Dangote Refinery Paid $100m for Land, Dangote Reveals

The President of the Dangote Group, Aliko Dangote, has said the firm did not receive any incentives from the Federal Government or the Lagos State for the construction of its $20 billion refinery at the Lekki Free Trade Zone.

He made this disclosure during a visit by the leadership of the House, led by Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu, on Saturday to the refinery.

Dangote emphasized that his company paid $100 million for the land on which the refinery was built, debunking claims of any free or subsidised allocation.

He stated, “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.

“Majority of the population are with us. So, we are not discouraged, we will continue what we are doing.”

Dangote also addressed allegations of monopoly, stating that his group’s operations add value by utilising local raw materials and transforming them into products for sale.

He emphasized that his company has never intentionally or unintentionally hindered others from engaging in similar businesses.

He said, “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell.

“We have never consciously or unconsciously stopped anybody from doing the same business that we are doing.

He cited the example of cement production, where his company faced competition from Lafarge, and noted that labelling his group as monopolistic is disheartening.

“When we first came into cement production, it was only Lafarge that was operating here in Nigeria. Nobody ever called Lafarge a monopoly,” he said, adding that labelling his group of companies as monopolistic is disheartening.

“Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us.”