When studied Dangote from 2003 – 2008 when he was worth about US$7.2 billion on the average and we discovered that he had received Federal Government import waivers of about US$4.8 billion during the same period.
By Ceejay Ojong
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Published on September 16, 2026
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3 min read
Now, that is very commendable because when I was studying the Impact of capital flight on economic growth in Sub-Saharan Africa (SSA) as PhD research topic at the University of Manchester about 20 years ago there were a few interesting things that were unraveled my research. I discovered that Indonesia was then always ranked closely to Nigeria on the Corruption Perception Index but Indonesia was simultaneously achieving faster economic growth rates than Nigeria.
Why? Because almost 80% – 90% of Indonesia of Indonesia corruption money finds its way back to investments in the country. The result was almost direct opposite for Nigeria.
When studied Dangote from 2003 – 2008 when he was worth about US$7.2 billion on the average and we discovered that he had received Federal Government import waivers of about US$4.8 billion during the same period.
Dangote is actually a ruthless businessman. I have had physical contact with him and his now late friend) MD Engr. Makonjuola some time in 2009 when we were working on efficient pricing and service delivery of the Nigerian Cement Industry at the Office of the Honourable Minister of Finance (HMF).
They tried to sway us with promise of trailers of cement for ourselves so that we can skew our report to President Yar’Adua to their favour. We ignored and sent what was right to the President. He approved but got sick and died before commencement of implementation.
Dangote simply invited the clueless new HMF appointed and certain core government officials to his arranged retreat in Benin Republic and carried all of them there with his private jet.
What happened next? He took total control of dictating the cement industry in Nigeria.
Alot of people thought the deft moves were targeted at stifling and Ibo man – Ibeto who was importing and bagging bulk cement. Not really, the greatest loser in that game was meant to be his brother from Kano – Abdulsamad.
But Abdulsamad quickly adjusted and decided to play second fiddle to Dangote after all he himself will still remain a billionaire in USD. He survived and thrived having today vital business operations in the clone of Dangote’s core business activities in cement oil and gas. He has proposed to or is already building a refinery in Akwa Ibom State.
