The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says no going back on the January 1, 2026 take off date of the New Tax Law.
Oyedele made the declaration on Friday after a meeting with President Bola Ahmed Tinubu in Aso Rock, Presidential Abuja, the nation’s capital.
He spoke amid the controversy trailing the Tax Law passed earlier this year by the National Assembly and signed by President Tinubu.
The major controversy trailing the Law came after a member of the House of Representatives claimed that the Document has been doctored, that the copy Gazetted by the Federal government is different from the one passed by the NASS.
Amid the controversy, not a few Nigerians have called on the federal government to shift the implementation date until the allegations regarding the Law were resolved.
For instance, the President of the Nigerian Bar Association, Afam Osigwe, a Senior Advocate of Nigeria, SAN, in a statement called on the federal government to shelve the plan to implement the Law until the controversies surrounding it are cleared, saying this is necessary to restore credibility and confidence in the Act.
The NASS has during the week demanded that the federal government re-Gazette the copy in the possession of the NASS.
Oyedele, however, stated that the federal government will press ahead with the implementation despite investigation by the lawmakers, saying the NASS is working with the government to ensure that the areas of concerns were resolved.
He also highlighted the benefits in the Tax Law, saying it will bring “fairness” among all the categories of tax payers in the country.
Oyedele:” We met with Mr. President to give an update about the implementation of the tax reform laws. As you already are aware, there are four of those laws, and two of them have already commenced, and that’s the Nigerian Revenue Service Establishment Act and the Joint Revenue Service Establishment Act, commenced on the 26th of June, 2025 the remaining two laws, that’s the Nigerian Tax Act and the Nigerian Tax Administration Act are scheduled to commence on the first of January 2026.
“We welcome the statement by the National Assembly, House of Representative committee today on the findings and the work around the allegations about alteration.
“The Federal Government is committed to working with the National Assembly if and when any action is required, and therefore the plan to commence the new law the two remaining new laws on the first of January 2026 will go ahead as planned on schedule, because these reforms are designed to provide relief to the Nigerian people. Bottom 98% of workers will see either no pay tax or lower taxes to be paid.
“Small businesses, 97% of them will be exempted from corporate income tax, VAT withholding tax and large businesses will see a drop in the taxes that they paid.
“The whole idea being to try and promote economic growth inclusivity as well as shared prosperity for our people. So we’re actually excited that the progress we’re making, and we’re looking forward to January 1, 2026.”
Oyedele told newsmen that the intention of the tax laws was not immediate revenue generation but to widen the revenue base to ultimately grow the economy.
He said:” The plan, the intention for this tax reform is not immediate revenue generation. We believe that over time, you get revenue from growth when the economy is growing, people pay not because tax rate has gone up, but because the base has increased.
“And number two is these reforms have rationalised a lot of wasteful and incentive that are distortionary, which is in itself, not helpful for the economy.
“And number three is we see as a result of this transformative tax reform, increasing awareness of and then task culture, and therefore improve compliance.”
The United States recently struck ISIS targets in Nigeria – not civilians, not villages, not mosques, but ISIS. Right on cue, a familiar group of moral contortionists, terrorism relativists, and permanent negotiators erupted in outrage, not against the terrorists, but against those who hit them. At the center of this reaction is Sheikh Ahmad Gumi, once again positioning himself not as a neutral cleric or mediator, but as the most consistent public defender of armed criminal groups operating within Nigeria.
This pattern is no longer strange, it is predictable. Whenever terrorists are named, classified, confronted, or hit, there is immediate protest, moralising, and appeals to sovereignty. Yet when villages are wiped out, farmers slaughtered, children kidnapped, women raped, and communities displaced, there is always an explanation, a lecture, or a deflection – but never urgency, never rage, never finality.
Gumi’s insistence that terrorism should only be fought by “clean, holy hands,” excluding the United States because of its global military record, collapses under even basic scrutiny. If clean hands were truly the requirement, then no African army qualifies, no Arab state qualifies, no Asian power qualifies, no European country qualifies, and no empire in history qualifies. By that logic, terrorism should never be fought at all. This is not moral philosophy, it is strategic paralysis disguised as piety.
