African billionaire threatens to shut operations in Ethiopia

ESAT News (June 22, 2017)

Africa’s richest man, Aliko Dangote, threatens to shut down its operations in Ethiopia demanding authorities to reverse decisions that some of the cement production would be transferred to youth cooperatives.

The Ethiopian regime has recently decided to give some of the cement production operations to youth associations in an attempt to calm the growing protest especially in the Oromo region, where thousands of youth protested political and economic marginalizations by the oligarchic rule.

The regional government sees the transfer of jobs in the pumice production as well as sand, clay mines, limestone and additives as a way to ease youth unemployment and quell unrest, according to the document seen by Bloomberg news.

Dangote’s Executive Director Edwin Devakumar said in an interview with Bloomberg that mismanagement of mining infrastructure including buildings and excavators could “lead to total breakdown of our business.” he said Dangote will consider shutting the cement plant if federal authorities do not reverse their decisions.

Dangote spent more than $700 million in Ethiopia employing about 1,500 workers.