Dangote drops proposed investment in steel following ‘monopoly’ allegations

Aliko Dangote, chairman of Dangote Industries Limited has revealed that he will no longer invest in the Nigerian steel industry following allegations of monopoly by some parties.

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

Dangote also said claims in some quarters that his group of companies enjoyed a monopoly were untrue.

“You know, about running the new business that we announced, which is steel. Actually, our board of directors has decided that we should not run the steel business because if we run the steel business, we will be labeled with various names like monopoly,” he said.

“Then imports will also be encouraged. So we don’t want to discuss that.

“If you look at all our operations in Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell them.

“We never consciously or unconsciously stop anyone from doing the same business that we do.

“When we first entered into cement production, only Lafarge was operating in Nigeria… Nobody ever called Lafarge a monopoly,” he said.

He said labelling his group of companies as a monopoly was disappointing.

“Monopoly is when you stop people, you block them through legitimate means. No, this is a level playing field where whatever Dangote gives in terms of cement, for example, is given to others because some of them even get more than us,” he added.

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

“Let other Nigerians do it. We are not the only Nigerians here. There are some Nigerians who have more money than us,” the billionaire said.

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

By: Babajide Okeowo

Dangote halts proposed investment in steel following ‘monopoly’ allegations first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.