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Dangote dares wealthy Nigerians: Bring your money in Dubai, invest here like me
President of Dangote Industries Limited (DIL), Aliko Dangote, on Saturday, challenged wealthy Nigerians to bring back their monies abroad and invest at home, as he has consistently done over several decades, pushing back at allegations that he is monopolising the Nigerian economic climate.
Dangote, Africa’s richest man, who spoke on a day he took members of the House of Representatives round the mega 650,000 refining capacity Dangote Refinery built in Lagos, which authorities in the oil industry sector claimed on Friday, was churning out low-quality products.
“There are many other Nigerians who have more cash than us. They should bring that money from Dubai and other countries to come and invest in their own fatherland,” he told reporters during the visit, led by Tajudeen Abbas, Speaker of the House of Representatives and Benjamin Kalu, his deputy.
Farouk Ahmed, Chief Executive Officer (CEO), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in what seemed an indictment on the operation of the refinery which many Nigerians had seen as the gamechanger with regards to the difficulty in the availability and price of petroleum products, had on Thursday said the 650,000 barrels per day Dangote refinery was neither completed nor licensed for operations.
Debunking earlier claims by Dangote that its operations were deliberately being frustrated by the International Oil Companies (IOCs) by refusing to sell crude to them, Ahmed, who spoke to State House Correspondents, at the Presidential Villa in Abuja, dismissing the allegation as untrue, disclosed that the products from the refinery were inferior to those currently being imported into the country, besides accusing the company of angling to monopolise the industry.
But pushing back again, Dangote, practically tested the products from his company before the delegation, using diesel bought from two filling stations on their way to the refinery located at the Lekki Free Trade Zone in Lagos, with the company’s samples taken from production also in the presence of the lawmakers.
Channels Television, confirmed that two tests were conducted, one for sulphur level and another a flash test, adding that while all crude-based products contain some level of sulphur, high sulphur levels cause damage to engines and vehicle components.
In the end, according to the report, the results showed that the sulphur content in the diesel from other stations was above 2,631 and 1,829; much higher than the recommended level while the tests for the flash point, which refers to the lowest temperature at which the application of the ignition source causes the vapours above the liquid to ignite with the minimum expected flash point at 66, showed results of 26 and 63 respectively for the diesel from other stations. Both results fell short of the recommended minimum of 66.
Commenting on the outcome, Dangote noted that the result, which turned out to be 87.6 ppm for sulphur and 96 flashpoints, did not only show the reality of products from his refinery, but the substandard petroleum products are being imported into the country and sold to unsuspecting Nigerians.
Dangote, who decried the damage being done to vehicles and engines by substandard products, called on the lawmakers to investigate the quality of diesel and petrol at filling stations, urging them to set up a committee to test products at various filling stations across the country, as well as the quality of laboratories being used to test imported products and compare them with the one at his refinery.
Also debunking allegations of monopoly as totally unfounded, 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 stop 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. 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.”
In fact, the billionaire business tycoon maintained that his refinery did not enjoy any incentive from the Federal Government, adding: “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 $100m for the land. It wasn’t a free land; we paid for it. Majority of the population are with us. So, we are not discouraged, we will continue what we are doing.
“The most important thing, your excellency, is to note that the imported one they are encouraging, is the spec in test, but in certain cases when you check (independently), different results will show. This is because those people who have the lab have been told what to write. The best way to determine the quality of products being imported and sold to Nigerians is by going to the filling stations, buying and testing them.
Abbas, while acknowledging that by the presentation and the contradictory claims, there was a need for an investigation, told his host: “I don’t know how we have this contradiction of two players representing the public and private sector. I think it is something we need to investigate further to find out if there are ulterior motives.”
“He is running in contempt of the court. Justice Lifu should be arrested because he is acting in contempt of the court which is a criminal act,” were the exact words with which the African Democratic Congress (ADC), demonstrated its angst over the court ruling on Monday, ordering its de-registration as a political party in Nigeria.
A furious Bolaji Abdullahi, spokesman of the party, told his host while appearing as a guest on Monday’s edition of Politics Today, a public affairs programme on Channels Television that the judge of the Abuja Federal High Court who gave the order was actually playing with fire because of the consequences.
Directly accusing him of playing the script of the All Progressives Congress (APC), to ensure that President Bola Tinubu emerged the sole candidate for the 2027 presidential election, the party spokesman, was emphatic that the plan would not work, as head or tail, ADC must be on the ballot in all the elections.
Hear him: “There is a Court of Appeal order saying don’t hear this case until October 27. So, on what basis? You can’t place something on nothing. The Court of Appeal said don’t act on this until I hear it on October 27. So, on what basis did he deliver the judgement
“So, for us in the African Democratic Congress, what we’re convinced and they know is what they have done has no leg to stand on legally. What they want to do is to create doubts in the minds of the people that this ADC has too many legal cases, can we actually run on this? And to distract us. But we’re not distracted.
“We’re very clear. It was in spite of all they have done since ADC came on board that we ran one of the best and one of the most comprehensive direct primaries in the history of democracy in Nigeria. So, we are strong enough to withstand this. And that’s why I’m saying that we are going to contest in 2027. We’re ADC. We don’t buckle before dictatorship.”
