The President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has said that his friend and billionaire businessman, Femi Otedola, is welcome to attempt a corporate takeover of Dangote Cement.

Dangote said this on Friday at the Dangote Cement customers appreciation event in Lagos.

While introducing some dignitaries at the event, he mentioned Otedola, saying, “We must also welcome our newest shareholder, Femi Otedola.

“There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”


On Monday, Otedola, in a statement confirmed his “significant acquisition of shares in Dangote Cement,” saying that the “strategic investment underscores his confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.

“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice,” said Otedola.

In April 2023, Otedola acquired a 5.52 per cent stake in Transcorp Plc, making him the second largest shareholder of the company. He was next to United Bank for Africa nominees, which owned about 9.25 per cent of the company as of December 2022.

Confirming the deal in a tweet, Otedola said, “Following this acquisition, I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation.”

Dangote commends NUPRC interventions for crude supply
At first, it had looked like a welcome development, as both the Chairman of Transcorp, Tony Elumelu, and the firm issued public statements saying the interests in the company showed its value proposition.

However, the positive tone to the acquisition soon changed as Otedola sold the shares he bought.

In a statement, he said that his offer to buy Transcorp for N250bn was rejected. Otedola revealed that he bought the shares of the organisation because he believed in the potential of the Group to hit N2tn in valuation.

“As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game,” he said.

During the week, Dangote Cement became the first listed company to cross N10tn in market capitalisation.

It closed trading Friday at N11. 827tn with a unit of its securities priced N694.1 each.


Aliko Dangote controls about 85 per cent of Dangote Cement.


While oga Dangote thought it was just ordinary joke, the man was busy pressing button behind the scheme to really run him street!

Hahaha 🤣🤣🤣🤣🤣🤣

So you mean attempting to secretly attempt a corporate take over of Dangote Group Shares and the other plan is subversive Acts?

Do you mean egbon Atedola no get brain to build he own refinery but would rather invest in another man business?

Aboki no get book sense no be for Dangote. He already knows where he's problem is coming from and I'm sure he's already addressing it!

No be today the guy eyes dey Dangote business. As early as this year he hinted at it, but Dangote laugh it off... thinking it was a joke.

But now that he knows Dangote credit line has ran out, he's going for the broke. Bruhnnn, you have no clue the extent Dangote and his brothers would go...

I'm sure you also realized they also knew the vulnerability of SW & Asiwaju should they go for plan A...don't ask what is Plan A. Look for El Rufai and ask him!

Envy is the biggest undoing of most friendships.....

Enjoy the screenshot please!

seunjungle1:
You rightly nail it right brother.
I don't know when exactly Dangote suddenly become their friend?
If the poster know how huge of amount Femi Otedola has in the said Dangote refinery he wouldn't have talk like slowpoke...when the refinery work was going on Otedola visitation to the plant was more than that of the said owner. This shows that uncle Femi invested hugely in that plant.
Mofos no won make Yoruba do well...whether na Yoruba dey hold their freedom is what I don't know.

A friend of mine opened a printing press, importing all the machines and was printing a kind of invitation cards, doing very well and even opened three warehouses. Hired workers for day and night supplying vast market.

All of a sudden some people took sample of his product to China because they saw how it was moving fast and produce it cheaply and mass import it. That was the end of the business. He had to sell all the machine as scrap , bought keke and start riding till today.

Those who want to go into mini production aren't protected. Dangote must be protected by all means.

Those people at NNPC and their subsidiaries are the brain why all our refinaries refused to refine one drop of petrol
~ Culled from Nairaland post.

The moment dangote started complaining, i immediately knew na someone as big as him dey run street from behind the scene!

Femi Otedola shares a postbon the Dangote saga by Akinwumi Adesina, the President of the African Development Bank.

This whole issue on Dangote is shocking and creating bad waves for Nigeria globally. - Akinwunmi Adesina
Monopoly often exists where there are high barriers to entry or high capital costs.
How many individuals or companies can do railways? How many can do refineries of the scale of Dangote Refineries?

In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal.
No smart investor would make a $19.5 billion investment and want it to be undermined by importers.

To manufacture is extremely expensive and risky. This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of “simply import it” is always so easily rationalized and chorused to solve any problem.

Competition is good for everyone. But is Dangote refineries anti-competitive? What is the evidence?
Has Dangote refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back?

But Dangote refineries surely cannot be asked to ‘compete’ with importers of petroleum products.

That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That is fair and justified competition.
We cannot and must not undermine, disparage or kill local industries, talk less of one that is of this scale — a jewel of industrialisation in Nigeria.
It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximizing forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira.

We must not be myopic.

This whole disparaging of Dangote is uncalled for. It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor?
Investing is tough. Pettiness is easy.
It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed.
~ Akinwunmi Adesina

Bruhnn don turn Adesina spokeman by rettweeting or re-Xing what Adesina post! Commot eyes from another handwork whether he tief or not. Go tief or build your own!

brunnnnn...their eyes go soon clear!

