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Africa’s Richest Man Denies Monopoly Accusations

Aliko Dangote, the renowned African billionaire, has refuted allegations of monopoly against his group of companies. Speaking to the leadership of Nigeria’s House of Representatives, Dangote emphasized that his companies operate in a level playing field, devoid of any monopolistic practices.

Over the weekend, Dangote hosted Speaker Tajudeen Abbas, deputy speaker Benjamin Kalu, and other Representatives in his office. During their meeting, he addressed the concerns surrounding the Dangote Group’s dominance in several sectors.

“We add value, taking local raw materials and transforming them into products we sell,” Dangote clarified, denying any attempts to stifle competition. “We have never consciously or unconsciously stopped anyone from doing business the same way we do.”

Using the example of Lafarge’s presence in Nigeria’s cement industry, Dangote pointed out that the conglomerate was the only major player in that space when it first entered. Interestingly, nobody accused Lafarge of dominating the market, he noted.

When he defined monopoly, Dangote emphasized that it involves blocking rivals through legal means. “We haven’t stopped anyone from doing business because of us,” he reaffirmed. “In fact, some entrepreneurs received more benefits than we did because they were given the same opportunities to build on the same foundation as ours.”

Dangote’s assurance serves as a strong rebuff to ongoing concerns about the Dangote Group’s market influence. However, the debate surrounding the definition and implementation of monopoly continues to unfold across Africa and beyond.