Richest African Donating $1.2-Billion to Endow Foundation

Nigerian industrialist Aliko Dangote, the richest individual in Africa, has pledged $1.2-billion to establish a permanent endowment for his Dangote Foundation, according to Forbes and Nigerian newspaper This Day Live.

Mr. Dangote said the gift would come out of his cash reserves and shares in his publicly traded companies. He owns more than 90 percent of Dangote Cement, a building-materials maker with operations in 15 African countries, and has an estimated fortune of $25-billion. He ranks 23rd on Forbes’ latest list of the world’s wealthiest people, making him the first black person to crack the top 25.

The foundation, which Mr. Dangote launched in 1994, supports education, health, and youth initiatives in his homeland. It runs a cash-transfer program that complements the Nigerian government’s anti-poverty efforts, making micro-grants to rural women and youths to start businesses.