Aliko Dangote is orchestrating an economic coup on Nigeria, and he must be stopped before it is too late. Recent remarks from Rabiu of BUA Group indicate that these sinister plot has extended into the sugar industry. Rabiu accuses Dangote of attempting to shut down his planned sugar refinery in Port Harcourt to keep sugar prices high and maintain his monopoly over the commodity. Rabiu states the following:

"In Nigeria and anywhere in the world that wherever Dangote is operating in any sector or business, he seeks to muscle out competition through any means necessary” and “this scenario is playing out again in this case"

Source: https://www.thecable.ng/dangote-questioning-buharis-authority-bua-fires-back-at-moves-against-sugar-factory

Is that not what he too is doing by participating in the cement scandal?
With all the grave allegations raised in the memo by Dangote Sugar and Flourmill, if he that is a black kettle will be calling the black pot Dangote black, then he must think the rest of us are dimwits.

He bought over a federal government sugar factory, abandoned it and started importing cheap unrefined sugar from overseas to frustrate his competitors in an unpatriotic act of economic sabotage! I guarantee them that it is what happened to those before them who behaved badly in this manner of sabotage is what awaits them too. Someday, all these assets you all are acquiring at the expense of national interest by sabotaging our national economy will be nationalised as recompense to the citizens you are all cheating now.

The FG should be bold to do what SEC did with Oando! Set up a Judicial Panel and expert committee of investigators to investigate all of them in the Cement and Sugar scandal and anyone sabotaging the country should have his management sacked and interim management appointed to follow through on the implementation of the National Sugar Master Plan.


Honestly I don't know what EFCC is waiting for before moving in like it did with MTN. EFCC should investigate these serious economic crimes being allegedly committed by Rabiu in the Sugar and Dangote and others in the cement scandal. There is a criminal element of these serious allegations and SEC should protect investors who have bought the shares of BUA,Dangote Cement, Wapco Lafarge etc.


All of them must be investigated by SEC, CBN, EFCC and the customs and anyone or company indicted should face the music.
Enough of all these unpatriotic economic saboteurs by these people we expect to even be above board in terms of national affairs.

Nigerians, please don't sleep and act as if you are helpless. Report BUA to SEC, EFCC and CBN. I know even if none will act, Securities And exchange Commission (SEC) will act to protect investors who may lose their investment in BUA ,Dangote Cement, Lafarge WAPCO in the event they face criminal prosecution or/ and heavy fines. If SEC can ban foreign stocks trading apps and CBN can ban crytocurrency, these economic sabotage going on in the Sugar and cement sectors must not be treated with kids gloves. Rabiu, Dangote and all of them are not above the law or more Nigerian than the rest of us.
SEC and EFCC in particular should get to work immediately in national interest. Kilode gan!Was the 1914 amalgamation done for only Dangote and Rabiu ni?

Vaughanlanrewaj:
Is that not what he too is doing by participating in the cement scandal. With all the grave allegations raised in the memo by Dangote Sugar and Flourmill, if he the let will be calling the pot black, then he must think the rest of us are dimwits.

He bought over a federal government sugar factory, abandoned it and started importing cheap unrefined sugar from overseas to frustrate his competitors is economic sabotage and someday, all these your assets you are acquiring by sabotaging our national economy will be nationalised.

The FG should be bold to do what SEC did with Oando! Ser up a Judicial Panel and expert committee of investigators to investigate all of them in the Cement and Sugar scandal and anyone sabotaging the country should have his management sacked and interim management appointed to follow through on the implementation of the National Sugar Master Plan.


Honestly I don't know what EFCC is waiting for before moving in like it did with MTN. EFCC should investigate these serious economic crimes being allegedly committed by Rabiu in the Sugar and Dangote and others in the cement scandal. There is a criminal element of these serious allegations and SEC should protect investors who have bought the shares of BUA,Dangote Cement, Wapco Lafarge etc.


All of them must be investigated by SEC, CBN, EFCC and the customs and anyone or company indicted should face the music.
Enough of all these unpatriotic economic saboteurs by these people we expect to even be above board in terms of national affairs.

You are right, to be honest. All of these so-called businessmen are a curse on Nigeria. None of these people are really serious about producing sugar locally. They just want to loot.

Everyone of them is just out to milk this country dry. All these suggestions are great @ Vaughanlanrewaj, but what have the commodity regulating agency done about all these weighty allegations of economic sabotage flying between Dangote and BUA?

It was understandable, that a frog does just run around for no reason during the day time except something is chasing it.I just knew that was the case when BUA accused the Dangote group during the cement scandal
Now how, independent is the ICPC, EFCC in investigating these two powerful companies being operated by powerful northerners? Time will tell.

