–Possible price manipulation
–Search for alternative to cement on

By Nick Ibe

The Federal Competition and Consumer Protection Commission has said its preliminary investigation into Nigeria’s cement industry suggests likely manipulation of cement prices, following widespread complaints over the soaring cost of the commodity despite the country’s large production capacity and abundant limestone deposits.

It has also opened an investigation into possible price manipulation in Nigeria’s cement industry after a three-month inquiry raised concerns that prevailing market conditions may not fully explain the cost of the building material.

The preliminary findings followed a cross-border study conducted by the commission’s Anticompetitive Practices Department in response to widespread complaints over the rising cost of cement.

In a statement issued on Tuesday by the FCCPC Director of Corporate Affairs, Ondaje Ijagwu, the commission said its investigation compared Nigeria’s cement market with those of Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria and Togo.

An analysis of findings in the FCCPC report showed that the cost of cement in Nigeria is higher than the prices of the same quantity of the commodity in neighbouring African countries.

The study examined the availability of limestone, population, production capacity, consumption and retail prices. The statement read:

“Findings from an industry-wide investigation conducted by the Federal Competition and Consumer Protection Commission suggest possible manipulation of prices of cement in the Nigerian market.

“This is the preliminary summation of the 40-page field reports collated following a three-month cross-border study by the Anticompetitive Practices Department of the Commission, undertaken in response to widespread public complaints over the high cost of cement, a common staple in the country’s construction industry.”

The commission noted that Nigeria has substantial limestone deposits and installed cement production capacity estimated at between 60 million and 65 million metric tonnes annually, against domestic consumption of about 25 million to 30 million metric tonnes.

Despite the reported excess capacity and Nigeria’s position as a net exporter to neighbouring countries, the commission said domestic prices had continued to rise.

Market intelligence reviewed by the FCCPC showed that a 50kg bag of cement, which sold for between N9,300 and N9,700 in January, rose to between N10,500 and N13,000 by mid-year. By July, prices of between N13,000 and N15,000 were reported in some parts of the country.

The commission also found that cement sold at lower prices in some African markets. In Kenya, where the population is about 58.6 million and cement demand was estimated at 9.3 million metric tonnes in 2025, a bag sold for about $5.40, or N7,344.

In Tanzania, with a population of about 66.3 million and similar cement demand, a bag sold for about $4.80, or N6,528. In Togo, which the commission said has no limestone deposits, cement retailed at about $6.75, or N9,180 per bag.

The FCCPC said the price disparity had raised questions about why Nigeria’s significant production capacity and raw material endowment had not translated into greater downward pressure on prices.

It said industry players had attributed the high prices to energy costs, naira depreciation, imported machinery and spare parts, as well as transportation and logistics expenses.

However, the commission said it was testing those explanations against verified information on production costs, pricing, capacity utilisation and other market conditions.

“Of particular concern to the commission is that this level of production capacity has not resulted in the downward pressure on domestic prices that might ordinarily be expected in a competitive market with substantial excess capacity.

“Information provided by industry participants has identified energy costs, depreciation of the Naira and its effect on imported machinery and spare parts, as well as transportation and logistics costs, among the factors contributing to cement prices.

“The commission is testing these explanations against verified information on costs, production, pricing and market conditions. However, the weight of preliminary findings provides sufficient grounds for the investigation to continue,” the statement said.

The FCCPC said the preliminary findings provided sufficient grounds to continue the investigation and determine whether cement prices were driven by legitimate costs or by anti-competitive practices.

The probe will examine possible coordinated conduct, abuse of market power, restriction of domestic supply and anti-competitive distribution practices.

Accordingly, the commission has issued Notices of Commencement of Investigation and Summons to Produce to key players in the sector, demanding records on pricing methodologies, production, capacity utilisation, exports and commercial relationships.

“Next is to determine whether prevailing cement prices can be explained by legitimate costs and market conditions, or whether there is evidence of coordinated conduct, abuse of market power, restriction of domestic supply, anti-competitive distribution practices or other conduct contrary to the provisions of the FCCPA,” it added.

Commenting, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the investigation was necessary because of cement’s strategic importance to the economy.

“Cement occupies a strategic place in the Nigerian economy. Its price affects the cost of building a home, developing commercial property, delivering public infrastructure and, ultimately, the cost of doing business. When concerns persist about how such an important market is functioning, the Commission has a duty to look beyond assumptions and establish the facts,” Bello said.

He stressed that the investigation was not aimed at dictating how companies should conduct their businesses or limiting legitimate profits.

“Businesses are entitled to make legitimate commercial decisions and earn returns on their investments. Competition law does not prevent that. Its purpose is to protect the competitive process, so that prices, output and other market outcomes are determined by genuine competition rather than conduct that unlawfully restricts it,” Bello said.

