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Stats: 2,296,539 members, 5,046,318 topics. Date: Friday, 19 July 2019 at 03:45 PM
|Dangote Enjoying Government Waivers...? The Sins Of IBETO by Osagyefo98: 6:29pm On May 05|
Dangote enjoying government waivers...?
The sins of IBETO And The only rooster that crows in Nigeria....When President Obasanjo encouraged local production of cement,the Manager of Ibeto cement factory promised to flood Nigerian market with cement and drastically reduce the price of the product.
Ibeto fulfilled his promise and flooded the country with cement. The result was that the price of cement crashed. This jolted Dangote cement and affected his business adversely.
Aliko Dangote wrote a petition to former President Olusegun Obasanio kicking against the authority the federal government Ibeto granted to import 800,000 metric tons of cement.
Fomer President Olusegun Obasanjo issued a directive that Ibeto was not allowed to import cement into the country until it proved its investment in local production. Dangote was allowed to import cement.
Thousands of staff of lbeto cement were rendered jobless.
When late President Umaru Yar’ Adua succeeded Obasanjo, Ibeto, in July 2007, applied for import allocation and it was granted. Once again, he flooded the country with quality cement, and the prices crashed.
Dangote Cement PLC quickly filed a suit alleging that Ibeto Cement Company is gaining undue advantage by the federal government.
On its part, the Federal Government, contended that Dangote Cement PLC is plotting to wipe out fair competition and create a monopoly in the industry and transform itself to the only rooster that crows in Nigeria.
But Ibeto further filed terms of settlement, which were entered as consent judgment in the suit.
In line with the consent judgment, it will continue to import 1.5million metric tons of cement per annum for the period between 1 October, 2007 and 30 September, 2017.
This was in line with the Federal Government guarantee conveyed a letter by the Ministry of Trade and Industry dated 5 June 2002.
By the judgment, the Federal Government was to pay Ibeto Cement Company the sum of $40 million and N1,885,813,592(N1.9billion). The amount is the verified claims by the inter-ministerial committee of the federal government for losses suffered by Ibeto from the unjustified closure of its bagging plant between December, 2005 and when it resumed operations in October, 2007.
But Dangote Cement PLC consented that its rights and interests were affected by the consent judgment.
Dangote argued that the continuance of lbeto cement makes Dangote cement expensive.
However, the Federal Government and six of its agencies, which are the other defendants in their counter-affidavit deposed to by one Emmanuel Joel, an Assistant Litigation Officer in the law firm of Kenna Partners, argued that Dangote Cement PLC filed the suit with only one intention, to wipe out competition in cement business and become a monopoly.
The Federal Government also contended that Dangote cement has no locus in filing the suit as the matter didnt concern them. It aveered that the suit instituted by Ibeto Cement against the Federal Government was not fraudulent. Furthermore, it argued that Dangote Cement was not a nominee or agent of government agencies, which are defendants in the suit, and is not acting on their behalf. It argued that that Dangote Cement Plc is not an agency of Federal Government with the statutory mandate of administering, managing or enforcing tax compliance, therefore lacking the locus standi to commence or maintain the legal action and seek the reliefs in the case.
Ibeto took cement to another level. It signed a contract agreement of
$368million with a China company Zhejiang Sinoma Engineering Design & Research Institute Co., Ltd to produce 6,000metric tons of Cement in Enugu State, south east Nigeria.
The contract covered crushing limestone mining, cement raw materials to packaging, shipped to the whole process and a 45MW captive power plant, covering engineering design, equipment, steel and material supply, civil works, installation, commissioning and personnel training.
Already, Ibeto Company operates a similar facility in Port Harcourt, River State which produces 6000tons of cement.
Dangote was afraid that his dominance and monopoly of cement production will be destroyed by lbeto.
Ibeto is a billionaire and one of the wealthiest men in Africa. As at 2013, he was estimated to be worth about $3.7 billion dollars by Ventures Africa.
His Petrochemical Industries Limited which manufactures oil lubricants and other various petroleum products both for local and international trade has the largest liquid storage facility for petroleum products in Nigeria, with a large capacity to store over 60,000 metric tons, and is located at the Apapa Warf and the Ibru Jetty Complex in Lagos, Nigeria.
