ALIKO DANGOTE: THE MAN WHO OWNS NIGERIA

If one thinks of the African economy, one imagines hunger and thirst, both in the desert and in the jungle, and then the violence of militias pitted against political and military power. In the midst of all this, defended by thugs armed to the teeth and impenetrable fences, work the multinationals: the Chinese, British, French, Americans, Russians, who control significant parts of the territory. Well, this image is wrong. In spite of the fact that neo-colonialism is a scourge on a par with food and water shortages and the rampaging of small groups of murderers, the new century has seen the rise of the first generation of African industrialists, some of whom have become true plutocrats, and they are no different from their Western colleagues.

The most glaring example is Nigerian Aliko Dangote. Few people have heard his name, even though according to Bloomberg[1] he is the richest person in Africa, the richest black person in the world, and, as of 5 February 2024, is the 115th richest person in the world, with assets of $16.5 billion[2] . They call him African Bill Gates[3] , and he is best known as the founder, chairman and CEO of the Dangote Group, the largest industrial conglomerate in West Africa, which generates a net income of more than $4 billion a year and employs more than 30,000 people[4] .

Know your roots

February 1940: The inhabitants of Kano return home after prayer[5]

Dangote belongs to the Hausa ethnic group (one of the largest in Nigeria) and was born in the north of the country, in the city of Kano, the son of a wealthy merchant family that ran a business exporting cola and ground nuts. When his father died, Aliko was only eight years old, and he was raised by his maternal grandfather, Sanusi Dantata, a famous commodities trader and former director of Shell-BP in Nigeria[6] . After graduating in economics from the prestigious Al-Azhar Islamic University in Cairo, Aliko returned to Lagos in 1977 and founded his own business. He started with the trade of rice, sugar and cement, initially helped by his uncle with a $3000 loan. But he is successful right away, and reinvests all profits in the expansion of his business. From 1980 onwards, the Dangote group diversifies its activities and gradually becomes a real power in West Africa[7] .

Aliko lives in Lagos, is twice divorced and the father of three daughters (Halima, Mariya and Fatimah) and a son, adopted, Abdulrahman[8] . As long as he was alive, Dangote made all strategic decisions with his brother Sani (who died of an illness in November 2021[9] ), and now his youngest daughter Halima[10] , currently administrator of the Aliko Dangote Foundation and executive director of Dangote Industries Ltd. Halima was also executive director of Dangote Flour Mills, where in 2019 she led the successful turnaround and sale of the company to Olam International[11] . Prior to that, she was a director of Nascon Plc, where she is still a non-executive director[12] . She is the Chairwoman of the Board of Directors of The Africa Center in New York[13] , a member of the Board of Directors of Endeavour Nigeria and a member of the Women Corporate Directors (WCD). Halima started her career at KPMG and has over 13 years of professional experience, as well as a Bachelor’s degree in Marketing from American Intercontinental University in London and a Master’s degree in Business Administration from Webster Business School[14] .

The youngest daughter, Fatima, in March 2018 married Jamilu Abubakar, son of former Nigerian police inspector general Mohammed Dikko Abubakar – a spectacular ceremony attended by the entire African jet-set. Among the guests were (among others) Bill Gates, Vice-President Yemi Osinbajo, President Muhammadu Buhari’s wife Aisha, and prominent politicians and businessmen from all over the planet[15] . A ceremony demonstrates the importance of the Dangote family.

The Dangote Group

Dangote Cement Plc in Obajana[16]

Dangote Sugar Refinery Plc started operations in March 2000 and is involved in the refining and marketing of sugar. In 2001, the largest refining plant in Sub-Saharan Africa, the third largest in the world, started operation at the port of Apapa. Dangote Sugar Refinery imports raw sugar from Brazil, refines it into vitamin A-enriched white sugar and sells the product under its own brand name throughout Nigeria. The company has been listed on the Nigerian Stock Exchange (NSE) since March 2007 and has also won a number of Best Listed Company awards in 2007 and 2008[17] , and continues to grow steadily[18] . Aliko and his daughter Mariya head the company’s board of directors[19] .

The group is the largest producer of refined sugar in Africa and has been listed on the Nigerian Stock Exchange since 2010: as of 2020, Dangote Group alone accounted for one fifth of the entire Lagos Stock Exchange[20] . From being a trading company, the Dangote Group became the largest industrial group in Nigeria, especially through Dangote Sugar Refinery, Dangote Cement and Dangote Flour[21] . In the 1990s, Aliko Dangote approached the Central Bank of Nigeria with the idea that it would be cheaper for the bank to allow his transport company to manage the bus fleet for its staff. His proposal was accepted[22] . This agreement also gave Dangote a prominent position in the transport sector. ‘We like to think big,’ he told CNBC in 2018[23] .

