0:00 Thank you so much Alaji Aliko Dangote incredible keynote and I wondered whether there was any point in having a fireside chat because you had given us so many nuggets but I want to start on something very interesting. You know when your IPO closed some weeks ago. We heard from you and from the news that you had received about 120 applications and every single one of the 54 African countries also applied. people who applied in your mind Africans believing and investing in the continent is that one example of the ge geography of opportunity. Yes, it I think thank you very much. Yes, I think it is you know it is just that what we have done with this IPO is trying to actually you know uh bring
0:47 something totally new where when there is an opera in Kenya Nigerians can easily participate everything is sort of online and what we are trying to do is that we want to it's not really about the money that we want to collect we have collected already what we wanted to collect when we did the uh private placement Yeah, >> you know, we did private placement. The whole idea was for us to sell $2.5 billion out of the company. 1 billion was on private placement. 1 and a.5 billion was for IPO. [snorts] And you know when we rolled out uh the private placement, this is just
1:35 by invitation, not for everybody, you know. So uh we got $3.7 billion demand and uh so we took only 2.5. So 2.5 billion is both the IPO and the private placement. But we said that no what we want to do is to spread this prosperity and get the smaller people to also invest. That's why we put up the price at uh 525 NRA and you need only 5,250 NRA to be a shareholder. >> And you can see we have 200 countries participated and out of the 200 countries that
2:21 participated 54 >> were African >> were all Africa. All African countries participated. >> So when people talk about and I think that deserves a round of applause. So when people talk about the fact that Africans don't invest in Africa, did this particular IPO change your view of how we mobilize capital from the African continent itself? >> I think yes it has actually changed it has changed uh things dramatically. Things are really changing very fast. I mean uh even abroad people now have sort of a change of mind towards Africa and also African companies and when you look at it really the rate of even default both public and private in Africa is
3:07 very low you know I mean is no more than average is about 95% of performance >> on loans >> on loans yes normally very few African countries default very few of course they are struggling to pay but very few private individuals also default >> I mean to show you how interested uh you know I mean I can't tell you the figure right away because I'm not reported to this but we've gotten an amazing demand >> from various uh you know people if you look at it the largest uh you know participation uh participating uh shareholders like
3:53 here and now was I think like GT Bank when they did their own was 200,000 okay we are talking about millions of people that participated >> even in uh even in Kenya Spycom was the largest less than 900,000 Saudi Aramco worldwide was about five >> million so and I'm sure we are not that far away we didn't hit the 10 million because of time constraint and a lot of people they didn't know how to access but is the shared trust of public enterprise >> that we have today in Africa and that's why people are now beginning to remove that money under their mattresses to go and invest in >> incredible achievement you know I have to ask you about your discipline around
4:41 what you do there was a kind of historian that talked about the fact that you came from a long line of women who were very much in commerce, your mother, your great aunt, even your stepg grandmother. And I think one of the things the audience in Wimbe would really love to hear whether there were any business principles specifically that you learned by watching, by experience, by conversations from the women in your family. >> Well, the women from my family, most especially my mom, is learning of how to [snorts] give back. She's always talking about giving back, giving back, giving back. And uh she was done that I think in the 80s that made
5:28 sure that every day we feed uh the poor and uh got up to a point that we are feeding about 12,000 people who they eat uh you know three square meals and then we give uh about 35,000 uh loss of familyized bread every since the beginning of co >> uh but right now because there are so many people that are in need I don't want to you know announce it here but we are looking at the possibility of going to most of the vulnerable people to see
6:13 that what can we do can we do x y z and we're targeting uh which will announce soon we're targeting almost feeding like about 100 million people every year. So because the issue is that the [clears throat] part of the learning culture uh that has actually gone into not only myself, my mother but also my children they are ready to uh you know to give. I mean for example as a Muslim I'm allowed to allocate onethird of my wealth to charity. I can give it away not only to charity, I can actually donate it to you
