Billionaires’ war? 8 things to know about Dangote, Abdul Samad Rabiu face-off
The face-off between Aliko Dangote (owner of Dangote Group) and Abdul Samad Rabiu (owner of BUA Group) involves a complex history of competition and disputes within the Nigerian business landscape, impacting multiple industries and revealing the challenges they’ve faced in their entrepreneurial journeys.
In this report, Crispng.com will take you through 8 things you probably do not know about the face-off between the Nigerian business moguls.
- Decades-Long Rivalry: The feud between Aliko Dangote and Abdul Samad Rabiu spans three decades, primarily focused on who controls the sugar and cement sectors.
- Battle for Cement Dominance: Dangote owns the largest industrial conglomerate in West Africa, with Dangote Cement as the largest producer in Nigeria, holding over 60% market share. BUA Cement, founded by Rabiu, is the second-largest producer, with around 20% market share. Their rivalry began in 2008 when BUA Cement entered the market.
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- Limestone Quarry Dispute: In 2020, the feud escalated as BUA Cement accused Dangote Cement of blocking access to its limestone quarry in Edo State, leading to ongoing legal proceedings.
- Recent Media War: The recent battle flared up when Dangote accused Rabiu of sponsoring false reports against him and his businesses, including allegations of illegal foreign exchange deals.
- Historical Business Disputes: BUA Group claimed that Dangote had engaged in tactics to hinder its businesses, including a bounced cheque incident and the revocation of land for a sugar refinery project.
- Survival Amidst Challenges: BUA has overcome various obstacles, such as a contested land lease for a sugar refinery and resistance in establishing a floating cement terminal, demonstrating resilience in their business endeavors.
- Political Interventions: Political figures, including late President Yar’Adua, played a role in resolving some of the disputes between the two billionaire businessmen.
- Accusations and Resolutions: Accusations of misuse of power and undue influence have arisen on both sides, leading to dismissals and presidential interventions.
