-Nigerian billionaire Aliko Dangote said that by entering the textile industry, his company lost billions of naira in investment

-The billionaire businessman also said he was forced to sell his bank, Liberty Merchant Bank, for N1.2 billion

-He said the government failed to offer any protection through policy decisions, which resulted in the closure of the two factories

Behind every success story, there is always that struggle which is not so known to many. Such is the case of some billionaires like Aliko Dangote, who had records of failed businesses before finally becoming Africa’s number one billionaire.

Dangote shared personal experience during his keynote speech at the 2024 Manufacturers Association of Nigeria (MAN) summit in Abuja, according to an Independent.ng report. He claimed his company lost billions of naira in investment due to his entry into the textile sector.

Dangote talked about his challenges in the rapidly expanding Nigerian textile industry and why his two plants had to close.
Following the 1960s textile boom, the chairman of the Dangote Group said his company invested billions of naira in the sector.

However, the two plants were shut down because the government did not protect policy decisions. Dangote stated that he was forced to sell Liberty Merchant Bank for N1.2 billion to cover the pensions and gratuities owed to Nigeria's textile mill employees.

“When textile businesses were booming, we set up our textile mills called Dangote General Textile Mills in Kano. Then, we massively invested billions at that time

“We also went and bought the foreign shareholder of Nigeria Textile Mill, which was a textile mill set up for the Western Region by Chief Obafemi Awolowo. That was 1960. At the end of the day, there was no government protection. We had to shut both the two factories."

The billionaire claimed that the Nigeria Textile Mill presented the most obstacle because most of its employees had been there for 25 to 30 years, making it challenging to pay their pensions and gratuities.

Dangote said: “Luckily for us, somebody now came and said he wanted to buy our bank, Liberty Merchant Bank. By the time we sold Liberty, I cashed out N1.2 billion. After cashing out N1.2 billion, the industry consumed N985 million to pay pensions and gratuities just to get out of the business. That is how we now got out of the business. We burnt our fingers."

Dangote claimed that even when former President Obasanjo then encouraged him to make investments in the textile sector, he had to decline the suggestion because of his prior experiences.

https://www.legit.ng/business-economy/money/1610614-dangote-sells-bank-n12-billion-shuts-companies-government-policies/

Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

Dangote claimed that even when former President Obasanjo then encouraged him to make investments in the textile sector, he had to decline the suggestion because of his prior experiences.

Not after enjoying unlimited forex from successive government thereby expanding your business empire.

Dangote sef na human

Him no fit succeed for all businesses

Sorry for his loss but he should not cry over this since his other businesses are booming

But, from what was reported in that article it was an event that happened before obasanjo sic (2003 - 2007). Hence, he mentioned when obasanjo asked him to come and invest, he declined.

How does Tinubulation got anything to do with that?

Dangote was lamenting on past businesses that went south, and Tinubu policy was the causes?

Modified:
I just searched on Google now,

https://ndic.gov.ng/failure-resolution/closed-financial-institutions/

Liberty bank closed down in 2006

Racoon:
Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

He wants it too become a jack of all trades

Investing in anything he sees

Real investor not sabinus kind oof

Racoon:
https://www.legit.ng/business-economy/money/1610614-dangote-sells-bank-n12-billion-shuts-companies-government-policies/

People in Government are scared of the Dangote dynasty but instead of them to use state resources to compete with him they f.oolishly decide to deprive their people jobs out of hate for one man,

They are so ignorant to the point that they don't know Dangote is not a private business owned by Dangote himself but a public conglomerate with Nigerians and Foreigners as shareholders.

004gist:

Allow his refinery to work..


All this media propaganda from criminals element refining oil in malta

Racoon:
Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

Low IQ IPOB retard with another asinine delusional slowpoke rant.
What has what happened years ago has to do with Tinubu?

Naijaepic:
But, from what was reported in that article it was an event that happened before obasanjo sic (2003 - 2007). Hence, he mentioned when obasanjo asked him to come and invest, he declined.
How does Tinubulation got anything to do with that? Dangote was lamenting on past businesses that went south, and Tinubu policy was the causes?

Acknowledged! However companies are still folding up while potential investors are avoiding Nigeria like a plague due to Tinubu's economic catastrophic policies including policy somersault which are still affecting the economy.

you would not have reached were you are if not for Northern governors and presidents support.

Its actually crazy to have one of the richest men in the world come from one of the poorest nations of the world, it clearly shows usurpation

Racoon:
Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

Lol, Dangote first sold his stake in that bank in 2002 before it eventually folded up few years later.

How does that concern Tinubu? This election loss is gradually turning you guys to something else. Sha no get high blood pressure for young age.

Dat Naija govt for u


dey always turn back on anytin dat can favor Citizen

Tulumbu will sell TVC, THE NATION , OVH in the nearest future

22o62021:
He wants it too become a jack of all trades

Investing in anything he sees

Real investor not sabinus kind oof

When you have excess funds like them, you are always looking for where to put the money to make more money.

Naijaepic:
But, from what was reported in that article it was an event that happened before obasanjo sic (2003 - 2007). Hence, he mentioned when obasanjo asked him to come and invest, he declined.

How does Tinubulation got anything to do with that?

Dangote was lamenting on past businesses that went south, and Tinubu policy was the causes?

