Business
Dangote Halts Steel Investments to Avoid Monopoly Accusations
Aliko Dangote, Chairman of the Dangote Group, has announced that his company will be halting its investments in Nigeria’s steel industry. This decision comes in response to concerns about potential monopoly practices.
Dangote revealed this shift during a recent press conference, amidst ongoing disputes with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The NMDPRA’s Chief Executive Officer, Farouk Ahmed, had previously raised concerns about Nigeria’s reliance on the Dangote Refinery for petroleum products, suggesting that it posed a monopoly risk. Ahmed also criticized the quality of petroleum products from both the Dangote Refinery and other local refineries.
In light of these issues, Dangote explained that the board of his company has chosen to withdraw from the steel sector to avoid further accusations of monopolistic behavior, similar to those currently directed at their operations in the petroleum industry. He noted that by stepping back from the steel business, the company hopes to prevent the same criticisms and encourage competition.
“Own 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. So we don’t want to go into that.
“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our fatherland,” he said
Dangote further emphasized that there are other wealthy Nigerians who could invest in the steel industry. He suggested that those with substantial resources, potentially even from abroad, should step in and invest in Nigeria’s steel sector.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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