President Buhari came into power.
Ibeto Company applied for foreign exchange from the CBN but was denied. Dangote applied and was granted. He has continued to enjoy all manner of waiver.
Like Dangote did during the Obasanjo regime , he was said to have approached his Fulani brother. Buhari banned lbeto cement because they are afraid of competition from a south eastern lgbo man who comes from the wrong part of the country.
They know that lbeto has the ability to overthrow Dangote as the richest man in Africa and he must be stopped by all means.
Fllowing the closure of lbeto cement by Buhari, the prices of cement jumped from N1,500 to N 2,500 and Dangote is smiling to the bank.
Ibeto's account is frozen. Dr.Cletus lbeto has been arrested several times, questioned by security agencies, harassed, humiliated and intimidated.
There is no law in the Nigerian law books that Ibeto company has breached.
What then is his crime? Is it because he is lgbo?
3 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by Nobody: 7:06pm On May 05|
This is why people like me never celebrated or will ever celebrate Dangote as the richest black man. In a free and fair race, people like him may never make it as Hausa's richest let alone where he is now.
Whoever hasn't seen the movie COCO should as a matter of urgency see it to learn how some people shine with other people's stars so as to be careful in life.
Yes, Dangote may be working hard but that will not rule him out as an opportunist and a politically motivated billionaire.
10 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by leokid866: 7:13pm On May 05|
Are you talking about coco the animated film?
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by Nobody: 7:18pm On May 05|
leokid866:You got it.
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by Asquare84(m): 8:17pm On May 05|
This write up is full of lies. If dangote truly import cement try and visit obajana cement factory and see how cement is being produce. No country will ever allow it country to be a dumping ground for imported product as you claim ibeto got licence to keep importing cement all in a bid to beat down price, and I strongly believe nigerian government will support ibeto group if he decide to build a cement factory. The write up is filled with entnicity
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|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by oyatz(m): 8:52pm On May 05|
Ibeto was importing cement and bagged them locally while Dangote was into local production of cement, it will be wrong to compare them.
Apart from Dangote, Lafarge WEST AFRICA and BUA group also produce cement locally, so there is no Monopoly by Dangote.
4 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by tommyken(m): 9:08pm On May 05|
MajorJeffery:I so much like that movie....I even have it on my phone right now.
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by princemillla(m): 9:48pm On May 05|
No be only you like am, Choritto!!!
Anyway good to see my amigos loving coco
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by boldaslion: 10:43pm On May 05|
Sharap! You fulani hypocrite.
Did dangote start with production? Didn't he start with importation? Was it not the monopoly and favoritism that gave him the edge and advantage he used over Ibeto?
Ibeto was ahead of dangote when they were both importing. Like dangote, Ibeto has his foreign partners with a full and fully signed MOU to begin cement production in Enugu but he's being frustrated just like tried doing to Innoson.
We shall overcome their antics because their stranglehold will soon be over. We shall take our righful place as water will find it's level.
On a level playing ground, fulani can never compete with Igbo in business. We are the masters in the area of business. Very soon the parasites will be put in their righful place. We shall rise and you can not hold us down perpetually
14 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by rafindo(m): 10:59pm On May 05|
Continue to preach hate and show your disdain for how economic principle works.first of all I think the the man has been unduly been cheated but has nothing to do with the present administration. His problem started with obasanjo denying him his wavier and consignment in favour of dangote, was obasanjo not a southerner.when yar adua took over and found he was duly cheated decided to grant him import wavier in order to cover the cost and time lost to dangote monopoly. The reason was simply because the local content for cement production had already started which completely placed a ban on importation of cement since our local cement plant where working,mind you yar adua was a Fulani.in spirit of competition the waiver grant was for ibeto to start his local cement plant at a specified time.with the help of elechi amadi and the current ebonyi state governor, dangote has been able to scuttle his plan to take over full ownership of Nigerian cement plant at nkalagu. What the present administration is doing simply is to make sure the cement policy is not summersaulted base on claim of undue competition. BUA ,Dangote, LA farge and the rest of the cement companies will not be happy for import wavier to be given to ibeto again since that era of mass bagging is over.it has nothing to do with tribalism has the op put it.
