Yekini Nabena, a former Deputy National Organising Secretary of the All Progressives Congress (APC), has raised concerns about the state of the economy under President Bola Tinubu’s administration, highlighting the influence of certain individuals, or “cabal,” on economic affairs.
Expressing dismay over the current state of affairs, Nabena criticized the concentration of power and control in the hands of a select few, particularly in industries such as cement production and sales.
He questioned why only two individuals are allowed to dominate the production and distribution of cement, a vital commodity in a country with a population of over 300 million.
Nabena specifically targeted Aliko Dangote, alleging that the billionaire businessman’s acquisition of all major cement companies in Nigeria had created a monopoly that stifled competition.
He further asserted that Dangote’s track record in running companies is questionable, despite his status as the richest African.
In an interview with Sunday Sun, Nabena remarked, “Dangote bought all the cement companies so that nobody will compete with him yet he has never run any company successfully. It is not done anywhere. Today, he is one of Nigeria’s biggest problems if the government really wants to face the fact.”
Nabena also scrutinized the motives behind Dangote’s investment in the refinery sector, suggesting that the establishment of Dangote Refinery was primarily aimed at monopolizing the refining process and controlling the sale of refined products to Nigerians.
He implied that entities like Dangote Group are resistant to government efforts because the current administration has exposed their monopolistic practices.
