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Former governorship aspirant, Tonye Cole, has raised concerns over the potential risks of allowing monopolies to thrive in Nigeria, emphasizing that healthy competition is essential for economic progress.

Cole made these remarks in light of the ongoing dispute between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

Speaking during an interview on Channels Television’s Politics Today on Friday, Cole, a prominent member of the All Progressives Congress (APC) in Rivers State, observed that large conglomerates, particularly those operated by Aliko Dangote, tend to dominate their respective markets, including industries like sugar and cement.

“Almost every business that comes up, especially at the scale of Dangote, would always want to move towards monopoly. The antecedent has always shown that whether it’s in sugar, cement and all of that, that is the trend in which he would want to move,” Cole said.

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He maintained that while this may be expected, it is not acceptable for Nigeria.

“Competition makes nations stronger. Competition makes businesses stronger, competition makes industry stronger. And most importantly, competition benefits the citizens the most. It will be extremely dangerous and totally unacceptable for any kind of monopoly to exist within Nigeria,” he added.

Addressing the state of the oil industry, Cole pointed out that although the Dangote Refinery is operational, state-owned refineries continue to remain largely non-functional.

He further revealed that some importers are able to bring in petroleum products at lower costs compared to what Dangote’s facility currently offers domestically a situation that, according to him, adds fuel to concerns surrounding monopoly and pricing in the energy sector.

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