The investigation comes amid growing pressure on the construction sector, where rising cement prices have increased the cost of housing and infrastructure projects across the country.

OPS, economists react

Building sector leaders and economists explained that the factors behind the high cement prices in Nigeria are compounded; on the one hand, it is largely structural, including transportation of limestone on impassable roads, and on the other hand, it could be influenced by monetary policy, including taxes.

They noted that there is only so much that the FCCPC could do, especially because any government intervention risks could impact free trade.

Reports indicate that, business leaders, including the Chairman of the Lagos Chamber of Commerce and Industry Construction Group, Soji Adeniji, explained that his experience in a recent project confirmed the FCCPC report.

“I was in Canada recently, and a friend of mine who is having a project in Canada was contemplating buying cement from abroad. He was of the opinion that, why can’t we buy cement from Nigeria, as in he wants to import cement from Nigeria and stuff like that.

“By the time he did his calculations, he found out that cement is not as cheap in Nigeria, and that we could arrange for the importation.

Eventually, as the report stated, he found out that Turkey is more price-friendly. He was able to establish a relationship with Turkey. Of course, the Tanzania, Kenya market too was a bit preferable, which boils down to the fact that the price of cement in Nigeria is higher. But then the question would be, what is the location of that kind of high cost?”

Adeniji also acknowledged that the cement market in Nigeria is experiencing a moment of scarcity, but noted that the given reasons may not be as satisfying.

“Why are we having scarcity? Some people are saying because it was raining and therefore limestone deposits, well, that is not, I mean, for me, for the past two weeks now, since the beginning of August, there has not been much rainfall to affect any production. But what is happening to the limestone would be another thing,” the LCCI construction group leader stated.

He noted that other business factors could play a role, adding, “If you check the production line and look at that production chain line, you look at it from limestone to the facility that is an infrastructure facility for production.

“You look at the economy, which is stable, so we cannot be saying that things are changing. The economy is stable, and has been consistent for too long a time. Then other challenges, maybe with the manufacturer.

“You’d notice that Lafarge has just changed. A company called HBM has just bought over Lafarge, meaning that maybe the management issue or something like that. So, when you look at that production, up to the level of distribution, you’ll ask again, why are we experiencing this? They will be telling you logistics, transportation for delivery, and that kind of thing.

He noted that taxation could be another factor. “Some people from the manufacturer’s side too might be talking about the issue of double taxation, and things like that. If the tax regime is not favorable, there’s nothing definite.”

These experts urged the government to invest in improving supply to meet increasing demand, which may have caused exorbitant prices. They recommended working with researchers and the private sector to develop alternatives to cement for concrete making.

On his part, Professor of Economics and Public Policy, University of Uyo, Prof Akpan Ekpo, said the housing sector, is a very crucial part of investment where the cement issue could be a supply problem.

“This could be more demand than supply. So what the government should do is that you look at that sector properly and see whether you can help that sector.”

Ekpo called on the government to help people who need access to finance in order to be in the cement business. “Otherwise,” he said, “you’d keep having this problem of high cost of cement.”

A member of the Nigerian Institute of Building and Yaba College of Technology researcher, Samuel Shonibare, said, “I urged the government to look for alternatives to the use of cement in construction. There has been a lot of research that studied other materials that can be used to replace cement partially in concrete production.

“I’m trying to look at the probability of using rice shells as partial replacements for cement in concrete production. It’s one research project I’m currently working on. Not that I’m even trying, I’m on it.”

He explained that if the country reduces the use of cement in construction, of course, there will be a drastic reduction in the price of cement that is being used in construction. “So the recommendations I would make for now is telling the stakeholders in the construction industry to focus on research that will yield an alternative material to cement. If the producers of cement have discovered that there’s a shift in the usage, I think that will lead to a reduction in the price,” Shonibare noted.

Meanwhile, the Chief Executive Officer of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf, urged the government to carry out more rigorous research to ensure a detailed solution.

He said, “In order for a balanced view, it is important to hear from the FCCPC what the producers and distributors of cement have to say. Secondly, we need to know the cost structure of the cement producers and suppliers in the foreign countries. It will help us gain clear insight.”

Yusuf noted that understanding what factors impact the pricing of cement in the other countries will enrich the FCCPC inquiry.

He added, “The report needs to be more rigorous and show us the cost structure in the other countries. We need to know their cost of production, taxes, logistics and energy. Having the factors that underlie the prices will help (the probe), since it is presented as a comparative report.”

As Africa’s richest man, Aliko Dangote, moves into the legacy phase of his career and pursues a $100 billion industrial ambition that could extend beyond his own tenure, his three daughters, Halima, Mariya and Fatima, are stepping further into the public eye, raising a bigger question: which of them could shape the future of his empire?