In 2000, Dangote bought the ailing Benue Cement Company (BCC) as part of the federal privatisation plan. BCC operates a 0.9 million tonne plant in Gboko, later upgraded to 2.8 million tonnes. Another company, Obajana Cement Plc, was incorporated in November 1992 and, when Dangote Industries bought it in 2002, the plant still did not exist – its construction was only completed in 2007[24] – and in time it became Africa’s largest cement producer. With a production capacity of 51.6 million tonnes per year, the company operates in ten African countries[25] . In the following years, the factory grew, and the giant expanded into 10 more countries, including Senegal, Cameroon, Ethiopia, Zambia, Sierra Leone and South Africa[26] . It is now the Group’s most valuable asset[27] . In 9 months of 2023, Dangote Cement Group’s revenues are up 28.7% and have reached 1514.6 billion Nigerian naira ($1.04 billion)[28] .

But these successes cannot be without controversy. In October 2022, Kogi State government officials sealed off the cement factory, alleging that its acquisition by the Dangote group was illegal. There was a scuffle, some vigilantes (it is still not known who sent them) fired shots, there were deaths. The next day, Governor Yahaya Bello declared that the state government would be ready to negotiate with the Dangote Group as soon as the company was willing to admit that the plant belonged to the state[29] . Dangote Cement promised to take the state government to court for invading the plant and killing employees[30] . There were secret negotiations because, in court, Dagote proved that the group had bought 100 per cent of the shares, the land and paid the relevant taxes, fees and state charges to the Kogi government since it started production in 2007 – at which point the parties agreed on a confidential basis[31] .

To avoid trouble, Dangote avoided meddling in oil trading for years, but when he finally decided to do so, he built one of the largest refineries in the world[32] , the huge Lekki Free Trade Zone project, located on the outskirts of the megacity of Lagos[33] . Initially, the refinery was planned in Ondo State, which offers its deep-water port, existing oil production infrastructure and proximity to major industries. Negotiations with then Governor Olusegun Agagu broke down due to corruption allegations involving his successor, Olusegun Mimiko, so it was preferred to go to Lagos[34] .

The refinery in Ibeju-Lekki, in the Free Trade Zone in Lagos State – the largest in the whole of Africa[35]

The refinery was built on a swamp, and there was no harbour big enough to accommodate the huge equipment nearby, and no road solid enough to support its weight – Dangote had to build both, including a jetty for which it dredged the seabed for 65 million cubic metres of sand[36] . The pipeline infrastructure of the Dangote Petroleum refinery is the largest in the world, with 1100 kilometres of pipeline to handle 3 billion standard cubic feet per day[37] . It will handle the refining of all African crude oil production, as well as some crude oil from the Middle East and even the United States, with a production capacity of 650,000 barrels per day. In addition, it will produce the plastic that the 190 million Nigerians need, as well as 3 million tonnes of fertiliser[38] .

The refinery is expected to reduce Nigeria’s energy bill, as until now Africa’s largest oil producer, which was unable to refine the oil it extracts, imported most of its refined oil needs[39] . It was hoped for an inauguration by the end of 2022[40] , but due to construction delays, the handover was postponed to May 2023[41] . Only now (January 2024) is it ready to start production tests with the first oil, loaded at the refinery in December[42] . The project required the investment of more than USD 19 billion[43] , although it was expected to cost nine. But Dangote went all the way. The family paid 50%, the rest was lent by banks[44] . A few days ago, the Dangote refinery officially started production of diesel and aviation fuel[45] .

Also in Lekki, Dangote has invested USD 2 billion in a giant urea and ammonia fertiliser plant, which should increase the country’s agricultural production and ensure its food security. Finally, the billionaire is completing the construction of the world’s largest undersea gas pipeline, capable of transporting 3 billion m³ of natural gas per day. The new infrastructure should make it possible to recover gas pumped from oil platforms and so far simply burnt due to lack of alternatives. The aim is to ‘avoid blackmail by transport operators‘ by creating a local market for natural gas[46] . The complex also includes a 435-megawatt power plant, a deep seaport and a fertilisation unit[47] .