Lesson ibeto should learn.
Never approach business with ethnic inclination. But with strategic plan of been a friend to those in government. Contribute to their reelection or any of their pet project that way your business interest is protected.you think the buffet,bills and mark of this world don't contribute to politician campaigns. Or you think dangote contribution is an akara affair. Your business boom when the policy is in your favour and for you to have that policy you must pay a price for that.it happens everywhere.so quit this ethnic nonsense of that and this.
7 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by Bizibi(m): 11:01pm On May 05|
boldaslion:na all this bragging I nor dey like,yes we know what goes on.....
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by boldaslion: 11:32pm On May 05|
Did you read the nonsense you wrote here and you still tell me that the Zoo is not a useless place? And you still expect the Zoo to make genuine progress? Yes, they can succeed in making dangote the richest man in Africa, how does it translate to the betterment of his own people? Don't they still rank as the most-impoverished in at least Nigeria? I insist that what affected Ibeto is coming from the wrong side of the divide, not the false narrative that you are putting up. The facts are there. Whatever they do, Biafra will rise, the land of the rising sun, the hope of Africa and the world, the next wonder of the world. Watch out.
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by AK481(m): 12:48am On May 06|
This is my problem with ipob or its sympathizers.
The table has been set for a good debate as at what is ibeto current local cement production status,instead of u to show statistics and pictures of his plant in nigeria,u re busy wasting time insulting everyone at sight.
4 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by iammo(m): 1:04am On May 06|
So what did jonathan do to help
4 Likes 2 Shares
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by Bighead9: 3:39am On May 06|
Another PAINED Igbo man. Una go wail tire.
1 Like 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by olalat(m): 4:27am On May 06|
No serious government will allow Nieto or whoever to keep importing nonsense into the country. I think the op should advice his ibeto man to learn the game instead if whipping up ethnicity here. Dangote started building Obajana as early as 2003 while your ibeto was still running after import license.
Business is not run on ethnic ground rather on strategies. Beside, is ibeto the only cement merchant in the country? I grow up to know larfage. Bua is producing too. Advice your ibeto to real risk ok. No government will allow one idiot to keep exporting jobs while some are striving to create many in the country.
Dangote creates jobs, ibeto exports jobs. That's the difference between two of them. Stop the ethnic nonsense. Azikiwe Jonathan spent 5 years, what happens to your ibeto during those years. Was he a fulani man as well.
3 Likes 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by boldaslion: 5:41am On May 06|
Did you say debate? Debate between someone that is given 58% and someone that is given 13% as cut off mark? Debate between someone that graduates with 2:1 and someone who comes out with 3rd class and yet gets job and promotion over the brighter candidate. Your Zoo is joke, this is the only reason why the Zoo is retrogressing and will never make any meaningful progress, if you like stay there and be shouting IPOB, your problems are not caused by IPOB, you caused your problems by yourself, deal with it.
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by rafindo(m): 6:49am On May 06|
Continue to wail in Peace ,his crisis with ebonyi government is also because he his from the other side of the divide too.the earlier you stop been a nuisance to ethnic bigotry the clearer you will see the picture.
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by helinues: 6:58am On May 06|
Source (s). And you expect me to believe this?
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|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by FatherCHRISTMAS: 7:13am On May 06|
Wealth has always been attached to either political or religious disposition
My point is no matter how industrious you are, your associates determines how successful your business will be.
Dangote seems to understand the political atmosphere in Nigeria which to a very large extent has boosted his business.
It's nothing personal, it's just business. If it were ibeto that was in his shoes, he would have also manipulated his strong allies too.
1 Like 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by lilwetdick: 9:59am On May 06|
Nobody ban IBETO..he couldn't compete..
he was, in fact, importing cheap cement from China when govt wanted local production.. so na em no plan well
stop complaining lafarge is still in business and doing local production
1 Like 1 Share
|Re: Dangote Enjoying Government Waivers...? The Sins Of IBETO by AK481(m): 12:22pm On May 06|
Young man if you go through my comments here on nairaland, one might think I am ipob Secretary General ,so calm down.
What I am asking for is just armunition to debate better.no stat no intellectual engagement.
1 Like 1 Share
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