The most perverse irony is that the same people who demand court declarations before action, insist dialogue must always come first, argue that military force never works, and warn that foreign help undermines sovereignty, have never produced an alternative that actually works. Nigeria tried amnesty, dialogue, ceasefires, payments, the release of arrested fighters, and reintegration without justice. The result was not peace but bigger gangs, better weapons, greater confidence, and more deaths.
No serious country thinks this way. When ISIS attacked France, there was no call for dialogue. Egypt did not seek mediation. Turkey did not complain about sovereignty. Iraq did not worry about symbolism. Israel did not convene clerics. Pakistan did not wait endlessly for courts. They acted decisively, because states exist to protect citizens, not to protect narratives.
The claim that striking ISIS amounts to a “neo-Crusade against Islam” is not only reckless, it is intellectually dishonest. ISIS kills more Muslims than Christians, declares Muslims apostates, burns mosques, enslaves Muslim women, and attacks Muslim communities. If bombing ISIS is anti-Islam, then every Muslim country that has fought ISIS – including Saudi Arabia, Jordan, Egypt, Turkey, and Iraq – must also be anti-Islam. That argument insults Muslim intelligence worldwide.
The real fear behind this outrage is not concern for civilians or sovereignty, it is the loss of relevance. Once terrorists are clearly labelled, internationally targeted, militarily pressured, and financially isolated, middlemen lose access, negotiators lose influence, apologists lose their platform, and ideological cover collapses.
The sovereignty argument itself is selectively deployed. Nigeria accepts foreign loans, IMF conditions, Chinese infrastructure, foreign intelligence, foreign arms, and foreign training without protest. But suddenly, when terrorists are hit, sovereignty becomes sacred? That is not patriotism, it is selective outrage.
If ISIS were fake, if terrorism were manufactured, if the threat exaggerated, then serious questions remain unanswered: why are these groups armed, who trains them, who funds them, why do they control territory, and why do they issue threats? There are no answers only sermons.
Serious people understand that terrorism is not defeated by sympathy, semantics, sociology alone, endless dialogue, or clerical cover. It is defeated by clear naming, relentless pressure, intelligence sharing, financial strangulation, and force when necessary. That is not cruelty, it is state responsibility.
Yet every time terrorists are confronted, the same voices rush to shield them with language, procedure, and theology. Nigeria must therefore ask itself a hard but necessary question: why is it always easier to condemn those who fight terrorists than those who commit terror?
Until that question is answered honestly, the problem will persist. And history will not be kind to those who mistook apologetics for wisdom.
A former Governor of Sokoto state, Aminu Tambuwal has called on the federal government no to ensure that its anti-terrorists strikes are expanded beyond the state.
Tambuwal spoke on Arise Television on Friday, a few hours after the United States missile strike on some terrorists targets in the state. The US President, Donald Trump said he ordered the strike against ISIS-linked terrorists, saying many of them were killed by the missiles launched by the US United States Africa Command, AFRICOM, in Djibouti.
In a post on social media, Trump said he’d directed a “powerful and deadly strike against ISIS Terrorist Scum in Northwest Nigeria,” who he said had been killing innocent Christians. He later told Politico that he delayed the strikes a day so they fell on Christmas.
“They were going to do it earlier,” Trump told the news organization. “And I said, ‘nope, let’s give a Christmas present.’ … They didn’t think that was coming, but we hit them hard. Every camp got decimated.”
The state, has in the past few months, experienced deadly attacks from Lakurawa terrorists believed to be associated with ISIS, and are mostly active in Tambuwal Local Government where the former governor hails from.
According to the US Leader, the strikes were conducted with the approval of the Nigerian Government. Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar confirmed to journalists that President Bola Ahmed’s Tinubu’s approval was sought before the US launched the strike.
Speaking on the strike, Tambuwal said the strike should be expanded to include some states where the terrorists are very active, including Zamfara, Borno, Zamfara, Katsina, Kaduna, among others, describing those states as “areas of more concerns” that his state.