6:58 if I want to. >> I don't mind, sir. I'll gladly receive. [laughter] >> So, but with that one, you know, and you don't want something happens to you, then there will be argument here and there. So, we actually put it in writing. >> Yeah. >> And all of them signed that Yes. Look in the event of my death or onethird is for the foundation and which means that all the good things that we're doing now they won't stop they will continue >> and that's you know >> incredible you know you had a lot of naysayers when you were building the refinery and I think every woman here has a smaller version of that whether a delayed contract a change in FX that
7:44 changes the terms of her loan hormones >> and women in particular and I'm sure many women in this room will agree that they're used to being underestimated. >> That's true. >> Especially when the voices become louder than the progress you see visible. >> Yeah. >> During those times, what was really going through your mind and how did you push through? >> Well, you know, first of all, I must admit that uh when we were building the refinery, we didn't know what we were doing. That's the truth. Uh if we knew it was that huge, we wouldn't have no wouldn't have done it. We wouldn't have even near there at all. You remember I keep saying that if I have my greatest enemy, if I want to pray bad for him, I'll pray that I should go and start
8:30 building a refinery. So, but right now that is history because not [applause] not only that uh we have the one in Nigeria, we have the one in Lamu and possibly we might have additional one because we have a vision. That vision is for us to get to X amount X billions per anom. But the X billions per anom it was 50 billion before that we need to spend figure now has moved to 60 billion and the 60 billion we know that we'll be able to fund it through cash flow through raising of bonds through raising
9:16 of business. So the issue is that first of all all of you you must be trustworthy because like what I said right money follows trust before profit. You must make sure that that's your name that you have you protect it as much as you can. Obviously, there will be some few people that will try and spill a bit of black stuff on your white dress, but that one doesn't matter. Nobody uh I mean, it's not everybody that must like you, >> but then just be very very focused. Don't let anybody drag you into uh anything, you know. Let me give you a simple example. We have never ever gone
10:02 abroad to even go and try and raise bonds. But in June, we went out to the market. We said that look, we don't have rating and we're not going to put any guarantee. So no guarantee, no rating. We're able to uh we went for what do you call no deal road show. And at the end of it, you know, because of time. So at the end of it we were lucky. [snorts] Uh there was demand of 1.3 billion after we announced that no no we won't take much money because we don't need the money we will take 500 uh million said no no it's too small because the bid process is almost 1.3. So we took 750.
10:49 They came back to us. JP Morgan, you know, uh, you know, Bank of America, Mary Lynch, uh, said, "No, no, no. You know, why don't you go for the refinary should go and raise money?" I said, "No, but we're making good money now. We don't need to go and raise money." We went and raised another 750 in July. in uh August they said that no don't raise why don't you try and do something that has not been done uh for a very long time in subsaran Africa which is for a company to raise 10 years money okay so the sorry the 5 years money we raise we have no rating again on the
11:35 refinery we don't have collateral but you believe that we raise money below sovereigny. >> Our interest rate was [snorts] below federal government's rate >> and this federal government is meant to be the zero risk. >> Yeah, it's a it's a zero risk. There is several uh rating and so that's how to show you 10 years money. When we went there the demand was almost 1.5 billion but we took 750 for 10 years. >> Incredible. So it means that yes the sky is the limit. A lot of you two you should try and go. Don't be scared. >> It can happen. >> You know Alaji you say don't be scared but it's interesting because we always hear that entrepreneurs need to be a bit
12:22 delusional. You talked about the fact that you overcame the naysayers when you were doing the dang refining by pushing more. But now you've gone to lamu right and now you're saying you want to do it in a 40mon timeline. Yes. So for the women here who are looking at business opportunities whether locally or internationally how do you actually spot those opportunities there also opportunities that you went in I think you went into food textiles but you pulled out of how do you determine which opportunities you go for and which you hold back on >> well any business for a business uh entrepreneur be it a woman or a man uh don't go into any business that you don't really understand You must understand that business in and out. And that's why I keep telling you that uh
13:10 don't let your own management come and be telling you today if you tell me to go into banking, I'm not going to go into banking because that's not it does not go with my DNA. >> But you take a lot of money from the banks. >> Yeah. Well, yes, I do. But that way is easy. You see the when I'm uh the one borrowing the money I have to read every single dot. >> Yeah. >> To make sure that yes I do the right thing. But you know to now go and uh say okay you want to go now and do watches for example watches will not really uh sell down here. But there are some things >> when you do your numbers you know you look at maybe building a port. If you want to go and build a port, you can never ever go wrong.
