Dangote halts proposed investment in steel following ‘monopoly’ accusation

Aliko Dangote, chairman of Dangote Industries Limited has revealed that he will no longer invest in Nigeria’s steel industry following accusations of monopoly in some quarters.

Speaking recently during a tour at his refinery in Lagos, Africa’s richest man said the organisation’s board decided to avoid the steel industry “to prevent accusations of being branded a monopoly”.

Dangote also said the claim in some quarters that his group of companies enjoy monopoly is not true.

“You know, about doing a new business which we announced, that is, steel. Actually, our board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly,” he said.

“And then also, imports will be encouraged. So we don’t want to go into that.

“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.

He said 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 added.

Dangote, however, encouraged Nigerians to invest in the industry to help boost the country’s economy.

“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us,” the billionaire said.

Dangote said people “should bring that money from Dubai and other parts of the world and invest in our fatherland”.

By: Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now