Information reaching Kossyderrickent has it that Femi Otedola reposting Dangote lament on Twitter after he said he will stop steel investment after he paid $100M.
Femi Otedola repost The Cable headline and article with title: “Dangote: I’m halting proposed investment in steel to avoid ‘monopoly’ accusation.”
The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, has announced that the company will abandon its plans to enter Nigeria’s steel industry to avoid being branded a monopoly.
Dangote made this disclosure in a statement on Saturday while addressing journalists at his refinery in Lagos.
The business tycoon explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolize it.
“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,” he said.
“And then also, imports will be encouraged. So we don’t want to go into that.
“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.