Business
Dangote: Amosun Demolished My Cement Factory Twice
Aliko Dangote, chairman of Dangote Group, has alleged that his cement factory in Itori, Ogun state, was demolished twice during the tenure of Ibikunle Amosun, former governor of the state, forcing his company to abandon the investment in the area.
Dangote spoke on Monday while on a courtesy visit to Dapo Abiodun, governor of Ogun, at the government house in Abeokuta.
The billionaire announced the reconstruction of the factory and his renewed commitment to investing in Ogun State.
“Our factory at Itori was pulled down twice. When we started the second time, they did not only demolish the factory but also the fence, so we left,” Dangote said.
“But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you get to the factory, you will be surprised at what we have done.”
He attributed his return to Abiodun’s investor-friendly policies and support for the private sector, which he said had created a conducive environment for businesses to thrive.
Dangote also announced plans to revive the abandoned Olokola Free Trade Zone (OKFTZ) project and construct the largest port in Nigeria in collaboration with the state government.
He further said two new lines of a 6.0 million metric tonnes per annum cement plant had been constructed at Itori, adding to the existing 12 million metric tonnes per annum plant in Ibeshe.
He said it will position Ogun state as the largest cement-producing hub in Africa.
“With the contributions of other cement producers in the state, Ogun remains far ahead of other countries across Africa in terms of cement production,” he said.
Dangote also said investment in the manufacturing of the product had made the nation self-sufficient in cement, just as the country is now self-sufficient in fertilizer with the surplus going for the export market thus earning the nation the needed foreign exchange.
In his reaponse, Abiodun, appreciated Dangote for coming back to Ogun state and also for his belief and trust in the country, Nigeria.
“I want to thank you for all that you have done, the number of people that you have employed, the impact you continue to make not just in this state, but Nigeria as a whole,” the governor said.
“The way you selflessly continue to promote this country all over the world, we can’t thank you enough. Your life and story continue to be an inspiring narrative to all young men. You have excelled in everywhere you touch, you have the Midas touch.
“Not only have you chosen to complete Itori, you have chosen to come back and develop the biggest port in Nigeria. For this, I thank you.”
‘PROVIDE PROOF OF APPROVALS’
In a statement responding to Dangote, Lanre Akinwale, media office of the former governor, dismissed the claims, insisting that the business mogul should provide evidence of requisite approvals for the structures allegedly demolished.
The office questioned whether Dangote had obtained the necessary government permits before commencing construction and emphasised that no individual or business entity could operate outside the law.
“It is on this basis that we want to appeal to Alhaji Dangote to avail the public of the requisite approvals for the construction of the structures he alleged were demolished,” the statement reads.
“This will, at least, help the public to put the issue in proper context and for us to know what exactly his grouse is.”
Adewale also highlighted that during Amosun’s tenure, Ogun state became the “Industrial Capital of Nigeria,” attracting over 500 companies and accounting for about 75 percent of foreign direct investments (FDIs) in the country’s industrial sector.
He further said Dangote had previously praised the Amosun administration for facilitating the establishment of his Ibese cement factory, after years of frustration under past governments.
“We will not give vent to this obvious mischief, as it is deliberate,” Akinwale said.
“However, we will advise Alhaji Dangote to furnish the public with details of the land acquisition and relevant planning approvals so that we can engage in a constructive conversation.”
Akinwale also rejected any suggestion that the Amosun administration was anti-business, citing World Bank recognition of Ogun as one of the top three states in Nigeria for ease of doing business.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”
IMF to FG: Enhance transparency in oil sector, contain borrowing
The International Monetary Fund (IMF) has advised Nigeria to enhance transparency in the oil sector to ensure that the subsidy removal savings are transferred to the government’s budget.
Abebe Selassie, the director of the African department at the IMF, gave the advice on Friday while presenting the findings of the Regional Economic Outlook for Sub-Saharan Africa report at the IMF and World Bank spring meetings in Washington, DC, the United States.
Selassie was responding to questions on the federal government’s reforms and Nigeria’s debt profile, which currently sits at N142.3 trillion as at September 2024.