13:57 >> Port, you will make money no matter what. The capacity of demand is there. Especially for a country. Let me tell you something that you know people don't understand. In 24 years, by the grace of God, all of us will see the next 24 years. >> Amen. uh we are going to be at 450 million and most of us we don't know the growth of the population of Nigeria is 8.7 million babies every year >> okay we have not used up to 10% of our arable land in Nigeria we haven't used 10% of our arable land so these are the things that we are
14:44 looking at. Okay. What are the issues? >> The issues is that people should please stop taking their money abroad. No matter how much or how you made that money, keep it in the system so that people will be able to uh you can help others. If you don't have the brain to run any business, you can put it in a bank so that the bank can be liquid. You know why you see that Asia has done very well because majority of Asians they don't keep their money abroad they keep their money there at home and that money can be useful to the economy you can now grow anytime you want to raise money and that's why we want to now bring something new you say
15:30 you know what we do we want to now start having our AGM our AGM we want to start having it in a stadium not in a hole like It has to be a stadium because we'll have millions of shareholders. >> So instead of having millions of shareholders that will actually give me the joy that Yes, it's true. Maybe I'm collecting $2 billion out of it. But the person collecting 10 $15 will mean a lot to him. >> Yeah. >> Because that 10 15 million that is his own size. >> Absolutely. Uh so if we do that we can now have people now I know that we don't have the Asian culture of savings but
16:16 eventually it will happen. >> Yeah. You know Alaji I love the way you've democratized the IPO process but there's a really interesting demographic wave. One in five people today are Africans. By 2050 it will be one in four. That's about 2.5 billion people. >> Yes. But Africa contributes less than three cents of every dollar to global output. When you see those stats, is that a dividend for you or is it a warning about what we need to do to convert that economic progress into value? >> Well, we need to create that economic uh pro as you said. You know why? Because you know today we already know that yes, this is where we are going to be. But unfortunately,
17:03 we don't plan. We need to plan that. Yes. Okay. Fine. Let's say now supplying of food. Europe. Do they have the land to grow their own food? They don't. So everybody in the next 24 years will turn to Africa because we have 60% of the world's arable land. We have more than 37% of the mineral resources. All these critical mirrors, all this gold, what everything is here. Okay. The difficulty and the difference is that these people they don't really understand what is going on because they've seen us keeping our money abroad. >> We're not investing here. So they believe that there is a danger which
17:48 they don't know. So we Africans must actually go and risk the real risk and the also the perceived risk. >> Yeah. >> And that is the only way that other people will come and invest >> and in fact the interesting thing is that the median age in Africa is 19 in Europe is 40 so we have a demographic >> advantage yes so the issue is that today okay like what I keep saying if we don't change these young Johns right as you call them if they get tired of us they'll come and drive us away >> absolutely >> and definitely they will believe that we have wasted so much time and we are not doing the right things.
18:35 >> So I think we have what it takes to turn around our continent. >> And you know I cannot even up to now when I sit down I can't understand why somebody that has a British passport can move prettier in Africa than us. So we have to be very very very careful. >> Absolutely. >> You know you know yes. So what is happening is that the powers that are sort of scared of our own uh uh you know acceleration. Okay. They have divided us into bits and pieces. I mean can you imagine today you have 240
19:20 million Nigerians. A president of stomi when he gets to UN or anywhere he has the same vote was president tunu who has 240 this is that fair it's not fair now >> okay even though okay life is is not about fairness you have to make sure that you grab your own >> absolutely >> okay so the issue is that we must give that leadership where now whether people like us or they don't like us when things are Good. I'm telling you, everybody will come. I mean, you know, people will come. >> Thank you. And um you you you inspire a lot of entrepreneurs and I would say maybe about 50% of this room are entrepreneurs and the other 50 are women
20:06 building careers in ministries and government. So I want to talk to the entrepreneurs first. You know, when you go into a country, you build your own power plants, your roads, your drainages. What about the female entrepreneur who's just starting out and doesn't have the balance sheet that you have to be her own onewoman system and is that sort of model even sustainable for Africa? What would you say to >> Of course is sustainable. Okay, you are now just looking at what has happened in the last 20 years. You should also go back and say okay fine where did I start from? M I'm sure where I started from most of you you are way way beyond that because I started with just buying four trucks to go and sell those four trucks