In February 2022, Dangote also ventured into the automotive industry and announced the completion of the Peugeot assembly plant in Nigeria, thanks to a partnership with the Stellantis Group (Peugeot’s parent company) and the governments of Kano and Kaduna states. The new car company, Dangote Peugeot Automobiles Nigeria Limited (DPAN), based in Kaduna, started operations assembling 120 cars per day[48] . But this could be his last adventure: he talks of retiring and leaving the helm to his daughters for good[49] .

Links with politics

Dangote Group also active in the automotive sector[50]

Aliko’s success was not limited to the business world: in 2012, he served as chairman of the Nigeria Stock Exchange (NSE). In 2013, he became director of the Corporate Board in Africa[51] . According to his critics, the speed of his expansion is due to his excellent relations with former President Olusegun Obasanjo and his successor Goodluck Jonathan, who appointed him as economic adviser[52] . This appointment allowed him to direct economic policies to the benefit of his businesses. Dangote funded Obasanjo with over $2 million[53] . He contributed $500,000 to the construction of the National Mosque under the auspices of the ‘Friends of Obasanjo and Atiku’[54] , and paid millions of dollars for the Federal Library[55] .

Since attending the World Economic Forum in Davos in 2014, Dangote enjoys an unrivalled international network. He is a friend of former prime minister Tony Blair[56] (whose wife, Cherie Blair, sits on the board of Dangote Cement[57] ); of Mick Davis, head of the Xstrata mining group; and, most importantly, of Bill Gates, who has become an ardent supporter of the Nigerian billionaire since their respective foundations joined forces in the fight against polio and the improvement of health systems in Africa. “I never imagined that Bill would be such a simple person,” Aliko Dangote often says[58] .

Welcomed everywhere as a head of state, Dangote is convinced that Nigeria’s future lies in the diversification of its resources[59] . Thanks to the favourable environment, he has done everything possible to eliminate competition in his country, where he controls 70 per cent of the cement market, compared to 30 per cent for rival Lafarge-Holcim. In a diplomatic cable revealed by Wikileaks in 2007, an American diplomat, Brian Browne, said of Aliko Dangote that ‘it is no coincidence that many of the products banned from import into Nigeria are markets in which he has interests‘[60] .

In June 2016, the World Bank published a report[61] outlining the Nigerian government’s phasing out of cement import licences, a process that began in 2012, coinciding with the substantial increase in Dangote cement production in Nigeria. In addition, the Central Bank of Nigeria has banned the use of foreign currency for cement imports. The report also highlighted Dangote’s exclusive mining licences for limestone and other materials used in cement production, which grant it a monopoly for an expected period of 90 years, despite its cement plants having an estimated operational life of only 50 years[62] .

There are fears that Dangote could also monopolise the oil sector, considering its dominance in cement production and the state of Nigeria’s public refineries. The construction of a functional refinery requires great wealth, and given that the NNPC holds a 20 per cent stake in Dangote’s company, doubts arise over the government’s intentions to engage in any alternative project. Critics argue that with the elimination of fuel subsidies (which has already happened and created controversy[63] ), Dangote will try to recoup its investment by raising fuel prices. As has already happened with cement prices, as soon as Dangote had a monopoly[64] .

April 2014: Aliko and his youngest daughter Halima Dangote at the Time 100 Gala in New York City[65]

In 2017, rumours circulated that Dangote would consider running for the presidency of Nigeria in the 2019 elections, but opted to join Muhammadu Buhari’s re-election campaign committee[66] . A run for office would weigh heavily, because he has charisma and speaks well in public, as his recurrent appearances on television show[67] .

However, it has not been all sunshine and roses for the businessman, because he invests in his own country (and, therefore, in the naira) and, when the Nigerian economy as a whole goes through negative phases Dangote loses billions[68] . But he does not change his strategy and, on the contrary, increases his philanthropic efforts: in 2014, he donated one million dollars to stop the spread of the deadly Ebola virus in West Africa. The donation follows previous financial donations, including $16 million for flood relief in 2012 and $32 million to the Nigerian Bank of Industry, a small business lending institution. Two years earlier he donated $2 million to the United Nations World Food Programme, and in January 2016 he teamed up with Microsoft founder Bill Gates in a $100 million partnership to tackle malnutrition among 11 million children in northern Nigeria[69] .

To limit the damage of COVID-19, since March 2020, its Aliko Dangote Foundation (ADF) has been supporting the people of its own country and neighbouring Cameroon. It is the largest private foundation in sub-Saharan Africa, and works with state governments, NGOs and international agencies to support the weakest[70] . In April 2020, the President of the African Union, Cyril Ramaphosa, launched a public-private partnership with AfroChampions, a club of influential entrepreneurs co-chaired by Aliko Dangote[71] : the goal is to raise USD 400 million in private donations.

