-Kenneth Okonkwo to Pengassan
Oct 4,
In a robust defense of one of Africa’s most prominent industrialists, ADC Chieftain and legal practitioner Barrister Kenneth Okonkwo has refuted claims that Aliko Dangote operates as a monopolist, instead attributing his dominant market position to astute entrepreneurship and systemic government failure.
During an interview with Symfoni TV, Okonkwo framed Dangote’s business strategy as a textbook execution of sound business principles. “Dangote came in, and all the refineries have crumbled, and then you’re saying he’s a monopolist. No, Dangote is a smart person,” Okonkwo stated.
“He’s just doing what we were taught to do when I was reading business administration: come into the system, identify a problem, and bring a solution, and you become a billionaire, you become a trillionaire.”
The legal analyst detailed how Dangote capitalized on government incompetence in the refining sector.
According to Okonkwo, Dangote correctly identified that due to “the incompetence and corruption of the government, they will never be able to repair those refineries.”
He further revealed a pivotal moment where government mishandling intervened, stating that the federal government had initially agreed to sell its refineries to Dangote but then “incompetently reversed it.”
Okonkwo highlighted the staggering cost of this reversal, noting that Nigeria has spent nearly $10 billion trying to repair its refineries since that decision, all while they remain in a state of disrepair.
He pointed out the stark contrast in efficiency, asserting that “the money he used to build one of the largest refineries on earth is even smaller than that.”
Ultimately, Okonkwo redirected the blame for high petroleum prices away from Dangote and toward systemic government corruption, particularly in the fuel subsidy regime.
He alleged that corruption, not Dangote’s business model, is the true driver of costs, concluding that it is the Nigerian people who ultimately bear the financial burden of these systemic failures.
