Dangote: We paid $100m for our refinery land

Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has said his $20 billion refinery at the Lekki Free Trade Zone was built without any incentives from the federal government. Speaking on Saturday during a visit from the House of Representatives leadership, led by Speaker Tajudeen Abbas, and his deputy, Benjamin Kalu, Dangote said his […]

Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has said his $20 billion refinery at the Lekki Free Trade Zone was built without any incentives from the federal government.

Speaking on Saturday during a visit from the House of Representatives leadership, led by Speaker Tajudeen Abbas, and his deputy, Benjamin Kalu, Dangote said his company paid $100 million to the Lagos State government for the land on which the refinery was built, dismissing reports of any free or subsidised allocation.

“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.

“Majority of the population are with us. So, we are not discouraged, we will continue what we are doing,” the business tycoon said.

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Addressing allegations of monopoly, the Africa’s richest man said his group’s operations add value by utilising local raw materials and transforming them into products for sale.

Dangote emphasized that his company has never intentionally or unintentionally hindered others from engaging in similar businesses.

He cited the example of cement production, where his company faced competition from Lafarge, and noted that labelling his group as monopolistic is disheartening.

He said: “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.

“When we first came into cement production, it was only Lafarge that was operating here in Nigeria. Nobody ever called Lafarge a monopoly,” he said, adding that labelling his group of companies as monopolistic is disheartening.

“Monopoly is when you stop people, you block them through legal means. No, 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.”