Modified:
I just searched on Google now,

https://ndic.gov.ng/failure-resolution/closed-financial-institutions/

Liberty bank closed down in 2006

He's just like that lunatic in Canada. The loss to Tinubu will hunt them and their unborn generations for decades to come.
He's nothing but another low IQ dumbest IPOB retard.

LegendHero:
Lol, Dangote first sold his stake in that bank in 2002 before it eventually folded up few years later.How does that concern Tinubu? This election loss is gradually turning you guys to something else. She no get high blood pressure at all young age.

Agreed! Meanwhile is the Nigerian economy doing great under Tinubu the CSU certificate forger and drug baron? Yes or no?

Racoon:
Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

did you read the headline only or you dont understand the post?

zelnababa:
did you read the headline only or you dont understand the post?

Why is Dangote crying of what happened many years ago now? While he was enjoying unlimited access to government forex, he has been quiet until Tinubu’s agbadorian economics started affecting everything around him. Then boom! He started singing like a canary. Is that not hypocrisy?

The problem with a black man in Africa is that he wants to become a jack of all trade, he alone wants to rule everything thereby not allowing others to rule and this is why Africa is backwards today.

The white man or woman will have for example a kerosene factory and that factory will become a family heritage for generations to come, they will be known as the billionaire kerosene empire.
This means other whites will have to build empires with other diferent products and industries, thereby the circulation of wealth is distributed.

But in Africa, one man wants to have it all.

Greed is why Africa is still a 3rd world continent because i don't understand how and why dangote wants to own a bank.

Naijaepic:
But, from what was reported in that article it was an event that happened before obasanjo sic (2003 - 2007). Hence, he mentioned when obasanjo asked him to come and invest, he declined.

How does Tinubulation got anything to do with that?

Dangote was lamenting on past businesses that went south, and Tinubu policy was the causes?

Modified:
I just searched on Google now,

https://ndic.gov.ng/failure-resolution/closed-financial-institutions/

Liberty bank closed down in 2006

He is a raccoon. They barely see. No surprises here.

By the tinubu finishes with him.....

Racoon:
Acknowledged! However companies are still folding up while potential investors are avoiding Nigeria like a plague due to Tinubu's economic catastrophic policies including policy somersault which are still affecting the economy.

How does it related to this very article sir

mrkings84:
By the tinubu finishes with him.....

Read again sir.

Racoon:
Are companies shutting down and leaving Nigeria under this disaster of a man or not?

Nah today companies dey shut down?, maybe you don't know things were extremely bad even before the present administration,I can count hundreds of companies left Nigeria during Jonathan and baba Bubu era sir....so ,we only needs to admonish our lead to create a favourable environment for business to succeed.....come to think of it... Tinubu is the president but he doesn't makes policies alone....when would you hold your governor, senators responsible for all these calamities and moreover ,are you aware that there are some elements that might not want to allow some certain policies to come to fruition .

Akinboboz:
How does it related to this very article sir

Are companies shutting down and leaving Nigeria under this disaster of a man or not?

Racoon:
Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

u just don't have sense

U make comments on things u know nothing about, dangote who wishes to monopolise every sector of the economy with the approval of the northern cabal is who u are now supporting cos u hate tinubu

The same dangote that always want Nigeria to fund everything he does despite d fact that our politicians stole our money to invest in his business always

Ask yourself how much emefiele sold dollars to dangote when people were suffering on d street

If not for madness of our political elites, imagine a whole country waiting for a man to finish his refinery before we move on with our lives n u feel all is well?

D money invested in his refinery can b used to fix ours but what will our politicians gain?

Dangote can only thrive where d government is killing other businesses for him, imagine him trying to stop bua from producing?

But u won't see all these, since u hate tinubu n must always criticize the government

Racoon:
Tinubu’s tribulation agbadorian economics is affecting everyone now. In-house and foreign macro-industries or establishments are just folding up with gusto because of a economy bastardized by an illiterate but certificate forging drug baron whose only claim is entitlement to a presidency he knows nothing about. Dangote and all these elites like Tony Emelelu Femi Otedola all saw this disaster and gave it support. Now the rich are also crying.

Stop your ranting. Dangote wants to monopolize everything in Nigeria.

Racoon:
Acknowledged! However companies are still folding up while potential investors are avoiding Nigeria like a plague due to Tinubu's economic catastrophic policies including policy somersault which are still affecting the economy.

Hate destroys. The more you hate a man, the more God shows the man mercy. This is what many of you who hate Tinubu don't know. Go and read the story of Jacob's family when he married Leah and Rachel.

3seriez:


When you have excess funds like them, you are always looking for where to put the money to make more money.

No. Dangote is monopolizing everything in Nigeria. Emefiele gave him dollars at cheaper rate and loan him money. Have you ever heard where a central bank of a country is lending money to an individual

Racoon:
Agreed! Meanwhile is the Nigerian economy doing great under Tinubu the CSU certificate forger and drug baron? Yes or no?

This election loss pain you gaan ni so much you can not read and comprehend a straight forward write up. I hope you survive the next impending loss because e sure me say you go loose again you and that Amaka. Enkr

Racoon:
Agreed! Meanwhile is the Nigerian economy doing great under Tinubu the CSU certificate forger and drug baron? Yes or no?

A blind hypocrite from the place where drug criminals are hailed and worshiped is calling someone who has no record of drug dealing a drug baron.

These are the kinds of delusional irrational and asinine imbeciles that the election loss has produced in the SE of Nigeria.