Otedola rallies support for Dangote amid standoff with authorities

Billionaire businessman, Femi Otedola, has joined the long list of Nigerians who are drumming up support for Aliko Dangote in the standoff between the Africa’s richest man and Nigeria’s petroleum regulators.

Otedola, chairman of Geregu Power PLC and First Bank Holdings said Nigeria’s national development and economic advancement lies in supporting Dangote as it is done in developed economies and emerging markets.

The billionaire made this known in a long appeal on his X handle on Tuesday.

“Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress,” he said.

He noted that “Dangote has broken every boundary in worldwide business and industry”, urging the government to consolidate his entrepreneurial guts by supporting him.

Otedola said Dangote has continued to invest in Nigeria with many of his industries situated in Lagos.

Dangote Group remains the largest conglomerate in West Africa manufacturing and producing cement, sugar, flour and other consumables.

His $20 billion refinery is poised to produce 650,000 barrels of oil per day, potentially ending Nigeria’s long years of petroleum imports.

Otedola noted that Dangote is the largest private sector employer of labour in the country, adding that his companies are among the largest taxpayers.

“In fact, the Dangote Group often pays more in taxes than the top banks combined. If not for him, we would still be importing cement,” the business mogul said.

The billionaire stated that countries like the USA, China and India rallied around their industrial visionaries which have made their economies stronger while spurring innovation.

“In India, the government has been instrumental in supporting business titans like Gautam Adani and Mukesh Ambani. Their companies have received significant backing to grow and expand, contributing substantially to India’s economic growth and global business footprint,” Otedola said.

“In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters.

“In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce,” the business tycoon said.