Africa’s richest billionaire faces a succession question: Who will shape his $100 billion empire, Halima, Mariya or Fatima Dangote?

For more than four decades, Aliko Dangote, 68, has built one of Africa’s largest private business empires, transforming a family trading company into a conglomerate with interests in cement, food manufacturing, fertiliser and energy.

His fortune has made him Africa’s richest man, with Forbes estimating his current net worth at about $31 billion and Bloomberg’s Billionaires Index placing it at roughly $36 billion, largely driven by assets including Dangote Cement and the Dangote Petroleum Refinery.

The Nigerian industrialist became a billionaire in 2007 as his manufacturing and cement businesses expanded.

He made his first appearance on the Forbes Billionaires List in 2008 with an estimated fortune of $3.3 billion and surpassed the $20 billion net worth mark in 2013, cementing his position as Africa’s richest person.

Today, the founder is pursuing another major target: building a $100 billion industrial empire through expansion in energy, cement, fertiliser and other sectors.

The scale of that ambition makes it a generational project that could extend beyond his own tenure, aligning with his stated goal of moving beyond wealth accumulation to industrialise Africa, create jobs and build institutions capable of surviving beyond him.

That vision has placed succession at the centre of discussions around the group’s future, with attention turning to his three daughters, Halima, Mariya and Fatima Aliko Dangote, who for years remained largely out of the spotlight compared with their father.

The sisters have increasingly stepped into the public eye beyond their traditional corporate roles, offering rare insight into their personalities, responsibilities and ambitions within the family empire.

Fatima, in particular, drew attention after a video of her taking the wheel during a leisure boat cruise went viral on social media, while separate Bloomberg interviews with the three daughters on philanthropy, global expansion and the company’s growth strategy have brought renewed focus to the next generation of the Dangote empire.

Their growing visibility has raised a key question for Africa’s biggest privately owned business group: which of the three could emerge as the leading figure in shaping the future of the Dangote empire?

Africa’s billionaire succession challenge
The Dangote succession question reflects a wider corporate governance challenge facing Africa’s wealthiest business families.

Across the continent, billionaire founders and industrial tycoons, many now above 50, have built companies that dominate key sectors, yet only a small number have publicly identified their successors.

Unlike global family businesses such as LVMH and Reliance Industries, where the next generation has been placed in senior leadership roles, many African business dynasties have kept succession plans private, raising questions around continuity, ownership and long-term strategy.

The issue is becoming more urgent as a generation of entrepreneurs who built Africa’s biggest corporate empires enters a new stage of their careers, facing the challenge of turning founder-led companies into multigenerational institutions.

For the Dangote Group, the succession question carries additional significance, as one of Aliko Dangote’s daughters taking the helm would mark a rare transition of a major African business empire to an all-female next generation in a landscape where leadership succession has often centred around male heirs.

The founder appears to be addressing the transition early. In February 2026, he expanded the leadership roles of his daughters, assigning them responsibility over key areas of the conglomerate, which operates across 17 African countries.

The appointments marked a shift from family association to executive responsibility, positioning the three women as part of the leadership structure expected to guide the company’s next phase of growth.

Halima Dangote: Preserving the legacy
Among the three daughters, Halima Dangote has recently attracted the most public attention following her Bloomberg interview on her father’s wealth and philanthropic plans.

During the interview, she revealed that Aliko Dangote intends to dedicate a significant portion of his wealth to charity, reflecting his belief that philanthropy should continue across generations.

“He sort of put all the structure in place whereby we focus a lot on health and education. He actually donated 25 per cent to the foundation. If you look at it, it is what we call in Sharia Code in Islam; it means he has donated 33 per cent of his whole inheritance to his foundation.”

Halima said the decision formed part of a wider family arrangement aimed at ensuring that giving back remains central to the Dangote legacy.

“That is how important it is to him because philanthropy needs to be in existence generation after generation.”
She added that the family had been involved in formalising the decision.

“And that is why he made an announcement and he asked myself, my two sisters and his mother to sign under that will that he is able to give that 33 per cent to humanity.”

Her comments provided rare insight into how Dangote views wealth beyond business ownership.

Halima currently serves as Group Executive Director, Dangote Family Office and International Offices, overseeing the development and governance structure of the family office in Dubai and London.

She previously served as executive director at Dangote Flour Mills, where she helped oversee the company’s turnaround before its sale, and also held leadership roles at NASCON Allied Industries.

Beyond Dangote Group, she serves as Board President of The Africa Center in New York, sits on the board of Endeavor Nigeria and is a member of Women Corporate Directors.

Mariya Dangote: Building global connections
Meanwhile, Mariya Dangote has emerged as one of the key figures representing the group’s global business ambitions.

