Grand larceny clothed as 'capitalism'

by Eze Eluchie

Under a bogus 'privatization' scam, Nigerian authorities under the dubious Olusegun Obasanjo presidency, handed Aliko Dangote a most vicious monopoly over a basic building material in Nigeria - Cement. Part of Dangote's climb up the 'rich-list' on Forbes Magazine was due to this illegitimate monopoly. So vicious was the ‘monopoly that Obasanjo (and his then henchman, Nuhu Ribadu of the EFCC) went all out of their way to cripple all competition that tried to ensure availability of this essential product to Nigerians at reduced costs, including IBETO cement, to secure the Dangote Cement's monopoly.

Now that the price of cement is coming down, Dangote shamelessly moves to blackmail Nigerians, by amongst other things closing down Benue Cement Company (which like most other acquisitions under the privatization scam, was acquired for peanuts). It is beginning to dawn on many why there had been so much opposition to Dangote's acquisition of BCC in the first instance.

In saner climes, conduct as being exhibited by the Dangote Group is appropriately sanctioned with some time in a jail house - but not in our good old contraption.

A holistic restructuring and renegotiation of our contraption will spare us the continued negative impact of grand larceny clothed as 'capitalism'.

Picture: Chief Executive Officer of Ibeto Cement, Cletus Ibeto