20:54 and I was very happy in fact that was the only business that I knew at that time because even the 500,000 uh my grandfather gave me to as a loan payable when able I return after 3 months that know I used to call him uh Baba said no baba I don't need this money said why I said because I have enough because at that time people come and deposit their money for cement they won't come back for 6 months you know it used to to people don't know people used to queue up for 6 months to collect cement >> wow >> yes >> petrol >> so that's yes so that's what it is it like it's like petrol
21:41 When you look at it, we used to have cues of petrol since 1972. >> Okay, you go and check if you have uh I'm sure you have uh a group uh chart. I will try and give it to my sister if anyone to post it there. You see the budget of Nigeria in 1975, 31st of March 1975. You know how much it was? >> 30 billion NRA. >> And 30 billion NRA was actually 46 billion. >> Back then, >> one of the things is to see how do we address and one of the things that I'm
22:27 going to really advise you here most of our beautiful women that are here is to make sure you focus on addressing experts. exports or manufacturing. I'm not saying that you shouldn't trade, but trade does not have the future and the benefits of being a manufacturer. All these problems that you see today, we will sort it out. >> It will be sorted. The future is brighter than where we are now. Things will start to get much better. We must be very positive >> indeed. So, thank you so much for that inspiration. I I want to talk about the career women assuming a scenario in Dangote group today where you wanted to
23:14 promote somebody man or woman to the top position. What qualities would you be looking for in that career professional? >> Well, the quality is somebody who first of all she needs to know what she's doing. She has to have the uh you know the brain of running that she has to also be very very trustworthy. Trust is one currency thing that is is the major currency. I mean if you look at it now you know we have quite a lot the head of our human resources uh is a woman. The head of our risk is a woman. I think she's even somewhere here.
24:00 Okay. the head of Dangote Foundation, she's here. England >> the you know HR the head of Abuja office Haja Fatimali she's here. So and uh my daughters are doing fantastic job. It's not because they are my daughters though. Uh >> they've earned their place >> because yes because they didn't start off their way in Dongoti. We don't now just go there once they finish all of them when they finish their MBAs they came back none of them started even even they started lower than a manager you know they start like any other staff the
24:45 reason being that uh I want them to earn that respect not to struggle to earn respect so if they are working it's not that yes because it is their company and they will be you know taking their shoulders of their ears you know we can do no if they don't perform form also I will take them out and change them >> yes that's a fact you know because the business is very very important for the survival of everybody >> absolutely >> but what I want to tell you here is that please and I keep repeating and that's why really it will give me a great pleasure what I think I need to give back to to the society is now telling
25:32 people that yes it can be done >> you know because the issue is that yes a lot of people before they said oh no no no there are so many problems in Nigeria how do I make it know I'm tired don't be tired you can make it like any other person majority of people right >> if you don't really now go and try hard you will never ever get there don't be discouraged >> yeah Okay. And when you say okay fine you know how can they say okay how can they get there? I told you in terms of starting small. Yes, I was selling four uh you know uh you know trucks per day.
26:20 And one of the things that you will do is that when you are coming from a very big family, don't take that family name in your head. Just operate like any other person. I've got uh a lot of cousins and co. So some of them say I don't know no me I'm not going to be just be a trader selling cement and coal because no when they say um dangi or dentata for example you know and that was the well-known name majority of them they made that mistake because you've taken that family name and put in your head and you are not going to lie low and make sure that yes you grow through the ranks and that's what you need to do >> you know I mean you need to make sure
27:06 that yes uh I'm growing so since I'm growing will I have the chance of being there yes it's possible you know there is one saying in my place where they say that uh god created obo overnight so it means that yes if you are here does it mean that you can grow to this level the answer is yes >> there's nothing you know I mean you look at it now how many of you thought 20 years ago We'll have all these artists bon boy uh debo whisk kids and co they will go and build up a stadium in UK or in a place as uh Ghana.
