Zimbabwe News and Internet Radio

Dangote deal pie in the sky

By Tendai Kamhungira

It’s been two years since Africa’s richest man, Nigerian billionaire Alhaji Aliko Dangote, jetted into the country in a highly-publicised investment deal, but nothing has come to fruition.

Aliko Dangote
Aliko Dangote

The so-called “mega deal” has remained pie-in-the-sky that occasionally pops up in lapdog State media when propaganda mandarins are desperate for a feel-good story.

Since Dangote’s visit into Zimbabwe, nothing has been done to fulfil the deal, with the finer details of the transaction remaining sketchy.

The businessman’s investment deal in Zimbabwe could have been one of the biggest in nearly two decades.

Dangote — with a net worth of $17, 2 billion, according to Forbes Magazine — had plans to invest locally in three sectors —power, energy and cement manufacturing, with claims that he was going to set up a 1, 5 million tonne cement grinding plant in Zimbabwe.

The businessman met President Robert Mugabe and several government ministers during his visit in Zimbabwe.

The Dangote deal was touted as creating thousands of jobs, creating a foreign currency base and spurring economic development.

But Dangote is still to consummate the investment deal after getting approval from the Zimbabwe Investment Authority.

Dangote Group’s chief strategist Abdu Mukhtar visited Zimbabwe in January last year and said they felt “comfortable and excited” about investing in Zimbabwe.

“Everything is on track, we are back and happy,” Mukhtar said.

“We will continue to come back here this year and 2016 is going to be a very active year. We will be coming in and out to do all sort of things as we kick start the projects.”

But that was the last visit.

There are claims that some competitors have been throwing spanners in his works, while some claim Dangote fears losing his investment due to Zimbabwe’s high political risk.

During his stay in the country, Dangote urged the government to relax its stringent visa conditions and improve on the ease of doing business.

Economic analysts have also singled out policy inconsistencies as one of the reasons behind low foreign direct investment inflows into the country.

With 93-year-old President Mugabe in charge, several investors are edgy over the country’s future, fearing a new government could repudiate their deal.

For a while now, the government’s controversial indigenisation policy forcing foreign-owned companies to cede 51 percent of their shares to locals, has spooked investors. Daily News

  • Kkkkk

  • He didn’t know abt indigenous laws here then

  • Why would he want to give his money …to zanu thugs who will just line up their pockets.

    His not a idiot!!

  • Why would he invest his money only to get bondnotes that he can’t even use in his own country

  • He was just joking . Wasn’t it April fools day when he came????

  • Was visiting the Falls perhaps

  • Nigerian currency has taken a noise dive.
    So money for investments short.

  • Aiuya kuzoshora uya. Nigeria ine mbavha. Asika hakuna mbavha inoda ma bond. Apa mazuva ano akati azara muma coin. Zvakaoma

    • nop mitemo yembavha dzedu ndoyakapa aore moyo y uchinyara kutaura chokwadi unovanyara here kuty vakadhakwa havana chavanoziva nezvekuty nyika ienderer mberi ruzhinji rwevanhu ruchigutawo chavo kuba bedzi ncaaaa sis

  • He couldn’t trust ‘the mafias’ 😂

  • becoz of ZANU pf

  • Zim has no currently …definately e guy doesn want goats

  • Kasukuwere asked for a 1 million bribe. Kkkk

  • Ask Kasukuwere he might have an answer to this.

  • Dangote is an intelligent man, very intelligent and it is that intelligence that has made him filthy rich.Dangote is not a fool.So with his intelligence Dangote was able to notice and see that the reason why Zim politicians were excited and surrounding him like big green noisy swam of green bomber flies on shit was based on pure dirty corrupt greed.Dangote noticed that our guys are thugs and every body in Zim wanted a piece of Dangote from the very inept and deplorable company executives in Zim to the slimy politicians who probably wanted Dangote to grease their dirty palms to enable his investments to go through unhindered. Pathetic!

  • Obvious the political situation in our country was not reap for his business

  • He is not insane who in normal sense would invest millions in Us$ only to shit bond paper.Sorry bond mari

  • Gentleman I think and believe that the political discord in our beloved country has caused unnecessary untold suffering to the economy . This has resulted in policy inconsistency breeding of uncertainty to any industrialist or investor here home and abroad for the much needed foreign direct investment. Our house Zim is in severe discord that frightens and leaves any investor existing and new in our business corridors with little or no choice of setting up a business . We all need to put our act together for the common good of mother Zimbabwe . I Wish if zimbabweans would lend the state Zimbabwe their ears and listen to the Un stopping cries of mother Zimbabwe. We all owe our present to generations to come .

    • Murume Mukuru

      You make sense.But the guys holding the guns back home do not think like that….they would rather loot national resources and buy houses in Capetown and Malaysia.They do not care about leaving a positive legacy for the next generation .Even their own children have left the country and have no intention of coming back just like millions of fellow young Zimbos.

  • I like his acumen. He could see the Zanu PF wolves in sheep skin who were silivating over his billions. Vakanyangira yaona.

  • Who in his right mind invests in a shitty little country like Zimbabwe?

  • Anotomirira 2018 pava neMDC zvake

  • Tinovaziva

    I never thought the deal would amount to anything considering how many mega deals we sign that come to nothing. Deals with Russians, Chinese and recently a MoU with Zambia. It’s just noise as Mugabe hops from one dunghill to another like a green bomber.

  • Well NOTED Chikanga…. .!!!!!!!!!!!!!!

  • Murume Mukuru

    Everyone is holding on to their money till Bob dies. Even those in Zanupf.They know it.

  • The political nonsense in the country chased him away

  • No one is foolish to invest in such a polluted environment.

  • Dangote would be stupid to invest in Zimbabwe anybody as things stand would be even someone with dirty money can’t wash it Zimbabwe and get bond notes or goats

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