President of Dangote Group, Aliko Dangote, has said he has no home in London or other foreign nations but some of his employees do.
The billionaire businessman made this revelation in an interview conducted by Business Insider Africa.
According to him, foreign homes among other luxury items can be time-consuming and distracting.
“Luxury things — they also take up your time which will not make you focus on your business. I mean, I don’t have any holiday home anywhere; I don’t have a house anywhere but I know people who are working for me, they have a house in London. But I don’t,” he said.
Dangote further explained that many Africans achieve success initially but later fail because of their tendency to spend their projected income rather than reinvesting it into their business.
“A lot of people even the younger ones, we need to be very careful because one of the biggest issues. With us Africans, it is that we spend our projected incomes.
“Once you start doing business and the business starts doing well, rather than for you to keep investing into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business so you need to be very focused and say ‘Okay fine what do you do and how to do those things,” Dangote said.