Dangote halts plans to invest in Nigeria’s steel industry

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“You know, about doing a new business which we announced, that is, steel. Actually, our board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged,” Mr Dangote said.“So we don’t want to go into that. Let other Nigerians go and do it because we are not the only Nigerians here. Some Nigerians may even have more cash than us.

Speaking to a group of energy editors at a one-day training programme organised by the Dangote Group at the time, Mr Edwin also lamented the activity of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in granting licences indiscriminately to marketers to import dirty refined products into the country.

Mr Komolafe had, in an interview on ARISE News TV, said that “it is ‘erroneous’ for one to say that the IOCs are refusing to make crude oil available to domestic refiners, as the Petroleum Industry Act has a stipulation that calls for a willing buyer willing seller relationship.” In the motion, Mr Chinda said the alleged conspiracy undermines the refinery’s performance from complete optimisation.

Consequently, the House urged the federal government, the NUPRC, the Nigerian Midstream and Downstream Petroleum Regulatory Authority , and well-meaning Nigerians to support Dangote Refinery to succeed.Announcing the commencement of production, the company said the refinery had received six million barrels of crude oil at its two SPMs 25 kilometres from the shore.

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Source: thecableng - 🏆 2. / 80 Read more »

Dangote: I'm halting proposed investment in steel to avoid 'monopoly' accusationAliko Dangote, chairman of Dangote Industries Limited, says the company will no longer go on with its plans to enter Nigeria’s steel industry.
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‘Let other Nigerians do it’ – Dangote quits investment in steel industryThe Chairman of Dangote Group, Aliko Dangote said his firm will no longer invest in Nigeria's Steel industry over allegations of monopoly. Dangote disclosed this on Saturday while addressing journalists amid the ongoing impasse with the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
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