In 2019, Aliko Dangote also donated $20 million for the opening of the Africa Center, built in New York near Central Park, which is chaired by his daughter Halima. The Nigerian billionaire is also a major donor to the Barack Obama Presidential Center[72] . The tycoon is a member of international boards: the JP Morgan bank, the Clinton Health Access Initiative, the McKinsey Advisory Council, the International Business Council of the World Economic Forum and the Harvard Advisory Council[73] .

Shell companies in tax havens

March 2018: Bill Gates is a guest at the wedding of Fatima, one of Dangote’s daughters[74]

In 2016, leaked documents from Mossack Fonseca’s Panamanian trustees linked Dangote, together with his half-brother Sayyu Dantata, to at least 13 shell companies in the Seychelles. In 2015, the French newspaper Le Monde revealed that Dangote was one of the owners of secret foreign accounts at the Swiss branch of banking giant HSBC. Among other things, the press discovered that Dangote hid USD 5.8 billion in the accounts of the Cayman Islands’ Greenview International Corporation[75] . Dangote founded it in 1994 to hold a large amount of cash to avoid paying taxes on new acquisitions, which is why it was discovered: it is still among the shareholders of the Dangote group companies[76] .

According to an investigation by the journalistic consortium ICIJ, Dangote is a shareholder of the oil company Ovlas Trading SA, registered in 2003 on the island of Niue in the Pacific Ocean[77] . Ovlas Trading SA operates in Lebanon and has been put on the OFAC sanctions list for its links with Islamic fundamentalism[78] : a number of companies with the same name as Ovlas Trading SA have been registered in the Seychelles, Beirut and Tortola (Virgin Islands), it is openly a group of companies owned by the Tajideen brothers, influential members of Hezbollah[79] .

Another Dangote company is Petrowest SA Mahe, Seychelles. The Dangote family controls it through Oil & Gas Co. Ltd Lagos[80] , but the group denies any connection with this offshore company[81] . Dangote also paid USD 50 million into the accounts of the Mauritius-based Carlyle Sub-Saharan Fund Ltd. The fund is part of The Carlyle Group and was founded in early 2012 to raise $500 million, is led by a team of African experts, and is based in Johannesburg, South Africa[82] . The fund closes in 2014, returning almost USD 700 million to its owners – 40% more than the target[83] . Dangote holds the largest number of shares in the fund[84] .

Suspicions of corruption

September 2019: Zouera Youssoufou (Director of the Dangote Foundation), Aliko Dangote and Bill Gates at Jazz at Lincoln Center in New York City[85]

The former governor of the Central Bank of Nigeria, Godwin Ifanyichukwu Emefiele is accused of a $6 million fraud and is being investigated for corruption. On 4 January 2024, investigators from the EFCC Economic and Financial Crimes Commission searched the offices of the Dangote Group for documents related to this investigation. The EFCC suspects that Emefiele supported Dangote in some piloted speculations on the exchange rate regime. The Dangote group is just one of 52 companies suspected of benefiting from Emefiele’s corruption[86] . According to Jim Obazee, an auditor appointed by the President to investigate the Central Bank, revealed that Dangote Industries Ltd obtained illegal benefits to the tune of $3.7 billion by speculating on the falling naira. In response, Dangote said it repatriated, between 2010 and 2018, $576 million to secure the central bank’s liquidity[87] .

So in November 2023, the BUA group, led by billionaire Abdul Samad Rabiu – Dangote’s main rival in the sugar and cement trade, accused Aliko of exploiting political connections for continued illegal trafficking[88] – and Dangote reacted by accusing Rabiu of fabricating fake news against Dangote and his companies[89] . Aliko Dangote says he cooperated with EFCC in the investigation and handed over all the requested documents, so as to avoid disagreements with the current president Bola Tinubu[90] .

This is not the first time the two giants have clashed, BUA insists that Dangote has always tried to destroy its brand with the support of senior government officials. It all started in August 1991, when BUA was trading in commodities. BUA was one of the few companies that had stocks of sugar and at that time Dangote approached Rabiu to buy it, paying for it with a bounced cheque[91] .

