Nigerian economy rigged in favour of Dangote, others: Peterside

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Atedo Peterside, founder of Stanbic IBTC bank, has alleged that the Nigerian economy has been rigged in favour of Aliko Dangote.

Mr Dangote leads the Dangote Group, a vast business conglomerate rooted in the country. Yesterday, Bloomberg, a foreign business news outlet, reported that the group has been granted a special waiver to export its products through land borders to other West African countries while the route remained closed to other businesses.

It said Dangote Group’s Michel Puchercos confirmed that the company will now be able to export cement to Togo and Niger following “an authorisation given by this administration,” led by President Muhammadu Buhari.

Mr Buhari ordered the closure of all land borders last year August in a move officials of his administration said was targeted at encouraging consumption of home-grown products.

While the directive drew criticism and skyrocketed prices of food items which is still on the rise, Dangote called for a total ban of tomato importation while starting its own tomato processing subsidiary.

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Reacting to the special waiver granted to the Dangote, the investor alleged that the economy has been rigged in his favour and those with ties with policymakers.

“Allowing legitimate exporters & importers to move their goods across the border should be a no-brainer. Why refuse everybody else & allow only one company (Dangote)? This is why some of us argue that the Nigerian economy is rigged in favour of a handful of well-connected persons,” Mr. Peterside tweeted on Tuesday morning.