Kettle calling pot black....

BUA has not kicked of its sugar refinery in Portharcourt yet and Dangote is already jittery...

BUA picking Port-harcourt is a very good business play, he has indirectly built an army of resistance who would always stand with the infrastructure being built.

Slash the price of your cement to #1,500 and i will take you serious

Who would BMC accuse of hate and envy?
BMC are the biggest problem of the whole country!
They are the pawns guarding the corrupt elite,
And they are always the first to be sacrificed,
The beauty of chess

Nothing last for ever.

Clash of the titans

criminal dangote

Dangote is pure evil, operating with government backing, just like every other terrorist groups in the north. Others are killing the body, he is killing the economy.

Dangote is 63
he won't be around for ever

Nigeria will inherit it all

PrinceOfLagos:
Slash the price of your cement to #1,500 and i will take you serious

1500 is too much. Let him first reduce it to #2500.

their matter

Good points there Vaughanlanrewaj.

At least for now, BUA is still a lesser evil to contend with (but evil is still evil). BUA's cement is still way stronger than Dangote's cement but still not at par with the world's standards.

SON, EFCC and other regulatory agencies should wake up and shake these shady business practices. If any is seen violating the rules, they should pay for it.

As for Rabiu, first to report no dey win case.

Please help! I am fresh graduate. I recently got a job but can't afford the Tp money from home. Please help me with any small amount. God bless you. 2111385104..UBA..(E.G.L).

omonnakoda:
Dangote is 63
he won't be around for ever

Nigeria will inherit it all

The sooner the better. I don't see how a country can develop with someone like this. He is like another Abacha.

obyrich:
1500 is too much. Let him first reduce it to #2500.

Cement price in India is 320 rupees or 1600. Dangote can sell for 1600 and still make profit -- after all, it is Indians managing his factory for him.

Aconomist:
The sooner the better. I don't see how a country can develop with someone like this. He is like another Abacha.

Go and study how America developed capitalism.
Study the lives of Rockefeller, Ford, Walton etc
Dangote is doing his share. He is buildin a refinery which he will probably not be around to enjoy

You do your bit

Aconomist:
Cement price in India is 320 rupees or 1600. Dangote can sell for 1600 and still make profit -- after all, it is Indians managing his factory for him.

Is Dangote the only one selling cement in Nigeria?

Nigerians always wake up to reality when water don pass under the bridge and about to bring the brigde down.

Easterners have long saw the Dangote business model and we know it is monopolistic and will suffocate our economy in the near future. In the case of cement, Ibeto was an Igbo man so silencing him is in line with the unwritten state policy.

We are business men therefore we know bad market from a thousand miles if we see one. Today, everyone is shouting Dangote is a thief. Dead on arrival, the ship has sailed already. That guy is too rich that he can comfortably hold Nigeria to ransom and there is nothing we can do about it.

If he stopped production in any of his factory for one week, there will be crises in the nation. We should all lick our wound in peace.

omonnakoda:
Go and study how America developed capitalism.
Study the lives of Rockefeller, Ford, Walton etc
Dangote is doing his share. He is buildin a refinery which he will probably not be around to enjoy

You do your bit

Rockefeller didn't stash his money offshore in Panama and the Seychelles Islands. Also, American capitalism is based on making products as cheap as possible. Ford is famous for making his cars so cheap that even factory workers could afford them. Nigerian "capitalism" is based on jacking up prices to insane levels and impoverishing the masses.

https://corporate.ford.com/articles/history/the-model-t.html

The Model T was introduced to the world in 1908. Henry Ford wanted the Model T to be affordable, simple to operate, and durable. The vehicle was one of the first mass production vehicles, allowing Ford to achieve his aim of manufacturing the universal car. The Model T was manufactured on the Ford Motor Company’s moving assembly line at Ford’s revolutionary Highland Park Plant. Due to the mass production of the vehicle, Ford Motor Company could sell the vehicle for between $260 and $850 as Henry Ford passed production savings on to his customers.

Aconomist:
Rockefeller didn't stash his money offshore in Panama and the Seychelles Islands. Also, American capitalism is based on making products as cheap as possible. Ford is famous for making his cars so cheap that even factory workers could afford them. Nigerian "capitalism" is based on jacking up prices to insane levels and impoverishing the masses.

https://corporate.ford.com/articles/history/the-model-t.html

The Model T was introduced to the world in 1908. Henry Ford wanted the Model T to be affordable, simple to operate, and durable. The vehicle was one of the first mass production vehicles, allowing Ford to achieve his aim of manufacturing the universal car. The Model T was manufactured on the Ford Motor Company’s moving assembly line at Ford’s revolutionary Highland Park Plant. Due to the mass production of the vehicle, Ford Motor Company could sell the vehicle for between $260 and $850 as Henry Ford passed production savings on to his customers.