According to Rabiu, in the early 2000s he was the one who had the contract for the country’s largest sugar refinery, but President Obasanjo allegedly revoked it to illegally give it to Dangote, giving BUA only 24 hours to clear the land. Years later, Dangote would ask for political help to stop BUA Cement’s activities in Okpella[92] . In 2020, BUA Cement accused Dangote Cement of blocking access to its limestone quarry in Edo State. In response, Dangote accused BUA Sugar Refinery of illegally altering prices. The following year, BUA claims that Dangote Sugar Refinery organised an attack on its Port Harcourt sugar plant, sending thugs who destroyed the factory and beat up workers[93] .

To quell the escalation of tension, the Nigerian Northern Elders Forum, in November 2023, called for restraint on cement prices. BUA welcomed it: ‘We build, not fight. We cultivate, not conquer. Although we may share the market, we do not necessarily share the malice’[94] . An official reaction from the Dangote group is awaited. In any case, the vitality of the Nigerian industrial sector shows that Africa has changed, that there is a solid and efficient entrepreneurship that is able to beat the competition of multinationals. Precisely for this reason, we believe it is right to fix this name in our memory – because Dangote, in the meantime, is preparing to land in the European Union for its sugar and cement, at prices that are absolutely competitive with those charged by us.

USA003

[1] Bloomberg Billionaires Index – Aliko Dangote

[2] Bloomberg Billionaires Index

[3] Aliko Dangote, le Bill Gates africain | Les Echos

[4] Bloomberg Billionaires Index – Aliko Dangote

[5] https://twitter.com/arewahistory/status/830881606307106817?lang=da

[6] 5 Facts About Africa’s Richest Man, Aliko Dangote (southernafrican.news) ; Aliko Dangote, le Bill Gates africain | Les Echos

[7] Aliko Dangote: All you need to know about the man who wants to buy Arsenal | London Evening Standard | Evening Standard ; 5 Facts About Africa’s Richest Man, Aliko Dangote (southernafrican.news) ; Aliko Dangote, le Bill Gates africain | Les Echos ; Aliko Dangote – Welcome to Dangote Cement Plc

[8] Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project (ft.com)

[9] Sani Dangote was also the owner of Dansa Foods Limited, Dansa Energy, Sagas Energy Limited, Bulk Pack Services Limited, Dansa Agro Allied Limited and Dangote Farms Limited, see more : Sani Dangote dies: Aliko Dangote brother Sani, Vice President of Dangote Group don die – BBC News Pidgin ; Dangote loses younger brother, Sani (vanguardngr.com)

[10] Aliko Dangote, le Bill Gates africain | Les Echos

[11] Olam International submits binding offer to acquire Dangote Flour Mills Plc in Nigeria (olamagri.com)

[12] Halima Aliko Dangote | NASCON

[13] The Africa Center (TAC) in New York is a unique centre that offers a forward-looking gateway for engagement with Africa, encompassing politics, business and culture. Official website: The Africa Center

[14] Halima Aliko-Dangote – Welcome to Dangote Cement Plc ; Halima Aliko Dangote | NASCON

[15] PHOTOS: Bill Gates attends wedding of Aliko Dangote’s daughter in Nigeria – Matooke Republic

[16] Obajana Controversy: Kogi Drags Dangote To Court – Business – Nigeria (nairaland.com)

[17] Dangote Sugar Refinery Plc (DSR) – AGE (African Growing Enterprises) File – Institute of Developing Economies (ide.go.jp)

[18] Dangote Sugar Refinery PLC, DANGSUGAR:LAG summary – FT.com

[19] Official website: About Us – Welcome to Dangote Sugar Refinery Plc

[20] Aliko Dangote, le Bill Gates africain | Les Echos

[21] Aliko Dangote – Nigerian Billionaire and Philanthropist (foundationguide.org)

[22] Aliko Dangote – Nigerian Billionaire and Philanthropist (foundationguide.org)

[23] Aliko Dangote, le Bill Gates africain | Les Echos

[24] Official website: Our History – Welcome to Dangote Cement Plc

[25] Official website: About Us – Welcome to Dangote Cement Plc

[26] Our History – Welcome to Dangote Cement Plc ; DCP-9M-2023-Result-Statement-.pdf (dangotecement.com)

[27] Africa’s Richest Man, Dangote Ventures Into Automobiles (investorsking.com)

[28] PowerPoint Presentation (dangotecement.com)

[29] Just In: Kogi moves to recover Obajana Cement from Dangote – Vanguard News (vanguardngr.com)

[30] What We Know so Far About Dangote Cement and Kogi State Debacle – Legit.ng

[31] Update on Obajana Cement Plant – Welcome to Dangote Cement Plc

[32] Aliko Dangote: All you need to know about the man who wants to buy Arsenal | London Evening Standard