The Senator representing Sokoto South in the National Assembly also urged the federal government to seek help beyond the US, because according to him, the problem of terrorism extends beyond Nigeria.
Tambuwal: “Areas of concern like Borno, Zamfara, Katsina, Kaduna, and a host of other parts of the country should be covered by this operation so that we do not have a situation where a particular part of the country that has not been as widely reported but is having such major security challenges as these other states would not be part of the narrative.
“I believe that the Nigerian government should seek greater collaboration with many more countries, including the US and others that are willing to support this fight; after all, it is a transnational issue.”
Apart from Sokoto state, explosions were also heard in Kwara state following the US strike, according to eyewitnesses who claimed that some shells from the missiles landed in some communities in the state .
The federal government said on Friday that the strikes touched the two states.
George Akume, Secretary to the Government of the Federation, have officially wedded Zaynab Ngohemba, the former Wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.
It would be recalled that the marriage between the Monarch and Zaynab came to an end following the disclosure that she already had Four Children for her ex-Lebanese Husband.
The disclosure of the marriage between Akume and Zaynab was made public on Friday via Facebook.
In a congratulatory message, a member of the Dajoh family, Abraham Double-d Dajoh, posted their Wedding picture in his social media post.
He confirmed the union between the high-ranking government official and the former Olori of the Ife Kingdom.
The Dajoh family described the union as “beautiful” and “uncommon,” as they formally welcomed her into their fold in Benue State.
In a statement that quickly went viral, the Dajoh family expressed their collective joy, signalling a significant chapter for the SGF’s household.
“We, the entire Dajoh Family, happily join our daddy, uncle and brother, His Excellency, The Secretary To The Government Of The Federation, Sen. George Akume Jugu Dajoh in welcoming his new and uncommon wife, Queen Zaynab Ngohemba-George Akume Dajoh, into the Dajoh family,” the post read.
The family further extended their appreciation to the political associates and supporters of the SGF, urging them to remain steadfast in their loyalty to him as he embarks on this personal journey.
“We appreciate and thank the fans and supporters of Sen. Akume for always standing by him. We enjoin every one of you to continue to support his Excellency even in this beautiful union with Queen Zaynab,” the post further read.
Queen Zaynab, who was previously known as Olori Wuraola during her 17-month marriage to the Ooni of Ife (which ended in 2017), was ushered into her new home with deep cultural reverence.
The Dajoh family emphasised the importance of their ancestral roots in Mbakor and the wider Benue State.
“Welcome to Benue State, the Food Basket of the Nation, welcome to Mbakor, the seat of leadership of the Tiv nation and welcome to the Dajoh family, the home of your darling husband. Welcome home, Queen Zaynab,” the statement concluded.
The announcement coincided with the festive period, as the family used the opportunity to wish Nigerians a happy holiday season.
“We wish you all a happy Christmas Celebration and a Prosperous New Year,” the post read.
Akume’s spokesperson, Yomi Odunuga, confirmed the marriage.
He, however, said contrary to reports that the wedding was held on December 24, the marriage is over a year old.
“I can confirm the marriage. However, contrary to the rumour that the marriage was concretised in Gboko on Christmas eve when the couple appeared together at an event to celebrate Christmas, it was actually a marriage that is over a year old,” Odunuga said.
Dr. Iyiola Omisore, a former National Secretary of the All Progressives Congress, APC, has revealed how the Minister for Marine and Blue Economy, Adegboyega Oyetola, deceived him into blocking Osun State Governor, Senator Ademola Adeleke, from defecting to the All Progressives Congress from the Peoples Democratic Party. The Minister, he said, told him that they needed to block Adeleke’s entry into the APC.
Omisore said he fell flat for Oyetola’s trick, and went to Channels Television to say all kinds of things against Adeleke, and blocked him from joining the APC.
Adegboyega Oyetola
Omisore lamented that when Adeleke was all set to join the APC, Oyetola called him and said Adeleke’s entry will spell trouble for his (Omisore’s) ambition and thus enlisted him into blocking Adeleke.
