We Paid Lagos $100m For Our Refinery Land —Dangote

Chairman of Dangote Industries Limited (DIL), Aliko Dangote, has disclosed that he paid $100 million to the Lagos State government to acquire the land on which Dangote Refinery was built, contrary to the belief that it was offered to him free as an incentive.

Speaking on Saturday, the Africa’s richest man clarified that, “In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State. Yes, the Lagos State gave us a good deal but we paid $100m for the land. It wasn’t a free land; we paid for it.”

Dangote also addressed allegations of monopoly against his business conglomerate, stating that the company’s operations add value by utilising local raw materials. “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. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing,” he asserted.

He further dispelled the monopoly claims by referencing the cement industry. “When we first came into cement production, it was only Lafarge that was operating here in Nigeria…Nobody ever called Lafarge a monopoly,” Dangote remarked. He underscored that a true monopoly would involve blocking competitors through legal means, which he insisted his company has never done. “It is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,” he concluded.