[33] Aliko Dangote, le Bill Gates africain | Les Echos

[34]Nigeria : Will Dangote’s Refinery Turn Nigeria’s Expensive Oil Habit Into a Blessing? – allAfrica.com ; Dangote refinery: I never demanded gratification or benefits for location in Ondo – Mimiko (tribuneonlineng.com)

[35] Have You Seen Dangote’s Refinery In Lekki? You Need To See These Pictures (ghgossip.com)

[36] Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project (ft.com)

[37] The audacity of Dangote, By Simbo Olorunfemi (premiumtimesng.com)

[38] Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project (ft.com)

[39] Aliko Dangote, le Bill Gates africain | Les Echos

[40] Nigeria, Dangote refinery to be operational by the end of the year | Africa Magazine (africarivista.it)

[41] Buhari finally inaugurates Dangote refinery | TheCable ; Aliko Dangote launches $20 billion refinery to revive Nigeria’s oil industry | CNN Business

[42] Nigeria: oil refinery financed by tycoon Dangote ready to start prooduction tests | Agenzia Nova ; Nigeria starts loading oil at new Dangote refinery – International Security ; Dangote Oil Refinery Prepares For Operation With Two Million Barrels Of Crude Delivery | Investors King

[43] Nigeria, Dangote refinery to be operational by the end of the year | Africa Magazine (africarivista.it)

[44] The audacity of Dangote, By Simbo Olorunfemi (premiumtimesng.com)

[45] Dangote Refinery Commences Production Of Diesel And Aviation Fuel | Investors King

[46] Aliko Dangote, le Bill Gates africain | Les Echos

[47] Nigeria commissions Dangote Refinery in bid to end fuel imports | Oil and Gas News | Al Jazeera

[48] Africa’s Richest Man, Dangote Ventures Into Automobiles (investorsking.com)

[49] Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project (ft.com)

[50] Africa’s Richest Man, Dangote Ventures Into Automobiles (investorsking.com)

[51] 5 Facts About Africa’s Richest Man, Aliko Dangote (southernafrican.news)

[52] Aliko Dangote, le Bill Gates africain | Les Echos

[53] 5 Ways Aliko Dangote Owns Nigeria (businesselitesafrica.com)

[54] Aliko Dangote: Political Influence and Deals with the Nigerian Govt (businesselitesafrica.com)

[55] Group wants Obasanjo prosecuted over Presidential Library donations, others | Premium Times Nigeria (premiumtimesng.com)

[56] Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project (ft.com)

[57] Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project (ft.com)

[58] Aliko Dangote, le Bill Gates africain | Les Echos

[59] Aliko Dangote, le Bill Gates africain | Les Echos

[60] Aliko Dangote, le Bill Gates africain | Les Echos

[61] Breaking down barriers. Unlocking Africa’s potential through vigorous competition policy. World Bank Group. June 2016, see more: World Bank Document

[62] Breaking down barriers. Unlocking Africa’s potential through vigorous competition policy. World Bank Group. June 2016, see more: World Bank Document, p. 98

[63] RMAFC backs subsidy removal, says it’s long overdue – Economy FootPrint ;

[64] Nigeria: Will Dangote’s Refinery Turn Nigeria’s Expensive Oil Habit Into a Blessing? – allAfrica.com ; World Bank Document p. 105

[65] Aliko Dangote: All you need to know about the man who wants to buy Arsenal | London Evening Standard

[66] Aliko Dangote: Political Influence and Deals with the Nigerian Govt (businesselitesafrica.com)

[67] Aliko Dangote: Political Influence and Deals with the Nigerian Govt (businesselitesafrica.com)

[68] Aliko Dangote: All you need to know about the man who wants to buy Arsenal | London Evening Standard

[69] Aliko Dangote: All you need to know about the man who wants to buy Arsenal | London Evening Standard ; 5 Facts About Africa’s Richest Man, Aliko Dangote (southernafrican.news) ; Aliko Dangote, le Bill Gates africain | Les Echos

[70] 5 Ways Aliko Dangote Owns Nigeria (businesselitesafrica.com)

[71] Aliko Dangote, le Bill Gates africain | Les Echos

[72] Aliko Dangote, le Bill Gates africain | Les Echos

[73] Aliko Dangote – Welcome to Dangote Cement Plc

[74] PHOTOS: Bill Gates attends wedding of Aliko Dangote’s daughter in Nigeria – Matooke Republic