But to his regret, he said he didn’t know that Oyetola was just using him to project his own candidate.
Omisore also revealed that President Bola Tinubu, in a discussion with him, admitted that he, Tinubu was responsible for the defeat of the APC by PDP’s Adeleke in the 2022 Governorship election. To prepare for the 2026 Election, Omisore said he gave Tinubu tips on what to do to secure victory for the APC. He disclosed that President Tinubu has taken care of the loopholes, including funding.
He revealed these when he spoke to TVC. “When Adeleke wanted to come to APC, Oyetola was always calling me that this is a problem’’ But he later discovered it was a mistake to have listened to Oyetola.
His words: “When Adeleke wanted to come to APC, Oyetola was always calling
me that this is a problem and we have to resist this. And I went ahead to Channels to resist that defection, not knowing that he (Oyetola) has his own plan to sabotage me.”
On APC’s loss to Adeleke in 2022, Senator Omisore who was, also, a former Deputy Governor of the State said he had a conversation with Tinubu where the President accepted responsibility for losing Osun State.
Omisore he felt terrible over the defeat, and so, made recommendations to the President on how to avoid future losses, “including financing issues which Tinubu has since addressed.”
Not a few people felt that Adeleke’s move to APC was a done-deal, especially, after he had a one-on-one with the President and, also, allegedly, with the National Security Adviser on it. But he suddenly cancelled when Omisore and a couple of other APC members went public with abuses and unprecedented attack against him. A decent character, Adeleke withdrew into his shell and told close friends he couldn’t deal with toxic characters, but emphasized he is backing President Tinubu in 2027.
Governor Ademola Adeleke
In a twist, Omisore was, inexplicably, disqualified from participating in the Governorship Primary of the APC. He put the blame on Oyetola who he said backed the eventual APC Candidate – Bola Oyebamji.
Adeleke has since defected to the Accord Party and picked its Governorship ticket.
With just three Governors left, out of the 14 inherited by Governor Bala Mohammed of Bauchi state as chairman of the Peoples Democratic Party (PDP) Governors’ forum, time is up for him to resign.
Jude Imagwe, former Senior Special Assistant to ex-President Goodluck Jonathan on youth and student matters, who made the remark, asserted that Mohammed has failed in the leadership of the forum and is presiding over the decline of the party that accommodated him after the defunct All Nigeria Peoples Party (ANPP) failed him.
In an open letter addressed to the Bauchi governor, Imagwe said the intervention was written “in the spirit of responsibility to history and loyalty to the institution we all claim to serve”.
His words: “There are rare moments in the life of a political party when silence becomes complicity and truth becomes an obligation. The People’s Democratic Party stands at such a moment today.”
He said unless Governor Mohammed had something “fundamentally corrective” left to do, history would record his tenure as record-setting in damage.
“When you assumed leadership of the PDP Governors’ Forum, the party stood with fourteen governors. Today, the arithmetic of decline is stark and humiliating: governors by day, none by night; presence in name, absence in power. This is not routine opposition politics; it is institutional erosion,” he said.
Imagwe pointed out that leadership is not ceremonial, but the capacity to anticipate danger, arbitrate conflict and act decisively.
“When wisdom advised caution, it was dismissed. When unity demanded humility, arrogance prevailed,” Imagwe added.
He said the PDP’s decline was also a result of rejected counsel, including advice from former Senate President Bukola Saraki.
“That counsel was brushed aside. Today, the consequences stare the party in the face: a hollowed structure, diminished leverage, and a party negotiating its survival rather than shaping national debate,” Imagwe said.
He maintained that resignation at such a moment would not amount to weakness but accountability.
“Honour in politics is not measured by how long one clings to office, but by when one recognises the need to step aside for the survival of the institution,” he said.
Imagwe warned that political parties do not die suddenly but bleed internally through ignored warnings and delayed decisions.
“What Nigeria witnesses today is not an accident; it is the predictable outcome of leadership deferred,” he said.
