You can join the School of Mentors and get access to Billionaire Day on July 22nd for free. All you have to do to get access is go down, click the link in the description of this video, or the pinned comment, and grab your free spot now. And I can't wait to see you on the inside. Now, with that being said, it's time to go meet the richest black man in the world. All right, you guys, the time has now come. We are right now on the way to go meet up with and interview Eliko Dangote, the richest man in all of Africa, you guys. So look, this is about to be a crazy interview. This is like the wildest interview that you can possibly get out here in Africa, you guys. So we're headed down to our destination to interview him and figure out how he made his billions, you guys. Come on. All right, you guys, look, so I had to change my fit for this interview right now. We're about to interview the richest man in all of Africa, you guys. This is crazy. We're at our destination right now, about to walk in. Let's go make this happen. Look, man, the first thing that I noticed, man, they got security all over the place right here, man. But it makes sense, man. This is the $30 billion, man. They got to keep it safe out here in Nigeria, you guys. Come on. I don't know about y'all, man, but I love this house right here. A little water around the house out front. How you doing, sir? It's great to meet you. Good, good. Nice to meet you. I've interviewed about 60 billionaires in different places. And my first time in Africa was an incredible trip. I want to. I really do. I told them, I mean, I came here from Monaco and I just felt like there was a certain energy and culture of the people. And I think what's so cool is with our channel is like. I would love that. I've loved talking to people about just the passion that they have for the future of Nigeria and everything. Well, you know, our own is not the future of Nigeria alone. It's more or less the future of Africa. Definitely. We want to really bring productive things. You know, we don't want to remain exporting raw materials, bringing in finished products. So what we try to do is actually trying to de-risk investments in Africa. Because other people, they don't understand Africa. Like you, this is your first time here. And I'm sure they must have reassured you of security. I mean, I drive myself sometimes. Yeah, I love that. Whom am I here with today? And for the people that don't know, what industry did you decide to pursue a career in? Well, we have quite a lot of industries. You know, we have the oil and gas, which is the largest single-trained refinery in the world. 700,000 barrels a day, which we just finished. About $20 billion, we pay to chemicals. And then we're into fertilizer. We're into, you know, so we have a vision, which is 2030, to be more than $100 billion of revenue, all coming out of Africa. Currently at your company, what was the most amount of money you made in a single year for the business? Well, first quarter, we did about $10 billion. $10 billion, sir. Now, did you have any idea growing up that you were going to build a company? No, no, no, no, not even 1%. What was your turning point to really realize that, because correct me if I'm wrong, you started off selling candy to classmates. Yes. What was your turning point to realize that you could build an empire out of business? Well, you know, the issue is that I've realized that, you know, I've seen the development of Asia, and I've seen that Asia is only being developed by Asians. And, you know, I realized that a lot of people are not coming to Africa because we have not been investing in our continent. So I tried to say, okay, fine, you know, let's move to that trajectory. I realized that most of the things that we're trading in, which is like cement, sugar, and coal, it's all being imported and being dumped into Africa, where we are not creating jobs. We're actually importing poverty and exporting jobs out. So we decided that, no, let's try and see how do we actually not only invest, how to encourage other people to come and invest in Africa. We've got 24 million followers. We do 200 million views a month. Why Africa? Why should people all over the world, and particularly the United States, not be overlooking Africa? Why should Americans be looking to invest in Africa? You built a cement company. You built a rice company, a flour. My question is, what did you know about building boring businesses that nobody else knew? Were you ever afraid of competition? How did you stand out from competition? Because some of these industries, I'm sure, could have been competitive. What is your best sales and negotiation advice to anybody in business? How old are you now? According to Forbes, what is your net worth? How much would you say that you'll work today? Forbes says that you're worth over $30 billion. The reason why I say that is everyone I've met that has interacted with you, they say that you're incredibly humble despite being this successful. How have you stayed so humble despite becoming the richest person in Africa? You're 69 years old. You have several billion-dollar companies. What keeps you motivated? Why are you still motivated? So, do you think that's an important ingredient to your success because you love what you do? I want you to think about the smartest, most successful people that you know. What do they all have in common? What's that point? How do you want to be remembered? What is that? Do you believe in God? How did you know God was real? My final question for you. Your last message to the younger generation. If I can give you these last 30 seconds to give the younger generation one more piece of advice to one day really become successful and make it, what's your last piece of advice? First of all, you have to be very honest. You have to be very, very strategic. You have to know exactly what you are doing. And, you know, don't get discouraged. If sometimes, yeah, things do happen, there must be ups and downs even in life. Today, you are healthy. Tomorrow, you have challenges of health. But once you are focused, you know what you are doing, you'll get there. Was the sacrifice worth it for you? Yeah, it is. It was. Yes. Thank you so much for your time. I really appreciate that. And I connect with all the billionaires that I interview. Can I get your contact? Yes. Is that cool? Yeah. That's a wrap on today's video, you guys. We just interviewed the richest man in all of Africa. I need y'all to stop right now, like and subscribe for amazing content coming every week to the School of Hard Knocks. Nobody's doing it like this. And I want to go a step further. I want to connect you directly with the 8, 9, and 10 figure, the billionaire entrepreneurs that I interviewed, like the one you just saw. If you go down right now to the link in the description of this video, you can join the number one entrepreneur community in the entire world that I built, where I give you direct access to live calls I host every week with the 8, 9, and 10 figure entrepreneurs I interview. So go down, click the link in the description of this video. I can't wait to see you on the inside. With that being said, we'll see you in the next episode.