SaiOba:
Baba,
They are dooling themselves, their families and all their empty agbadorian town criers who are always mas.tur,bating on their mandate and NOT all of us. We called all their scams out,,, from Nigerian air, rice pyramid,traders moni, their fight against insurgency, Palliatives, railway to Niger repulic, coastal road project, food insecurity etc.. they labeled us wailers as if after the economy is crippled to her knee and the heavens begin to fall, na only on the so called wailers head, e go fall put..make them continue with the loans ooo.. E never do, since they are hell bent in crippling this beautiful country.. they should continue borrowing and sharing among themselves.. and NOT/NEVER put the funds in good use. shior!

By Amina Mohammed

Lagos state Commissioner for Information, Gbenga Omotoso on Tuesday said he was not aware if the $100m paid by Dangote Group to secure a land for the building of Dangote Refinery was done during the tenure of Governor Babajide Sanwo-Olu.

Omotoso who spoke with TheScrutinyNG on telephone said he will have to find out the period the alleged sum was paid.

Chairman of Dangote Group, 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.”

When our correspondent enquired from Omotoso if the money for the land purchase was done during Governor Sanwo-Olu's tenure or his predecessors, the commissioner advised her to find out from Dangote himself

"I don't know. I will have to find out. Honestly, I don't know. But I don't understand, what is the point about that? If you want to know whether he is lying or saying the truth, why don't you ask him (Dangote)?". Ask him now" he said.

https://thescrutinyng.com/2024/07/23/refinery-i-dont-know-if-dangote-paid-100m-to-sanwo-olus-government-commissioner/

Hahhahahha..... . These guys have no idea how far dangote and his brothers would go to protect his nice like investments in lagos! na watch we go dey watch una from far!

Bigkoko:
What a great time to be alive and see saboteurs annihilate each other businesses!

A prominent man, hitherto friend to Dangote has a blending plant in Malta. Dangote knew of this, prior to now when that man acquired one of the largest banks in Nigeria. The man is a business friend of Dangote and he's from SW.

Prior to now, they both respect each other businesses and area of interest until the man crossed the line and decided to use ethnic affiliation politics to attack Dangote refinery in Lagos.

He wants a Free market, no doubt but a Free market that would benefit his foreign partners at the detriment of local investors.

He has the Financial strength as the highest shareholder in Nigeria's largest bank and also the experience as a one time Oil marketer. And he knows Dangote is extremely vulnerable because his line of credit has ran out! And if he, Dangote is not fast enough, he, the SW man, would over take Dangote as the wealthiest person in Africa!

With proper deregulation of the Downstream sector, and a well positioned blending plant in Malta and subsidiaries in Asia, his access to cheap products will ensure he has the upper hand!

Dangote wants anyone who wants to sell to Nigerians, must have local refining capacity, just like him!

How far will this battle Royale last? Expect more secrets to fly soon as they leak each other yansh!


Aliko Dangote, chairman of Dangote Industries Limited, has alleged some personnel of Nigerian National Petroleum Company (NNPC) Limited, oil traders and terminals have opened a blending plant in Malta.

Dangote spoke at the house of representatives on Monday.

An oil blending plant has no refining capability but can be used to blend re-refined oil (a used motor oil that has been treated to remove dirt, fuel, and water) with additives to create finished lubricant products.

The billionaire said the areas of the blending plants are known.

“Some of the terminals, some of the NNPC people and some traders have opened a blending plant somewhere off Malta,” the chairman said.

“We all know these areas. We know what they are doing.”

Addressing the drop in diesel prices, the billionaire said the diesel produced locally at 650 parts per million (ppm) and 700 ppm is of better quality than imported fuel.

Dangote said many vehicle issues can be traced back to the “substandard” imported fuel.

He urged the leadership of the house of representatives to set up an independent committee to verify the quality of petrol available at filling stations.

“I want you to set up a committee that will come with every representative headed by your chosen honourable member to come and lead in taking samples from filling stations because I must tell you today that all the test certificates that people are busy floating around, where are the labs? Even if they have the labs, I can tell you they are fake certificates,” he said.

“The real one that you now know that they are right is to take from the filling station and also come and take from our production line. Now, you will be able to tell Nigerians that this is it.”

On Monday, the house of representatives joint committee on petroleum resources (downstream and midstream) launched a probe into claims that local refineries, including the Dangote Petroleum Refinery, produce inferior products.

The committee is also investigating the allegations that the international oil companies (IOCs) in Nigeria are frustrating the survival of the Dangote refinery.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Dangote refinery have been embroiled in a dispute that began recently.

On July 18, Farouk Ahmed, the chief executive officer of NMDPRA had said local refineries, including the Dangote refinery, were producing inferior products compared to the ones imported into the country.

