Africa’s richest man to add oil to expanding business empire

Africa’s richest man to add oil to expanding business empire

The Edge Markets - World·2020-03-11 16:36

ABUJA (March 11): Aliko Dangote, Africa’s richest man, will begin oil production from two assets he snapped up from Royal Dutch Shell Plc in July, adding a new source of income to a fast expanding business empire that includes cement, flour and sugar firms.

Africa’s most prominent industrialist is working with Chinese and Malaysian contractors and has completed a development plan for the Kalaekule field on its Oil Mining Lease 72 asset, Devakumar Edwin, the group executive director at Dangote Industries Ltd said in an interview. Work will then move to an undeveloped KI discovery on Block 71, a small shallow water asset in southeastern Niger River delta.

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