NIGERIAN billionaire Mr Aliko Dangote — the richest man in Africa and wealthiest black person in the world — is expected in Zimbabwe soon to explore opportunities to establish a vast cement, coal mining and power generation complex in a deal worth about US$1 billion, The Sunday Mail can exclusively reveal.
Organisers who want to remain unnamed for now say Mr Dangote’s business safari to the region, where he is already operating, will massively boost Zimbabwe’s profile as an attractive destination for foreign direct investment and create new development and job opportunities.
His investment plans align with the Government’s vision to create an empowered, modern and prosperous country by 2030.
During his expected visit, Mr Dangote intends to meet President Mnangagwa and senior Government officials to discuss details of the investment plan.
The billionaire runs Dangote Industries Limited, a Lagos-based diversified conglomerate with vast business interests in cement, flour, sugar, salt, pasta, beverages, fertiliser, real estate, oil and gas sectors, and logistics.
Its operations span other critical business interests, including a large oil refinery, petro-chemical plant and fertiliser complex in Nigeria and 16 other African countries.
Sources say in Zimbabwe, the Dangote Group wants to build a cement factory, limestone quarry and grinding plant, coal mine and power station.
The projects are cumulatively valued between US$800 million and US$1 billion.
Mr Dangote previously visited Zimbabwe in 2015 and 2018 in a bid to invest in the same areas, but the plan did not materialise at the time.
It is believed he has now renewed his interest after being approached by executives of a local Harare-based financial advisory firm and a business facilitator.
The investment plan and visit are being facilitated by Bard Santner Markets Inc and Zimbabwean journalist-cum-business adviser Mrs Josephine Mahachi.
Bard Santner is a local financial advisory firm that specialises in corporate finance, asset management, wealth management, microfinance and remittances.
Mrs Mahachi is an award-winning Zimbabwe-born journalist, entrepreneur and business facilitator.
It is believed the meetings with Mr Dangote started in June this year during the 32nd Afreximbank Annual Meetings held in Abuja, Nigeria, from June 25 t0 28.
Mr Dangote delivered a moving address at the Afreximbank gathering, underlining the need for Pan-African investments and regional and economic development and integration, taking advantage of the continental free trade agreements, as well as value addition.
The African Continental Free Trade Area agreement, to which Zimbabwe is an active participant, creates a single continental market for goods and services, aiming to boost intra-African trade, economic growth and industrialisation.
A Bard Santner delegation to the Afreximbank meeting, led by company chief executive officer Mr Senziwani Sikhosana, met with Mr Dangote to initiate the current dialogue and process on investment.
After that, Mr Sikhosana and Bard Santner executives, including executive directors Mr Tatenda Hungwe and Mrs Lucia Chingwaru, visited the Dangote Group to see and better understand what he has been doing in other countries.
Asked for comment, Mr Sikhosana said: “It’s too early to talk about these issues in the public. When the right time comes, authorities and ourselves as facilitators will make the necessary announcements.”
Mrs Mahachi said she will only comment at the right time.
The Dangote Group has operations in 17 African countries, with a major focus on Nigeria.
Its largest subsidiary, Dangote Cement, has integrated factories and operations across 10 African countries — Nigeria, Cameroon, Ghana, Senegal, Sierra Leone, Ethiopia, South Africa, Zambia, Tanzania and the Republic of Congo.
Mr Dangote’s company wants to establish a large-scale fuel storage terminal and distribution hub in the port of Walvis Bay, Namibia.
The project, operated by Dangote Petroleum Refinery, will store and supply gasoline and diesel from Nigeria’s refinery to Namibia and other Southern African countries such as Botswana, Zambia and Zimbabwe.
The Dangote Group has now firmly set its eyes on Zimbabwe.
After its business tour to Nigeria, Bard Santner also visited Dangote’s Zambian cement operation.
During their second visit to Lagos, Bard Santner executives appealed to Mr Dangote to invest on Zimbabwe, citing his involvement in Sierra Leone and Ethiopia, to which he conditionally agreed.
Before rolling out his project in Zimbabwe, Mr Dangote intends to meet President Mnangagwa, ministers and officials to discuss finer details of the investment, particularly mining concessions, licences, tax issues and other incentives, work permits for experts, security of investment and mutual benefits of the deal at the highest levels.
Zimbabwe has become an attractive tourism and investment destination owing to the Second Republic’s efforts to create a conducive business environment. – Herald
