Dangote Dismisses 'Monopolistic' Label

Aliko Dangote

Aliko Dangote speaks out against monopoly allegations...

Aliko Dangote, Africa's richest man, denies monopoly allegations, emphasizing his companies' focus on adding value and creating opportunities. He also calls for an investigation into the quality of petroleum products at filling stations nationwide.

 

Aliko Dangote, Africa's richest man, has vehemently denied claims that his conglomerate enjoys a monopoly. He emphasized that the allegations are unfounded and misleading. Dangote made his stance clear on Saturday when he hosted the leadership of the House of Representatives, led by Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu.

Dangote expressed his disappointment and disheartenment at being labelled monopolistic. He emphasized that his companies have never hindered others from venturing into the same businesses. Instead, he believes his entrepreneurial endeavors have created opportunities and inspired others to follow suit.

He said: “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing.

“When we first came into cement production, it was only Lafarge that was operating here in Nigeria...Nobody ever called Lafarge a monopoly,” he said, adding that labelling his group of companies as monopolistic is disheartening.

“Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,” he said.

Aliko Dangote clarified that he did not receive any government incentives or subsidies to construct his $20 billion refinery located in the Lekki Free Trade Zone, emphasizing that the project was solely funded through his private investments.

“In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State.

“Yes, the Lagos State gave us a good deal but we paid $100 million for the land. It wasn't free land; we paid for it,” he said.

“Majority of the population are with us. So, we are not discouraged, we will continue what we are doing.”

Aliko Dangote urged the House of Representatives to conduct a thorough investigation into the quality of diesel and petrol sold at filling stations nationwide. He specifically requested that the House set up a committee to test products from various filling stations, aiming to address concerns about substandard petroleum products allegedly coming from his refinery.

Dangote emphasized the need for quality control, citing the damaging effects of substandard products on vehicles and engines. By testing products from different filling stations, the committee can identify and address any quality issues, ensuring that consumers receive high-quality petroleum products that meet standards.