Speaking to journalists, the director said the fund has been very impressed by the reforms Nigeria has undertaken to address microeconomic imbalances in the country.
The director said the subsidy was taking “a very large” share of the limited tax revenues, which was not effectively used to help the most vulnerable people.
“So it’s been really good to see the government taking these head on, and also beginning to roll out the third component of the reforms that we’ve been advocating for, [that] government has been pursuing, which is to expand social protection to target generalised subsidies to help the most vulnerable,” he said.
“This has all been very good to see, but more can be done, particularly on the latter front: expanding social protection and also enhancing a lot more transparency in the oil sector, so that the removal of subsidies does translate into flow of revenue into government budget.
“So, there’s still a bit more work to do in these areas.”
Selassie disclosed that the IMF had a mission in Nigeria, where discussions with the authorities focused on issues related to the nation’s macroeconomic conditions.
Still, the director advised the federal government to consider reforms in other areas to engender more private sector investment, and also how more resources can be “adopted” to help Nigeria generate the revenues needed to build more schools, universities, and infrastructure.
“So there’s a comprehensive set of reforms that Nigeria can pursue that would help engender more growth and help diversify the economy away from reliance on oil,”
“And this diversification is all the more important given what we’re seeing happening to commodity prices.”
Selassie acknowledged that while the government is undertaking reforms, there will be a financing need.
He urged the authorities to adopt “a judicious and agile” way of dealing with the financing challenges the country faces.
The IMF official said Nigeria’s financing gap “can only be filled” by permanent sources such as revenue mobilisation in the long run.
“But in the interim, carefully looking at all of the options the country has to borrow in a contained way, will be part of that solution,” he said.
“And I think the government has been going about this prudently and cautiously so far, and we’re encouraged by that.”
In January, the Debt Management Office(DMO) said the total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
The debt body said the increase was primarily due to rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.
The Federal Government is set to launch the National Agribusiness Policy Mechanism (NAPM) to strengthen agricultural productivity, stabilise food prices, and drive economic growth.
The NAPM is part of broader initiatives aimed at transforming the country’s agricultural sector through data-driven policies and public-private partnerships.
Speaking on Friday in Abuja during a meeting of the Presidential Food Systems Coordinating Unit (PFSCU) Steering Committee at the Presidential Villa, Abuja, Vice President Kashim Shettima said the initiative will align agricultural efforts across all government tiers through real-time data analytics.
“The Green Imperative Project (GIP) is an idea whose time has come. It has been in the incubation period for several years, and now it is coming to fruition; we have to get it right.
“We have had many interventions in this country in the past. We must make this work, and it’s the states that will drive the process,” the Vice President said.
Signed between Nigeria and Brazil on March 17, 2025, the Green Imperative Project (GIP) is a $1.1 billion initiative aimed to modernise 774 mid-sized Nigerian farms with Brazilian agricultural technologies, creating jobs and boosting productivity across the nation.
VP Shettima further said President Bola Tinubu has approved ₦15 billion for the National Emergency Management Agency (NEMA) to prepare for floods as the rainy season kicks in.
“This is one of the first proactive decisions by the government to prepare for the flooding season,” the Vice President noted.
Earlier, the Technical Assistant to the President on Agriculture and Executive Secretary of PFSCU, Marion Moon, explained that NAPM aims to address challenges of high food inflation and agricultural yields that lag 60 per cent behind global averages.
She revealed that the pilot survey for NAPM has been completed across 13 states, with a full launch planned for June 2025.
The NAPM, supported by data analytics partnerships and a digital platform under development, is designed to tackle food inflation, inefficient subsidies, and outdated farming practices, to give the country a unified framework to optimise public spending and drive sustainable rural development.
Those present at the meeting included Governors of Jigawa State, Umar Namadi, and Ekiti State, Biodun Oyebanji; Deputy Governors of Borno State, Umar Kadafur, and Ebonyi State, Patricia Onyemaechi Obila.
Others are Minister of Agriculture and Food Security, Senator Abubakar Kyari; Minister of State for Agriculture and Food Security, Aliyu Abdullahi; Permanent Secretary of the Federal Ministry of Finance; heads of agriculture and manufacturing private sector players, and international development partners.