Nigerian billionaire Femi Otedola has voiced strong support for fellow tycoon Aliko Dangote, Africa’s richest man, who is currently embroiled in a heated dispute with Nigerian regulatory authorities.
The conflict centres around accusations from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which claims Dangote is attempting to monopolize the oil and steel sectors and is producing substandard petroleum products at his newly completed refinery.
Dangote, the head of Dangote Group, has refuted these allegations and even offered to sell his shares in the refinery to the Nigerian National Petroleum Corporation (NNPC) to counter the monopoly claims.
Moreover, the mogul allowed government representatives touring his refinery to test his diesel alongside two samples of diesel currently being sold in Nigeria, in a bid to disprove the substandard petroleum products claim.
Otedola defends Dangote
In a passionate defence, Otedola highlighted Dangote’s substantial investments in Nigeria and their impact on the nation’s economy.
“My brother, the Visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State,” Otedola wrote on X.
“Additionally, he has established one of the second-largest fertilizer plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertilizer plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind.”
Otedola underscored Dangote’s role as one of Nigeria’s biggest employers, pointing out his significant contributions to reducing the country’s dependence on imports by producing goods like cement for domestic use and exportation.
“Aliko Dangote is also the largest private-sector employer of labour in the country, and his companies are among the largest taxpayers. In fact, the Dangote Group often pays more in taxes than the top banks combined. If not for him, we would still be importing cement. His contributions extend beyond industrial facilities to critical infrastructure, having built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road.”
Labelling Dangote a “titan,” Otedola drew parallels to historical figures who shaped America’s industrial landscape, urging the Nigerian government to support rather than chastise the tycoon.
“Countries in the nascent stages of industrialization require visionary leaders. This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—THE MEN WHO BUILT America’s industrial landscape. These men left the world without these assets but left behind a legacy that has kept their country thriving generation after generation. Their contributions were immortalized not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognized the importance of fostering local champions,” Otedola remarked.
Government incentives to investors
He referenced the substantial support that today’s tech giants have received from their respective governments, citing examples like Microsoft and Tesla in the United States.
“For instance, in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California. This initiative is part of broader efforts, such as the National Electric Vehicle Infrastructure Program (NEVI), supported by federal law,” the magnate’s statement read.
The billionaire also highlighted how governments in India, Vietnam, South Africa, Brazil, and China have supported local businesses to jump-start industrialization.
“In Vietnam, the government has provided various incentives to tech companies, fostering a rapidly growing technology sector. In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce,” he added.
Otedola concluded by emphasizing the importance of recognizing and supporting Nigeria’s industrial titans just like other nations are doing.
“Aliko Dangote has broken every boundary in worldwide business and industry. His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity. Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress.”
