Dangote returns after Zimbabwe bribery shock

Dangote returns after Zimbabwe bribery shock
Published: 22 February 2018
Nigerian billionaire Aliko Dangote's much-hyped plan to invest $1 billion in Zimbabwe's cement, coal and power industries in 2015 collapsed after political bigwigs pressured him to 'grease their palms'.

Dangote made a high-profile visit to Zimbabwe in October 2015, meeting the then President Robert Mugabe as the investment-starved country shut out of global capital markets since the turn of the century hoped for some succour from Africa's richest man.

Dangote's highly publicised investment plans included the construction of a $400 million cement plant that would produce 1,5 million tonnes annually, doubling the  country's output at the time.

Dangote left after no action was taken by the government on the issue.

Investment consultant Josey Mahachi-Agbeniyi said Dangote is considering coming back to Zimbabwe following President Mnangagwa strong stance against corruption.

More to follow...
- Fin Gaz
Tags: Dangote,


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