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.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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