27:51 >> Yeah. >> Okay. Have you ever thought of it? No. And today when you go now you remove the justice of the team of France. >> You think that is an African team. >> Yeah. Right? >> So it means that we can also do it. So why are we not doing it? >> Indeed, you know, Alu, as we come to the end, I I recall something I once heard someone said that they're not really interested in African solutions to African problems or African solutions to global problems. And I want to bring it back home as we round up for two things. First of all, how can we going forward position Africa not just as an emergency supplier for the world but a permanent solution? And then what message would
28:38 you give to Wimbees in terms of its own global expansion plans going into African markets and really seizing the geography of opportunity beyond our borders? >> I think it is very simple. It's easy. You can all do it. I mean for example when we decided to go outside Africa we said that you know what [clears throat] let us be strong at home first. >> Let us understand this business when we understand it. The business that we understand the most is that we go and try elsewhere and you can do it and that's what we did. That's why in cement wherever that we went to were successful because we started at home. We know the
29:25 business in and out. >> The manager that is there running that business, we know the business more than that manager. So you are not going to play games with us. And we have put a lot of check and balances before we empower them to go and run those businesses. So it's the same thing. If somebody is doing furniture here, you can easily now expand to go and be doing the same business in Ghana, why can't you as a Nigerian go and set up a business in Ghana through expansion? You know, you know Ghana is nearer to Lagos than Abuja. >> Yeah, that's about 45 minutes. >> It's No, Ghana is 40 minutes from here. Abuja is 45 depending on the plane if it's normal private jet is 45 minutes
30:13 >> yours might be 20 minutes >> no no no m my own is 45 minutes >> so you know you gradually you will get there I don't want people to actually put a barrier that no I cannot get there don't worry about all these high interest that you are paying even the high interest that you are paying but also your emergence here are higher. Okay. So it's not that areas where they are paying those two% and I can tell you for nothing in the next 3 four years based on what I can see and what some of us who are doing in the economy most of all these people that Jagba they will come back >> no they they will come back you know
31:00 [snorts] I mean it's like what I keep saying somebody say aba so are you paying uh well in dong I said that yes when you Take one to 10 of the top people who are earning money. I'm not even in the middle. There are other people that are earning more money than me in Dangote today honestly. So we are doing that. So but what you need to look at is that most of us we actually you know fail before we even start because we have already said ah no this is not possible. It's like us you know when we are doing this refinery because I believe that yes we must complete it we must finish we'll get
31:46 there uh for the first time even the bank say okay fine can you give us your personal guarantee and I did because I believe that yes we will deliver. So majority of you doing all these businesses of course every single business has its risk and also you have to work hard >> absolutely >> to make sure the risk should be a calculated risk even living from here to your home. You can't be sure whether somebody will not hit your car or whatever. So the risk are there but let it be a calculated risk >> and believe that yes I can do it >> and one word for wimbeies on the geography of opportunity. One final word,
32:31 >> one word for Wimies is for you to continue doing the great work that you are doing. Continue to be very bold. uh making sure that yes you too you can make it those people who you've been hearing whether is uh uh you know uh name it anybody whether is Dongote even you know what believe me honestly some of you will even be greater than us >> brilliant thank you so much >> so there is no limit Just make sure that yes you have that in you that I can make it. Once you believe
33:18 that you can make it there's nothing that is impossible. Don't think that yes you know no this is impossible. No, there are possibilities of you to deliver and delivering is not really and you know for example uh you know the most serious people even work when you hire a woman she delivers more than anything. I mean I've seen uh I've seen uh our MD of uh you know Naz uh Mrs. Kaka and I think she's here right she's right there when we are trying to uh remove the South African guy who has
34:05 done very well and somebody said that ah but can she run I say of course you know try her they say well you know let's not come is a PLC I say even if it's PLC some of us we did much much better when we're even below her age. Give it to her. And right now, she's a star. She's making billions. >> Thank you very much, Alaki. And honestly, we do wish your daughters were here. >> She's over there. You can stand for recognition. [applause] >> Fantastic. You know, we love the way you champion and celebrate women and we do want you to send our regards to Fatima, Haley, and Maria. Hopefully we can have them at Wimbe next year or further
34:52 along. >> But uh Wimies like what I said let's set a date first quarter of next year and uh give me the date and we will sponsor you to come at our own expense to come to the refinery. >> Thank you. Why why I want you to come to the refinery right is mainly not to just see the refinery is to see vision is to see whether you also can deliver what you have done and it's possible >> you're human beings and you can do it so I would just want to open the horizon where you guys say ah no okay you've done this me too I can do it thank you >> thank you so
