Aliko Dangote, the richest man in Africa has recently revealed that he did not receive any incentives from the Federal Government for constructing his $20 billion refinery at the Lekki Free Trade Zone. He mentioned that he paid $100 million for the land on which the refinery stands.
Dangote made this statement on Saturday during a meeting with the leadership of the House, including Speaker Tajudeen Abbas and his deputy, Benjamin Kalu.
He clarified, “For the refinery, we did not, and I repeat, receive any incentives from the Federal Government of Nigeria or Lagos State. While Lagos State offered us favorable terms, we still paid $100 million for the land. It was not provided free of charge.”
Dangote also addressed claims that his company has a monopoly. He asserted, “In our operations at Dangote Group, we create value by transforming local raw materials into products. We have never intentionally or unintentionally prevented others from entering the same business.”
He recalled that when Dangote Group entered the cement market, Lafarge was the only other player in Nigeria, and noted that Lafarge was never labeled a monopoly. He expressed disappointment at being labeled a monopolist, arguing, “Monopoly involves blocking others through legal means. Instead, we operate in a competitive environment where other entities have the same opportunities that we do, with some even receiving more advantages than us.”