You are introducing facts about Panam and Seychelles which I am not prepared to discuss and frankly are irrelevant.
At any rate did those places exist in those days ,did Bitcoin? You are very assertive with your opinions. There are plenty of monopolies now and in the history of capitalism . They dress them up differently and call it intellectual property , patents etc.

How many competitors were there for Coca Cola,/Pepsi. MacDonald/Burger King, Pfizer, Xerox, IBM Esso, Microsoft, Intel. I can go on for ever .
This is our developmental stage right now. That is capitalism.

Is Dangote the only monopolist in Nigeria? It is better described as an Oligopoly because he is not the only one selling cement but we see it in mobile Networks , Pay TV , Shell ,Julius Berger Mobil etc

Anyway I am not here to defend Dangote just to set records straight

There is too much emotional stuff here . Let us be factual
Almost every industry is oligopolistic.. Pharmaceutics, electronic, Oil and Gas


No one talks about Shell


No single company has done more damage in Nigeria

omonnakoda:

You are introducing facts about Panam and Seychelles which I am not prepared to discuss and frankly are irrelevant.
At any rate did those places exist in those days ,did Bitcoin? You are very assertive with your opinions. There are plenty of monopolies now and in the history of capitalism . They dress them up differently and call it intellectual property , patents etc.

How many competitors were there for Coca Cola,/Pepsi. MacDonald/Burger King, Pfizer, Xerox, IBM Esso, Microsoft, Intel. I can go on for ever .
This is our developmental stage right now. That is capitalism.

Is Dangote the only monopolist in Nigeria? It is better described as an Oligopoly because he is not the only one selling cement but we see it in mobile Networks , Pay TV , Shell ,Julius Berger Mobil etc

Anyway I am not here to defend Dangote just to set records straight

There is too much emotional stuff here . Let us be factual
Almost every industry is oligopolistic.. Pharmaceutics, electronic, Oil and Gas


No one talks about Shell


No single company has done more damage in Nigeria

The United States is the strongest economy in the world because it has perfected capitalism to benefit the consumer. Yes, patents are a form of monopoly. But they exist to encourage innovation and expire on certain products (such as pharmaceuticals) to encourage competition. Asian companies perfected protectionism to shield their domestic firms from international competition. But they were careful to encourage stiff competition within their economies to keep their industries competitive with the outside world.

But instead of copying these obviously superior strategies, Nigeria has bastardized them -- taking the worse aspects of both. Protectionism without innovation or competition.

This strategy is obviously not working because Nigeria is barely growing at 2% annually, while other regions grew at double digits during this phase of their development. When you consider the country's population growth, there is something deeply wrong with Nigeria's development strategy. Time is also running out. We are entering uncharted territory with automation, machine learning, etc. Countries that don't industrialize by mid-century may never industrialize.

Aconomist:
The United States is the strongest economy in the world because it has perfected capitalism to benefit the consumer. Yes, patents are a form of monopoly. But they exist to encourage innovation and expire on certain products (such as pharmaceuticals) to encourage competition. Asian companies perfected protectionism to shield their domestic firms from international competition. But they were careful to encourage stiff competition to keep their industries competitive with the outside world.

But instead of copying these obviously superior strategies, Nigeria has bastardized them -- taking the worse aspects of both. Protectionism without innovation or competition.

This strategy is obviously not working because Nigeria is barely growing at 2% annually, while other regions grew at double digits during this phase of their development. When you consider the country's population growth, there is something deeply wrong with Nigeria's development strategy. Time is also running out. We are entering uncharted territory with automation, machine learning, etc. Countries that don't industrialize by mid-century may never industrialize.

I beg to differ


It is the ""strongest" economy for so many reasons
It grew capital from the sslave trade and it won World war 2 and has the might to coerce evry nation on the plabet to use the dollar whether they like it or not
Every time two countries trade invariably they use the dollar and the US gets arbitrage every second for over 60 years

Nothng has changed since the British snatched Hong Kong from China with gun boats in 1898 except there is a new sheriff in town and they don;t have to colonise you officially just use the dollar and every now and then force the victims to devalue their currency or accept other indignities

Somehow there is always capital for miracle companies like Amazon and Starbucks and Facebook in America but where does that Capital come from? considering the size of debt in the US how come interest rates are still near zero?
Let us leave the naive talk.