The oil regulator also accused Dangote of monopoly, claims which have been denied by the billionaire.

On Monday, Heineken Lokpobiri, minister of state petroleum resources (oil), intervened in the ‘ongoing issues’ after having a meeting with Aliko Dangote, chairman and chief executive officer (CEO) of Dangote Group and Farouk Ahmed, CEO of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Mele Kyari, group CEO of the Nigerian National Petroleum Corporation (NNPC) Limited were also at the meeting.

https://www.thecable.ng/dangote-some-nnpc-personnel-oil-traders-have-blending-plant-in-malta/amp/

You are saying rubbish, typical of sadeast and children of hate. Only your people are holy. Now I know why Nmandi kanu and Ekpa can easily manipulate most of you uneducation folks.

EXCLUSIVE: Truce Meeting Between Dangote, NMDPRA, NUPRC, NNPCL Fails to Resolve Crude Supply Imbroglio

The truce meeting brokered by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, to resolve the heated dispute between the Dangote Refinery on one hand and state-run entities, the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), has failed to resolve the contentious issue of crude supply to the former’s new 650, 000bpd refinery, THEWILL can report.

Africa’s richest man and industrialist, Aliko Dangote and his company had alleged sabotage and conspiracy against the $20bn Dangote Refinery by key officials in the NNPC, international oil companies and the regulatory agencies, who they claimed would rather continue their corruption-ridden importation of poorly refined petroleum products into the country instead of ensuring that the Dangote Refinery gets adequate crude oil for its plant, which started producing and selling very low sulphur diesel and Jet fuel some weeks ago to both local and international buyers.

THEWILL’s authoritative source, who was privy to the deliberations at the meeting, which was held at the Minister’s office in Abuja on Monday, said, “The summary of what transpired is that the meeting was a waste of time. The NNPC, NMDPRA, NURPC said they do not have crude oil to supply the Dangote Refinery and appear not to be interested in doing so under any arrangement anytime soon. They would rather continue their imports at the expense of the Nigerian people.”

“It appeared they just wanted a photo ops to douse the anger of the Nigerian people following the damaging revelations that have emerged since the dispute became public,” the source who spoke to THEWILL on the condition of being anonymous, added.

Mr. Dangote represented his group at the meeting, while Mr. Farouk Ahmed, the CEO of the NMDPRA, who falsely claimed the Dangote Refinery produces poor quality products without evidence, represented his agency. Mr. Gbenga Komolafe, the Chief Executive Officer of the NUPRC and Mr. Mele Kyari, Group Chief Executive Officer of the NNPCL represented their entities.

It is unclear when the parties would meet again as both the Senate and the House of Representatives have commissioned an investigation into the quality of diesel imported into the country by the NNPC after tests at the Dangote Refinery chemical laboratory revealed that the diesel were of very poor quality with sulphur levels reaching 2, 000ppm (parts per million).

https://thewillnews.com/exclusive-truce-meeting-between-dangote-nmdpra-nuprc-nnpcl-fails-to-resolve-crude-supply-imbroglio/

Hahahahhahah..... Only in Nigeria will you think Science dont work! This tool will solve 99% of what it is they are discussing if it is actually about quality of fossil products, but we sabi say na conflict of interest in sharing formula!

With as little as 571SEK (57.1USD) you will do a spot test by taking just a little sample!
All you have to do is use syringe to take a little sample randomly from the delivery..vrooommmmm, you get your answer immediately whether it's standard or not!

Tufiakwaaaa Nigerian leaders!

"uneducation folks.........hahahahhahha....when dat Ogbomosho nigga wan speak oyibo by force

Aje....

kedeojo:
You are saying rubbish, typical of sadeast and children of hate. Only your people are holy. Now I know why Nmandi kanu and Ekpa can easily manipulate most of you uneducation folks.

Bigkoko:
Dangote is really ready for them. He has his northern brothers waiting for Asiwaju in 2027. Emir Sanusi has fired the first shot yesterday.... Interesting days ahead as they leak each other businesses Secrets!

God shall shame all the enemies of the country.

Esama:
Dear op I'm wondering if the whole write up is coming from the cable newspaper or you just added your own? However misinformation is one of the problem that facing the country and continue doing negative impact in our society.

From all indications I can see that you are referring to Femi Otedola I know your hypocrite wouldn't allow you to mention his name. If you think femi is the one that sabotaging Dangote refinery then you are just a sycophant.

As of today now and as far as Dangote refinery is concerned femi Otedola has the largest share in the company please go out there and investigate this claims.

I have come to realized something about you igbo to be honest you are the problem of Nigeria and I really wish this country can just divide so all this nonsense will just end there. Tomorrow you will accused Dangote for monopoly but once you aware that a Yoruba people are doing well in one aspect than your ethnic you will leave your long term enemy and come back to Yoruba that not do anything to you

Igbo will continue to torment your spirit. There is really no gain in perpetrating evil.

Nonsense thread.