He added that there remains a narrow window for Mohammed to act in line with honour, conscience and responsibility.
“This is the moment to rise above factional loyalty and choose institutional survival. This is the moment to act, before history concludes that when the PDP cried for rescue, leadership heard the cry and walked away,” he added.
The tenure of a former Minister of Police, Jelili Adesiyan, under former President Goodluck Jonathan’s administration is under scrutiny by a senior member of Governor Ademola Adeleke in Osun state..
The Senior Special Assistant to Governor, Adeleke, on Bureau of Social Services, Akintunde Bello Sheriff, took a swipe at the former Minister describing him as the worst the state has ever produced.
Bello, in a Facebook post, was reacting to Adesiyan’s comment during an interview with media personality Desmond Obilo.
The All Progressives Congress, (APC) chieftain had, during the interview, claimed that Adeleke had done nothing and would lose the forthcoming gubernatorial election.
However, the governor’s aide, in the post, described the former Minister as “an error of history in public service”, whose only record is his penchant for treachery and betrayal against his Benefactors.
He wrote, “Several Men, including a woman, have held the position of Ministerial from Osun State. The people of Ede felt the impact of Lanre Babalola as Minister for Power.
“I was in Ilesha on multiple occasions at the immigration office where I saw the imprint of Rauf Aregbesola as Minister.
“The Ibodi Ijesha axis felt the performance breeze of Erelu Olusola Obada as Minister for Defence.
Prof Isaac Adewole, as Minister of Health, ensured Osun was able to access the 20 Million USD grant, which the immediate past APC administration of Oyetola evidently shared a lump sum of it to cronies through phoney contracts against established standard practice.
“I am yet to hear, nor see any visible or verifiable achievements of Alhaji Abdul Jelili Adesiyan Jallo as Minister of Police Affairs under President Goodluck Jonathan, not even at his Odeomu community.
“I challenge anyone who knows of any achievements by Jallo anywhere in Osun State whose slot he used to outline such.
“The man was an error of history in public service. He is a tired leg in politics whose only record is his penchant for treachery and betrayal against his Benefactors.”
The pan-Yoruba socio-political organisation, Afenifere, has described as timely and necessary, the airstrikes conducted by the United States military forces against the ISIS-affiliated terrorists in the North West axis of Nigeria.
The Yoruba group emphasised that the operation will, in no small measure, restore safety and normalcy in communities that have for a while been terrorised.
Afenifere, in a statement by its National Organising Secretary, Abagun Kole Omololu, pointed out that the coordinated military response was a decisive and necessary step to confront years of relentless insecurity and widespread abductions.
The statement comes hours after the official confirmation from the Defence Headquarters that the strikes, targeting terrorist enclaves, were carried out with the explicit approval of the federal government
According to the statement “The recent confirmation by the Defence Headquarters that the joint air strikes conducted by Nigerian and United States military forces against ISIS terrorist elements in Northwest Nigeria were executed with the approval of the appropriate Federal Government authorities is both timely and necessary.
“Afenifere unequivocally supports this decisive action, which comes after years of relentless insecurity that has held communities hostage and undermined the very fabric of the nation.
“At this critical juncture, the involvement of the United States in the ongoing counter-terrorism operations deserves recognition, not condemnation.
“For far too long, innocent Nigerians have been subjected to relentless attacks, abductions and wanton destruction of property, while insufficient measures were taken to decisively confront these terrorist enclaves.
“The vacuum created by decades of ineffective governance has, regrettably, invited the intervention of capable partners who understand the urgency of the situation.
“Afenifere wishes to stress that true sovereignty is measured not by rhetoric but by the capacity to protect citizens, enforce the rule of law and secure the nation’s borders.
“The lives of Nigerians and the preservation of national peace must always take precedence over political sentiment or populist critique.
“The swift and coordinated military response demonstrates the Federal Government’s commitment to restoring safety and stability to affected regions.
“We call upon all citizens, political leaders, and civil society actors to resist any temptation to undermine these efforts with misplaced criticism.