Might is what determines wealth whether at the individual or national level

omonnakoda:


I beg to differ


It is the ""strongest" economy for so many reasons
It grew capital from the sslave trade and it won World war 2 and has the might to coerce evry nation on the plabet to use the dollar whether they like it or not
Every time two countries trade invariably they use the dollar and the US gets arbitrage every second for over 60 years

Nothng has changed since the British snatched Hong Kong from China with gun boats in 1898 except there is a new sheriff in town and they don;t have to colonise you officially just use the dollar and every now and then force the victims to devalue their currency or accept other indignities

Somehow there is always capital for miracle companies like Amazon and Starbucks and Facebook in America but where does that Capital come from? considering the size of debt in the US how come interest rates are still near zero?
Let us leave the naive talk.

Might is what determines wealth whether at the individual or national level

Interest rates are low all over the developed world, particularly places like Japan. It has more to do with economic productivity and rule of law than military might.

Aconomist:
Interest rates are low all over the developed world, particularly places like Japan. It has more to do with economic productivity and rule of law than military might.

You are clearly out of your depth
The greater the productivity the higher the interest rates
You just spout glib nonsense after nonsense with such effrontery

Please stick to the US and do not bring Japan into it that is a futile attempt to pretend you have a clue what you are talking about
Interest rates are low because of economic stagnation

It is a monetary policy intended to increase the money supply . At the moment it is effectively less than zero that means there should be marked erosion in value of the dolar but this is not happeing because the demand for dollar remains high
IS THIS BECAUSE OF WHAT THE US SELLS TO THE WORLD? Does the US sell as much as China? Yet we buy dollars to shop in China

This high demand for dollar is a legacy of World War 2 that is enforced by many coercive tools
The international SWIFT trading system based in Belgium is effectively under the US control they can kick anyone out of it at will . Ask Iran

Is it rule of law to force countries not to trade with Iran? A clear violation of international law
Is it rule of law what is happening with Venezuela?

gwafaeziokwu:
Nigerians always wake up to reality when water don pass under the bridge and about to bring the brigde down.

Easterners have long saw the Dangote business model and we know it is monopolistic and will suffocate our economy in the near future. In the case of cement, Ibeto was an Igbo man so silencing him is in line with the unwritten state policy.

We are business men therefore we know bad market from a thousand miles if we see one. Today, everyone is shouting Dangote is a thief. Dead on arrival, the ship has sailed already. That guy is too rich that he can comfortably hold Nigeria to ransom and there is nothing we can do about it.

If he stopped production in any of his factory for one week, there will be crises in the nation. We should all lick our wound in peace.

Chestbeating as usual,then play the victim game ....if ibeto couldn't compete it's because he is ibo and was marginalized but if he had suceeded in the cement industry it is because he knows how to do business .....when will you people stop all these EVERYBODY HATES IBO mentality ? Soon some of your brothers will be here to boast of how the same ibeto is building a very large cement factory in the east .
The problem is IBOS BUSINESSMEN ARE SCARED OF COMPETITION AND INSTEAD WHIP UP SENTIMENTS

omonnakoda:
You are clearly out of your depth
The greater the productivity the higher the interest rates
You just spout glib nonsense after nonsense with such effrontery

Please stick to the US and do not bring Japan into it that is a futile attempt to pretend you have a clue what you are talking about
Interest rates are low because of economic stagnation

It is a monetary policy intended to increase the money supply . At the moment it is effectively less than zero that means there should be marked erosion in value of the dolar but this is not happeing because the demand for dollar remains high
IS THIS BECAUSE OF WHAT THE US SELLS TO THE WORLD? Does the US sell as much as China? Yet we buy dollars to shop in China

This high demand for dollar is a legacy of World War 2 that is enforced by many coercive tools
The international SWIFT trading system based in Belgium is effectively under the US control they can kick anyone out of it at will . Ask Iran

Is it rule of law to force countries not to trade with Iran? A clear violation of international law
Is it rule of law what is happening with Venezuela?

High interest rates come from high inflation because interest rates are determined by the inflation rate plus a risk premium. There are several ways to bring inflation under control, but for most import-dependent, third-world countries like Nigeria, improving productivity is one of the best ways to stabilize consumer prices and bring inflation down, which will reduce interest rates. Also, investors don't require such a large risk-premium to invest in companies operating in countries with strong rule of law and stability, which further reduces the cost of capital.

Remember, you brought up this issue of interest rates when talking about cost of capital (even referencing Starbucks and Amazon), now you are trying to flip it into a discussion of central bank policy. You are all over the place with your arguments. Calm down, take a breath, and think before you type.