Aliko Dangote's Lie

• 6th November, 2011 17:45US Embassy In Nigeria Warns Of More Attacks

Venue was the Aso Rock Villa and the event was the Presidential Retreat on Economic Development which held between13th -14^th October, 2011.

The retreat had top government functionaries and captains of industries in attendance. The retreat was mainly with the private sector in order to carry them along in the government’s efforts to foster economic development

While speaking at the Presidential retreat that was concluded on Friday, Nigeria’s foremost industrialist, Alhaji Aliko Dangote disclosed that he would not invest in Nigeria’s power sector. He said “once you’re successful everybody wants to bring you down. Dangote has not gotten a waiver in the last 20 years. We will rather encourage others to invest because the moment Dangote jumps in to invest in power people will shout monopoly”.

Contrary to the billionaire businessman’s claim that he has not gotten a waiver in the last 20 years, documents in Street Journal’s possession show that his Dansa Oil and Gas actually benefited from a waiver around March 2011, thanks to the Central Bank Governor, Malam Lamido Sanusi and Intercontinental Bank Plc’s MD, Lai Mohammed.

According to the loan schedule, Dansa Oil and Gas with the Facility Account Number 012tims09202001 had an outstanding balance of N 14, 529, 671, 115. 15 (Fourteen Billion Five Hundred and Twenty Nine Million, Six Hundred and Seventy One Thousand One Hundred and Fifteen Naira, Fifteen Kobo.). The Purchase Price was however put at N 943, 025, 587.62 ( Nine Hundred and Forty Three Million, Twenty Five Thousand Five Hundred and Eighty Seven Naira sixty Two Kobo) leaving a waiver of N 13, 586, 645, 527. 53 (Thirteen Billion Five Hundred and Eighty Six Million, Six Hundred and Forty Five Thousand Five Hundred and Twenty Seven Naira and Fifty Three Kobo).

It will be recalled that Dansa Oil and Gas owned by the billionaire businessman was also on the list of Intercontinental Bank Plc’s debtors.

Dangote Pledges N2 Billion Housing Fund to Stimulate Industry All Africa Global Media-Monday, October 31, 2011 Oct 31, 2011 (Daily Trust/All Africa Global Media via COMTEX) -- President of Dangote Group, Alhaji Aliko Dangote has pledged to provide N2 billion fund to the Federal Government to tackle housing problems. Nigeria needs about 18 million housing units to address the housing shortage of its over 150 million population that is projected to hit about 200 million soon. Recently, the Minister of Housing and Environment, Amma Pepple said that there was urgent need to address the nation's housing deficit especially in view of the unemployment situation. The Minister also explained that the housing deficit is a big challenge which could be turned to a job creation strategy in line with the objectives of the transformation agenda and the vision 20:2020. Dangote said he offered to contribute to the efforts at providing houses as an opportunity to create jobs, according to a statement from the Dangote Group. He said the N2 billion would serve as a revolving facility to stir the housing and construction industry of the economy and create jobs in different sectors of the industry. President Goodluck Jonathan, at a recent retreat for the Economic Management Team canvassed the support of the private sector in rejuvenating the economy particularly the housing industry by reducing the housing deficit. The Minister of housing said the job creation model using home construction will create a value addition and synergy in construction industry as various industry sector operators such as dealers in sand, stone, cement, iron rod, plumbing, electrical and engineering would earn more income from such constructions, thus creating the much needed jobs. Dangote offered to provide the money to stimulate job creation through the construction of houses on a build- sell-off and replenish basis. The details and terms of the facilities are being worked out between the business mogul and the Federal Ministry of Housing and Environment so that the scheme could take off as soon as possible. Alhaji Dangote has always expressed the belief that the future of the country and Africa in general is in the hands of the citizens as no foreigner could love the nation or the continent more than the citizens themselves. He told a forum recently that he shared in the report of Mckinsey that only Africans can genuinely work towards the development of the continent hence the decision to spread his investment round African countries. Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com). E-Mail Article Printer-Friendly Translate Share Article Text Size International Provider Nov 06, 2011 Minister Kenney Issues Statement to Recognize Eid al-Adha, Marketwire Nov 06, 2011 BRIEF: Woman who drove wrong way on I-94 identified, McClatchy-Tribune Information Services -- Unrestricted Nov 06, 2011 Boy accused of killing Chicago officer, United Press International Nov 06, 2011 Katherine Siva Saubel, preserver of Cahuilla culture, dies at 91, McClatchy-Tribune Information Services -- Unrestricted Nov 06, 2011 Cultural Exchange: Chilean artists confront Pinochet horrors, McClatchy-Tribune Information Services -- Unrestricted Nov 06, 2011 Polio-Fighting Breakdancer Defys Gravity to Awe Crowds, All Africa Global Media Nov 06, 2011 Geoffrey Mutai and Firehiwot Dado Win ING New York City Marathon 2011, All Africa Global Media Nov 06, 2011 Discount NY profit drops 23 percent to $10.9m, McClatchy-Tribune Information Services -- Unrestricted Nov 06, 2011 Social travel site Gogobot raises $15m, McClatchy-Tribune Information Services -- Unrestricted more...