“Now is the time for solidarity, support and constructive collaboration to eradicate terrorism and protect the lives of Nigerians.
“The courage, professionalism and decisive action displayed by both Nigerian and United States forces should be applauded. Afenifere reaffirms its support for any measures, domestic or joint, that will ensure that Nigeria’s citizens can live in safety and security, free from the scourge of terror.”
The Battle Of Megalomaniacs: Why does everyone seem to miss the point? Why can’t Nigerians see that the ruckus in the Nigerian oil and gas sector is a battle between two sharks who seek total acquisition and complete takeover of the industry as part of their burgeoning personal empires?
But Providence is kind to Nigeria and Nigerians. It is Nigeria’s good fortune that Alhaji Aliko Dangote was able to build and complete his mammoth-size refinery against extreme odds.
It is also by a divine hand that President Bola Tinubu is the man at the helm in Nigeria today.
Were the set up otherwise, if the heavens had not purposed the twain to tango at this crucial juncture, Nigeria’s story of the oil and gas system would have been different and indeed, much detrimental to the Nigerian state.
DANGOTE VERSUS BUHARI AND JONATHAN:
Had Dangote’s game-changing refinery been completed during the eras of Goodluck Jonathan or Muhammadu Buhari, it would have been another cleansweep moment for the doughty business moguls, Aliko.
Aliko Dangote and President Bola Tinubu
Jonathan and Buhari would have only been too happy that Nigeria’s refining jinx had finally been broken. They would have been too happy to save the humongous foreign exchange deployed to importing refined petroleum products.
They would have set up a special committee in the NNPC to engage Dangote Refinery in areas of crude oil sale/swap; refining costs, appropriate local and international pricing of locally refined products, the right pump price for Nigerians, etc.
If either Jonathan or Buhari were president at this time, the pump price of petrol under Dangote’s refining system would never have exceeded N300 – 400/litre. Both Dangote and NNPC would still have made ample profits!
Remember there are at least a dozen more products derived from crude oil refining.
These include diesel (AGO) and aviation fuel which are priced even higher than petrol (pms).
With the twain of Jonathan and Buhari, a win-win deal would have been extracted first for Nigerians, the federal government and for Dangote and his refinery.
DANGOTE VERSUS TINUBU:
But today, between Dangote and President Bola Tinubu who is also the Petroleum Minister, the centre cannot seem to hold. This is because their first interests may not be sovereign.
While Aliko has his eyes fixed on the global rich list, Tinubu is a well-known, tireless empire builder. This explains why at this juncture of Nigeria’s history, two megalomaniacs are clashing over the control of Nigeria’s most valuable economic assets, oil and gas.
This explains why there’s currently no agreement in the industry.
It is this clash of strong personal interest that is driving this seeming crisis. Nigeria achieved a major milestone in the world of oil and gas business: huge refining capacity.
Why have we not rolled out the drums in celebration as one of the biggest refinery hums to life in Nigeria?
Instead, our energy issues seem to multiply! Consider the seeming malady of Dangote Refinery importing crude oil and exporting refined products while the NNPC is exporting crude and its independent marketers are importing refined fuels!
Imagine also, the mind-bending situation in which petroleum products are priced lower in many African countries with less crude oil deposits.
Nigeria is a laughing stock of the world that marvels at this bizarre conundrum. For instance, Egypt, unlike Nigeria, is not a major oil producing country yet petrol pump price is significantly less ($0.40 per litre) against Nigeria’s $0.66 per litre.
This is because Egypt subsidises petrol consumption for her people. But Nigeria couldn’t manage a subsidy regime. At a point, she was subsidising corruption. Indeed, her entire oil industry is seized by sleaze.
CORRUPTION FIGHTING CORRUPTION:
The recent scuffle between Aliko Dangote and the ousted CEO OF NMDPRA, Mr Umar Farouk is an offshoot of Nigeria’s sordid oil industry.
While the coming of Dangote may moderate the age-old bad ways of government officials, Aliko Dangote comes with his special brand of dodgy business practice.
