Abdulkabir Adisa Aliyu, the Chief Executive Officer of Matrix Energy, has strongly criticized the federal government’s approach to the oil and gas sector, urging action to prevent Aliko Dangote’s refinery from establishing a monopoly. His remarks came during a Senate ad-hoc committee session investigating allegations of economic sabotage in the petroleum industry.
Aliyu highlighted Dangote’s recent financial success, noting that Dangote reported a staggering profit of ₦133 billion from sugar sales over the past six months. He attributed this achievement to Dangote’s monopolistic control over the sugar industry in Nigeria. Aliyu argued that such a concentration of market power has detrimental effects on consumers, as it allows for higher prices and reduces competition.
He expressed frustration over the high cost of foodstuffs in Nigeria, questioning why Dangote’s significant profits from the sugar sector were reported amid these economic challenges. According to Aliyu, the inability of other companies to import sugar due to Dangote’s market dominance forces Nigerians to pay inflated prices for sugar products.
Aliyu emphasized that monopolistic practices harm businesses and consumers alike, stressing that a diverse market with multiple players is essential for fair pricing and economic stability. He also pointed out that such monopolistic control is not only detrimental to consumers but also to the overall business environment.
Additionally, Aliyu expressed support for the Senate’s investigation into these issues and affirmed his commitment to contributing to solutions that would ensure the availability of affordable products. He urged the government to foster an environment where investors can thrive without undue market dominance by any single entity.
Furthermore, Aliyu addressed concerns about his own company and its investments in Nigeria, highlighting that Matrix Energy has created over 2,700 jobs and remains dedicated to the country despite facing accusations and challenges. He also countered claims about sourcing products from restricted regions, emphasizing his commitment to legal and ethical business practices.
Overall, Aliyu’s statements reflect a broader concern about the implications of monopolistic practices on Nigeria’s economy and the welfare of its citizens.
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