In her Bloomberg interview, Mariya discussed Dangote Cement’s plans to deepen its connection with international investors, including a possible London listing.

Speaking about the company’s international strategy, she said:
“London is compatible with our business.”

The comment reflected the group’s ambition to attract global capital as it expands beyond Africa.

Mariya has been appointed Group Executive Director, Commercial Operations – Cement and Foods, where she oversees commercial strategy across some of the group’s largest businesses.

She joined the board of Dangote Cement Plc in 2005 and has held strategic roles within Dangote Industries, including Group Strategy Lead.

Her background combines law, business strategy and corporate governance, with a law degree from Bayero University, Kano, and an MBA from Coventry University in the United Kingdom

Fatima Dangote: Driving the $100 billion ambition
Fatima Dangote, meanwhile, has become closely associated with the company’s expansion strategy, particularly in energy.

As Group Executive Director for Oil and Gas, she oversees major businesses including Dangote Petroleum Refinery and Petrochemicals, fertiliser operations and WAEP Upstream.

In her Bloomberg interview, Fatima disclosed that Dangote Group expects annual revenue to rise from about $20 billion currently to $80 billion within three years before reaching $100 billion by the end of the decade.

The plan will require about $40 billion in fresh investment, with the company exploring options including a planned initial public offering of Dangote Refinery, the sale of a stake in its fertiliser business and a secondary London listing for Dangote Cement.

Speaking about the refinery IPO, Fatima said:

“We’re selling a story.”
She said the listing was not only about raising capital but also about demonstrating Africa’s ability to build globally competitive industrial companies.

“What drives all of us is to see that we actually attain Vision 2030. The Vision 2030 is not the end. It’s just the beginning.”

Fatima previously held commercial leadership roles at NASCON Allied Industries and worked in strategy and business development within the group.

She is a Nigerian-trained lawyer and has completed executive leadership programmes at Columbia University, Wharton School and Cambridge University.

In the wider restructuring of the family business, Fatima’s husband, Captain Jamil Dangote, was appointed to oversee logistics at the Dangote Refinery, a function previously supported by members of the wider Dantata business family, including figures linked to logistics operations.

The move further expands the role of the Dangote family network in the conglomerate’s next phase.

The next chapter of the Dangote empire
The future of Dangote Group will depend on more than the capital required to achieve its $100 billion ambition; it will also depend on whether the next generation can preserve the founder’s vision while managing an increasingly complex multinational business.

Whether Aliko Dangote eventually places the empire under one successor or adopts a shared leadership model remains unclear, but his recent decisions indicate that the transition from a founder-led company to a multigenerational institution is already underway.

By Seyi Balogun

Sustainable development can only be achieved when more individuals and businesses have access to financial opportunities, says Alternative Bank, adding that inclusive finance is critical to Nigeria’s long-term economic growth.

The bank’s statement was issued on Thursday following two awards it received in recognising of its contributions to sustainable development, financial inclusion and humanitarian partnerships.

The bank received the Champion of Sustainable Development Award at the Africa Social Impact Summit 2026 Impact Capital Dinner in Lagos.

According to the statement, it also received the Distinguished Humanitarian Partnership Award from the National Association of Nigerian Visually Impaired Students, University of Lagos Chapter, during the association’s 20th anniversary celebration.

Though presented by different organisations, they reflected a shared recognition that sustainable development goes beyond providing capital and requires broader participation in economic activities, including groups often excluded by conventional financial systems.

The Executive Director, Commercial and Institutional Banking, Lagos and South-West, Korede Demola-Adeniyi, while highlighting the import of the recognition said:

“Finance delivers its greatest value when it expands opportunity. Sustainable growth is achieved by supporting businesses, strengthening communities and ensuring more people have access to the tools they need to succeed. Anything less leaves the job unfinished.”

The statement noted that the Champion of Sustainable Development Award was presented during the Africa Social Impact Summit Impact Capital Dinner, organised by the Sterling One Foundation in partnership with the United Nations Population Fund and supported by the MacArthur Foundation.

It added that the summit brought together business leaders, policymakers, development partners and investors to discuss practical strategies for financing Africa’s development priorities.

The bank said the award acknowledged its efforts to promote responsible finance while supporting initiatives that expand economic opportunities and strengthen communities.

The statement further explained that the Distinguished Humanitarian Partnership Award recognised the bank’s collaboration with organisations advancing disability inclusion, educational access and community development.

The Head of Corporate Social Investment at The Alternative Bank, Solomon Okonkwo, said lasting partnerships were necessary to eliminate barriers that prevent people from participating fully in society and the economy.

“Inclusion becomes meaningful when people can learn, work and contribute without unnecessary barriers. We remain committed to partnerships that expand access and create opportunities for individuals and communities to thrive,” he said