Shell Rejected Nigeria’s Refineries—Dangote Stepped In, UMY Backed Out, Obasanjo Had the Vision

Former President Olusegun Obasanjo is widely believed to have played a pivotal role in boosting Aliko Dangote’s rise in the cement industry—allegedly at the expense of Cletus Ibeto’s thriving cement business. Ibeto claims Obasanjo shut down his factory to eliminate competition and favor Dangote.

🧱 The Allegations: Ibeto vs Dangote

- Cletus Ibeto, founder of Ibeto Group, recently accused Aliko Dangote and Olusegun Obasanjo of colluding to shut down his cement factory during Obasanjo’s presidency.
- Ibeto said his cement was cheaper and stronger than Dangote’s, selling at ₦600 per bag when global prices were around ₦1,000. He claimed this threatened Dangote’s market dominance.
- According to Ibeto:
“Dangote ran to Obasanjo and influenced him to shut down my factory… My cement was stronger, more durable, and far cheaper.”

🏛️ Obasanjo’s Role: Strategic Favoritism?

- Obasanjo has publicly stated that he encouraged Dangote to invest in cement production to reduce Nigeria’s reliance on imports.
- However, Ibeto alleges that this encouragement came with deliberate suppression of competitors, especially in the Southeast, where Ibeto’s factory was based.
- Ibeto believes the move had ethnic and monopolistic undertones, saying:
“He wanted to cripple the South-East because the Igbos are the ones who build the most.”

💰 Impact on Cement Prices & Market Control

- Today, a 50kg bag of cement in Nigeria sells for ₦10,000, compared to ₦5,000 in Ghana. Ibeto insists that if his factory had remained operational, prices would not exceed ₦2,500.
- Dangote Cement now dominates the Nigerian market, with over 60% market share, and is a major player across Africa.

📺 Watch & Read More:
- [Naija247News – Ibeto Blasts Dangote and Obasanjo](https://naija247news.com/cement-would-cost-no-more-than-%e2%82%a62500-if-my-factory-wasnt-shut-down-cletus-ibeto-blasts-dangote-obasanjo/)
- [Daily Post – Obasanjo on Convincing Dangote](https://dailypost.ng/2025/10/09/how-i-convinced-dangote-to-establish-cement-factory-in-nigeria-obasanjo/)