Dangote Warns Against Capital Flight: “When You Die,The Money Will Go Into The Banking System”

Africa’s richest man, Aliko Dangote, has issued a stern warning to those who engage in stealing and capital flight, emphasizing the futility and harm of hiding stolen wealth abroad. Speaking recently, Dangote highlighted that misappropriating funds not only damages national development but also impoverishes families and future generations. He pointed out that stolen money, often hidden in foreign accounts, ultimately returns to the banking system after the owner’s death, leaving no lasting legacy for their families or communities.

Dangote condemned the ongoing trend where African elites take capital out of the continent, undermining economic growth and job creation. He urged an “Africa First” policy to curb import dependence and capital flight, drawing parallels with Asia’s economic rise fueled by domestic investment. He stressed that industrialization requires tough decisions like protecting local industries through tariffs and investing capital locally rather than exporting it.

The scale of Africa’s capital flight is staggering. Recent reports estimate that the continent loses over $587 billion annually through illicit financial flows, corruption, profit shifting by multinational corporations, and other mechanisms. This massive outflow far exceeds the $190.7 billion Africa receives in external capital inflows, creating a net lender paradox that severely constrains development opportunities.

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Dangote’s remarks come amid growing calls for transparency, ethical leadership, and economic patriotism to stop the hemorrhage of African wealth. He questioned the value of accumulating wealth without accountability or reinvestment in local economies: “If you deprive your country, your community, and your family—what exactly have you achieved?”

His advocacy aligns with wider efforts to tackle illicit financial flows and promote reparatory justice, recognizing that capital flight deepens poverty and stalls infrastructure and job creation across Africa