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The world’s richest men target Kenya with investment billions

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Mr Aliko Dangote (left), net worth: $13.8bn, owner, Dangote Group, net worth:$1bn, Mr Ratan Tata (centre), Chairman, Tata group, Mr. Mohamed Mansour (right), Executive, Mansour Group net worth: $2bn,

Posted Thursday, November 3 2011 at 23:08

Five of the world’s richest men have pumped billions of shillings into the Kenyan economy in the last five years, confirming Nairobi’s position as East Africa’s investment hub.

Nigeria’s Aliko Dangote, India’s Mukesh Ambani, Ratan Tata and the Sanghi brothers and Egypt’s Mansour brothers top the list of the world’s tycoons and rich families whose companies have recently put billions of shillings in new investments or expansion of established businesses.

Much of the investments in key sectors of the economy — including manufacturing, automotive, energy, property and mining — have been made in the past three years of global economic turbulence, confirming the billionaires’ faith in Kenya’s resilience.

Investment analysts said Kenya’s key attraction lies in the promise of a large and growing consumer goods market of 130 million people that has come out of East Africa’s integration project.

“These billionaires and their companies are moving into Africa’s frontier markets in search of growth opportunities and are seeing Kenya as a gateway to the continent’s consumer market,” said Sammy Onyango, the chief executive of advisory firm Deloitte East Africa.

Mr Onyango said Kenya’s growing middle class, a relatively skilled workforce and ongoing movement towards better governance under the new Constitution are key factors driving foreign investor confidence in the country.

Tata Group, chaired by Indian billionaire Ratan Tata, has lined up big ticket investments, targeting some of the most lucrative and capital-intensive segments of Kenya’s economy.

Mr Tata’s net worth is estimated at $1 billion (Sh100 billion) – a figure thought to be grossly understated by the fact that most of his wealth – about 65.8 per cent — is in the form of shares held in charitable trusts.

Mr Tata’s final months in office are expected to be marked by an aggressive investment in African frontier markets, including Kenya.

Pump billions
Tata operates locally as Tata Africa and is scouting for investment opportunities in pharmaceuticals, ICT, steel, construction, energy, tourism and mining where it is preparing to pump billions of shillings in the medium term.

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“Tata Group has the financial capability to invest in a wide range of sectors so long as they present good business opportunities,” said Naresh Leekha, the executive director of Tata Africa.

The firm has in the past four years invested $100 million (Sh10 billion) to set up a second plant at Magadi Soda – the soda ash mining company it acquired in 2006.

It is also a major player in the motor vehicle market where it is competing in public transport, construction and commercial segments of the market with its Tata brand.

Early this year, Tata announced plans to either buy a stake in one of the local motor assembly plants or establish its own assembly for pick-ups and light commercial trucks at a cost of up to Sh2 billion.