Stressing on the implication of the judgement, which also affected Accord Party (AP), Action Peoples Party (APP), Action Alliance (AA), and Zenith Labour Party (ZLP) for allegedly failing to meet constitutional and electoral performance requirements, following a suit by the National Forum of Former Legislators, he said it portended grave danger.
He added: “We are not surprised. We know that the Nigerian people believe that there is a problem with the judiciary, but what we did not expect is the level of judicial rascality that was demonstrated today.
“What we are saying is that we reject it in its totality, and we are saying that the people behind this are playing with fire. Hundreds, if not thousands, have obtained nomination forms and contested elections and emerged as candidates on the platform of the ADC.”
Peter Obi, candidate of the Nigerian Democratic Congress (NDC), in the 2027 presidential election, is peeved at the decision of the Federal High Court, Abuja, ordering the de-registration of the African Democratic Congress (ADC), saying the move is a heavy blow and dangerous to Nigeria’s democracy.
Justice Peter Lifu, who made the order, based on an action brought by National Forum of Former Legislators, agreed that the parties, including Accord Party (AP), Action Peoples Party (APP), Action Alliance (AA), and Zenith Labour Party (ZLP), failed to meet the requirement for continued existence in Nigeria.
But Obi, who left the ADC coalition to join the NDC, incidentally, based on what he explained resulted from the multiple court cases hanging on its neck, expressed his disenchantment, in a statement by the Peter Obi Media Reach (POMR), on Monday.
Signed by Ibrahim Umar, its spokesman, the group quoted the former Governor of Anambra State as decrying the growing damage to the nation’s sacred institutions on the altar of politics.
Stressing that the rise of nations depended on stronger institutions devoid of political influences, the 2023 Labour Party presidential candidate, wrote on his X platform: “When the controversy surrounding the removal of the former Chief Justice of Nigeria, Walter Onnoghen, unfolded, I expressed a concern to a friend: that the greatest damage might not be immediate, but the message it sends about the sanctity and independence of our institutions to the world.
“Strong economies are built on trust. Investors can manage security risks, policy risks, and even market risks. What they fear most is uncertainty in the rule of law and a judiciary that is perceived to be vulnerable to political pressure.
“Today, many Nigerians have lost confidence in systems that should protect them. Businesses increasingly request that their contracts be governed by foreign jurisdictions because they have greater confidence in those institutions than in our own. That should concern every patriot.
“We must never sacrifice our sacred institutions on the altar of politics. Nations rise when institutions are stronger than individuals. The Federal High Court judgment ordering the deregistration of the ADC and other political parties is just one of those activities that further reduces the common man’s trust in our legal systems. It should be reversed.
“I pledge that we will restore the dignity, independence, and integrity of the judiciary. The common man must have a voice. The business community must be protected from legal uncertainty and intimidation. Justice must be impartial, accessible, and respected by all. To our judges, legal luminaries, senior advocates, and lawyers: this is your moment. Rise, defend the rule of law, take back your country! A new Nigeria is POssible.”
Not even Lamine Yamal’s second half introduction could help Spain break through the defence of debutants, Cape Verde, in their first ever meeting, as the ongoing World Cup event produced another one of the stunning results on Monday.
Yamal, the Barcelona superstar just recovering from a near two-month hamstring injury, was brought into the game in the second half to zest up the one-time world champion, but failed to break down the Cape Verde’s dogged defence.
Spain’s in the game played in Atlanta, one of the cities hosting the three-nation Mundial, displayed the same dismal outing, which saw them offering far less than the quality, which saw them lifting the trophy for the first time in 2010.
The European champions, which have not won a knockout game ever since, failed to dominate the African side, replicating their less than impressing outings and their eventual exit in 2018 and 2022 editions, even with the claims of coach Luis de la Fuente that the squad was the best in the competition, Spain were considered among the pre-tournament.
Neither Yamal nor Nico Williams, who also was hit by an injury-disrupted season at Athletic Bilbao and was not introduced until the 87th minute, were able to rise to the occasion against the 500,000 people African side, ranked 67 in the world, which is making their debut on the global stage.
In stark contrast to the searing temperatures faced by some other sides, Atlanta’s state-of-the-art air conditioned stadium meant there was no excuses for the slow tempo of Spain’s build-up.
Indeed the mid-half hydration break was met by boos with fans frustrated at the break in play despite the cool conditions.
The only serious move from the European champions only came at the sixth minute to half-time, when Marc Cucurella, fresh for sealing his move from Chelsea to Real Madrid, sent over a teasing cross that Ferran Torres turned onto the crossbar and Cabo Verde goalkeeper Vozinha got back on his feet to turn Mikel Oyarzabal’s looping header over the bar.
Even after the break, the Blue Sharks, were also able to hold back from the onslaught as they did in the first half, where Vozinho, managed to make another superlative save against Aymeric Laporte’s header just before half-time.
Despite the excitement from the crowd after he was introduced, Yamal, billed as one of the stars of the tournament, failed to create any magic with his first touch being the set-up of a decent opening for fellow substitute Mikel Merino which was too close to Vozinha.
In fact, Cabo Verde billed to take on Uruguay in Miami, nearly snatched a famous victory in the final minute of the 90 when Dani Borges planted a header too close to Unai Simon, who saved the occasion, to prevent the former world champions, billed to face Saudi Arabia in Atlanta on Sunday from humiliation.
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