NMDPRA (Nigeria Midstream and Downstream Petroleum Regulatory Agency) led by Farouk had antagonised Dangote and his refinery since inception about two years ago.
He accused Dangote of “regulatory capture”, that his business model depended on opacity, as well as producing substandard products, among other issues.
A few days ago, Dangote dug deeper and shafted Farouk. He opened his behind, Farouk allegedly spent about $5 million in paying fees in Europe’s best schools for his children.
That’s a knockout punch of course and coming from the most influential business man in Africa, it had to be a knock out.
Farouk fell. He was fired with an alacrity not known in this government.
It’s common knowledge that Nigerian National Petroleum Corporation and the entire government-controlled oil sector in Nigeria is a house founded on graft.
If all Farouk, a CEO, could garner was only $5m then he has to be a saint. Government agencies like the Customs, Immigrations, Revenues Service, Maritime, to name a few, are honeypots for quick riches. It is given that you would be stupendously rich for working in these places.
DANGOTE, THE OLIGOPOLIST GOES FOR NIGERIA’S JUGULAR:
Make no mistakes about it, Dangote is not a crusader! Even if he were, he crusades only one interest: his own.
We must therefore watch him closely now that he has Nigeria’s oil industry in his back pocket.
Dangote is actually as ‘bad’ as they come. His ways and methods are of course, different, but bad all the same.
First, he works with any government in power to have his ways. He will eventually make sweetheart deals with President Tinubu to get his desired margins both for his crude and refined products. He already has oil blocks of his own so he will drill his own crude, refine and fix his price.
Over the years, he had colluded with successive presidents to enjoy exclusive waivers that have been described as economic sabotage by analysts.
Dangote is an arch-oligopolist. He is a well known shark who devours competition in any industry he operates. And he operates in so many sectors of the economy. He dominates them all.
He did it in the sugar subsector in his early days where he laid Tate & Lyle, a major producer, prostate and eventually deleted them from existence, leading to the untimely transition of T & L’s then MD.
In the rice importation race of the 90s, Aliko beat off competition. The stubborn ones he eventually annihilated with a dose of pricing poison: selling at ridiculously below market price (at a loss) to wipe out smaller competitors. By the time he was done with them, they became his distributors.
Aliko’s bar knuckle war in the cement sector is still raging. After killing off Ibeto Cement, Dangote controlled about 70% of Nigeria’s market. It took the coming to the scene, and fighting spirit of BUA Cement to curtail the overwhelming influence of Dangote Cement. Yet he still controls about 55% of the cement market till date.
Antitrust laws would have wound down Dangote if he were operating in Europe or America. He doesn’t operate in any industry he doesn’t dominate to the point of fixing the prices.
WHO REGULATES DANGOTE:
Disgraced Farouk was trying to tell Nigerians something. But while he whimpered about regulatory capture, and opacity in Dangote’s operational model, the mogul moved swiftly to cut him down. Farouk didn’t see it coming. With this treatment, NMDPRA has been totally captured and castrated. No CEO in NMDPRA would dare look Dangote in the face again. Dangote is now the operator and regulator in Nigeria’s oil and gas industry. That is dangerous.
Nigerians must be wary because the more Dangote dominates a sector, the more prices rise. You would think increased capacity and local production would lead to reduction in price, no.
It’s the other way round for him. This is why many complain that he’s building his global rich list standing on the graves of hapless Nigerians.
For instance there’s no reason locally produced fuels would be more expensive than imported ones. Not in a major crude oil producing country. Not in an impoverished environment where more than half of the population are dirt-poor. These abundant natural resources ought to be deployed to lift Nigerians out of poverty and not further trample them into the dust.
In summary, now that a hawk is contending with another, how would the drama pan out? Will Nigeria be better for it at last?
LAST LINE: MERRY CHRISTMAS to all our readers. Regardless of the gruelling economy and our misbegotten leaderships which seem to work against the interest of the people, let’s rejoice in this season of goodwill. Let us all endeavour to show love and share the little we have with our neighbours.
