Aliko Dangote, Africa’s wealthiest individual, with a net worth standing at a cool $23-billion-plus, last month stepped down as chair of Dangote Cement, the bedrock of his business empire, just weeks after his exit from a similar role at Dangote Sugar Refinery – a strong indication the 68-year-old has begun easing into retirement.

He will now concentrate on Dangote Petroleum Refinery, which is boosting its nameplate capacity from 650 000 bbl/d to 700 000 bbl/d.

While Dangote has been succeeded by Emmanuel Ikazoboh as chair of Dangote Cement – a behemoth with an installed capacity of 48.6-million tonnes a year across Africa – his three daughters are becoming increasingly involved in his businesses. This move signals succession planning and a commitment to preserving the family legacy.

The eldest, Mariya, has now joined the Dangote Cement board, a step the company says is aimed at ensuring the business remains “agile and well positioned for long-term value creation”. She previously served as a business strategist and risk specialist at Dangote Industries before being appointed executive director of operations at Dangote Sugar Refineries in 2022.

Mariya becomes the tycoon’s second daughter on the Dangote Cement board, joining her younger sister, Halima, who was appointed in 2022 and was tasked with establishing the Dangote Family Office in Dubai in 2023. She is also a trustee of the Aliko Dangote Foundation.

The youngest of the three sisters, Fatima, is group executive director for commercial operations at Dangote Industries, the group’s holding company. In earlier roles, she worked as a technical specialist in the strategy unit and as an executive assistant to the director of business development and portfolio management.

Dangote’s apparent exit plan got me thinking about how contemporary billionaires are calling it quits. Two examples quickly come to mind: 94-year-old Rupert Murdoch, the Australian-American media mogul whose empire spans markets as varied as his native Australia, the US and the UK, and the age- defying Warren Buffett, who, despite also being 94, continues to serve as chair and CEO of conglomerate holding company Berkshire Hathaway.

The $23.3-billion-net-worth Murdoch’s succession planning is centred around his children, grooming them early and involving them deeply in business operations, a strategy Dangote appears to be embracing. The advantage of this approach lies in continuity, as it ensures the family’s values and long-term vision endure for generations.

While Murdoch initially intended for his four eldest children to assume control of his businesses after his death, media reports suggested late last month he has had a change of heart, now favouring his eldest son. He attempted to amend a family trust to reflect this new preference, but a court in Nevada, in the US, put paid to this, at least for now.

By contrast, Buffett, whose wealth is estimated at $139-billion, favours meritocracy and institutional succession. His anointed successor, Greg Abel, was chosen not for his proximity to the family but for his credibility as a business executive.

Buffett’s transparent approach – communicated through annual letters, shareholder meetings and interviews with journalists – fosters open succession narratives that are devoid of uncertainty or squabbles of the kind embroiling the Murdoch family.

Buffett’s emphasis on philanthropy also underscores a view of wealth that goes beyond dynastic inheritance. An early example of this was when 96% of his first wife’s $3-billion fortune was transferred to the family foundation when she died in 2004. More recently, he explained in a letter to Berkshire Hathaway shareholders in November last year that he had gifted further equity in his businesses to charitable foundations, thereby continuing the pledge he made in 2006 to donate his shares in the holding company to charity.

A key takeaway from these two ‘case studies’ for the Dangotes of this world – those fortunate enough to be custodians of tonnes of wealth – is that family involvement can be an asset if it is anchored in merit. Second, transparency is not weakness but strength.

Whether our billionaires choose Murdoch’s family-led-empire model – much like what Dangote is doing – or Buffett’s foundation- driven stewardship, the challenge remains the same: to create a business empire that outlasts its founder.