After cement, another promise from Dangote

The richest blackman in the world is at it again. After his unrealized promise on Cement, he has said that the

Dangote refinery will save Nigeria about $10b that is spent on imported fuel and then contribute another $10b from exports.

I should be clapping but I will not. The first time I got information on Dangote and his business was when he was accused of owing a bank.

To my surprise he said he had paid the bank N7m and that should be ok for them!

Perhaps this is what consultants call, thinking outside the box!

You are owing a bank and papers are signed. The money belongs to depositors who expect returns on their deposits.

People blame banks for not granting loans but banks cannot grant loans when borrowers unilaterally repudiate their obligations!

My worry about this promise is the failure of the promise on cement.

Petrol is very vital to our economy. Making a promise like this should gladden the heart but concessions should not be given on the strength of these mouth watering claims to the detriment of competition. If Dangote must do charity, he should start by recognizing the right of competition to exist lest it turns out to be handing out of fish instead of allowing other fishermen to fish in untroubled waters.