I am not a monopolist: we paid $100m dollars for the land given to us by lagos state

Dangote

Dangote Group president Alhaji Aliko Dangote has refutes claims that he is a monopolist trying hard to oppress other competitors into the various markets and industries where his company has invested and triumph

The Dangote Refinery is a 20 billion dollar investment refinery, the biggest in Africa, and when fully operational, The president of Dangote Group Alhaji Aliko Dangote in a press statement noted that $100 million was paid to the Lagos state government for the land which the refinery was built on.

This was disclosed as a result of several allegations by federal authorities and Nigerians who accused the business mogul as a monopolist of driving other competitors to the ground with an unethical approach.

In a press interview, he explained that his company was very precise in meeting the requirements of the federal government, hence he was always granted the license to operate.

Businesses conducted by the Dangote group include the production of cement, sugar, rice, spaghetti, salt, and some other basic household items.

While speaking to channels television one of the major media stations in Nigeria, Aliko Dangote raised some challenges he has encountered, some of which are attacks from regulatory bodies like (NMDPRA) Nigerian Midstream and Downstream Petroleum Regulatory Authority, difficulty accessing crude oil, monopoly accusations, claims that he hasn’t been licensed yet and low-quality production.

Despite these legal obstacles, a document has verified Aliko Dangote’s assertions about the quality of petroleum his refinery produces. The NMDPRA-accredited internal laboratory of the refinery has verified that the goods fulfill the requirements. After delays due to a fire incident, Dangote announced that gasoline would be available for purchase from the refinery between August 10 and 12, 2024.

Seun kuti, son of one of late Nigeria’s iconic legendary musician Fela kuti has expressed his anger towards Africa’s richest man for calling out the Nigeria authorities over his current challenges claiming that $2 billion dollars was invested by the federal government of nigeria for a 20% stake in the refinery which was too much.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has accused the Dangote refinery of not having an operational license and that the quality of refined petroleum products is inferior to those imported.

Former Governor, of Anambra State, and Labour Party Presidential Candidate, 2023 Peter Obi in an official Twitter post said Dangote Refinery needs to be completely backed, not demonized.

It is concerning that Dangote Industries and several government entities have been at odds lately. Personal grudges and political connections are not relevant to this issue. Essentially, it concerns Nigeria’s economy, future, and Africa at large.

The Dangote Refinery is a 20 billion dollar investment refinery, the biggest in Africa, and when fully operational, The president of Dangote Group Alhaji Aliko Dangote in a press statement noted that $100 million was paid to the Lagos state government for the land which the refinery was built on. This was disclosed as a result of several allegations by federal authorities and Nigerians who accused the business mogul as a monopolist of driving other competitors to the ground with an unethical approach. In a press interview, he explained that his company was very precise in meeting the requirements of the federal government, hence he was always granted the license to operate. Businesses conducted by the Dangote group include the production of cement, sugar, rice, spaghetti, salt, and some other basic household items. While speaking to channels television one of the major media stations in Nigeria, Aliko Dangote raised some challenges he has encountered, some of which are attacks from regulatory bodies like (NMDPRA) Nigerian Midstream and Downstream Petroleum Regulatory Authority, difficulty accessing crude oil, monopoly accusations, claims that he hasn't been licensed yet and low-quality production. Despite these legal obstacles, a document has verified Aliko Dangote's assertions about the quality of petroleum his refinery produces. The NMDPRA-accredited internal laboratory of the refinery has verified that the goods fulfill the requirements. After delays due to a fire incident, Dangote announced that gasoline would be available for purchase from the refinery between August 10 and 12, 2024. Seun kuti, son of one of late Nigeria's iconic legendary musician Fela kuti has expressed his anger towards Africa's richest man for calling out the Nigeria authorities over his current challenges claiming that $2 billion dollars was invested by the federal government of nigeria for a 20% stake in the refinery which was too much. The Nigerian Midstream and Downstream Petroleum Regulatory Authority has accused the Dangote refinery of not having an operational license and that the quality of refined petroleum products is inferior to those imported. Former Governor, of Anambra State, and Labour Party Presidential Candidate, 2023 Peter Obi in an official Twitter post said Dangote Refinery needs to be completely backed, not demonized. It is concerning that Dangote Industries and several government entities have been at odds lately. Personal grudges and political connections are not relevant to this issue. Essentially, it concerns Nigeria's economy, future, and Africa at large.

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The only African countries currently not importing petroleum are Algeria and Libya. Dangote Refinery secured the shipping of one million barrels of Brazilian Tupi crude. This action was taken as part of an attempt to diversify the sources of its crude supply since it was becoming harder to find local crude oil at reasonable costs.​

Millions of barrels of crude oil have been imported by the refinery from the US. Given the limitations in the local Nigerian crude market, this was required to guarantee a steady supply of feedstock for the refinery’s operations.​

The House of Representatives has started looking into problems related to low-quality fuel imports and shortages of crude oil that are affecting local refineries, especially the Dangote Refinery. Since it started operating in January 2024, the refinery has had trouble obtaining enough crude oil from nearby sources.

These difficulties are linked to regulatory problems with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which asserts that the refinery’s gasoil quality does not match regional standards, and purported obstruction by oil majors.​

The billionaire investor has decided to halt the planned steel investment because of the difficulties he already faced with the refinery. He was also invited to Gabon by President Nguema to invest in cement and fertiliser production.

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