Dangote Hints At Selling His New Refinery to NNPC

Aliko Dangote, President of Dangote Group, has hinted at selling his newly built refinery to the Nigerian National Petroleum Corporation (NNPC) amidst challenges and criticisms.

In a candid interview with Premium Times on Sunday, July 21, Dangote also revealed the taunts from a friend who had previously warned him against investing in Nigeria.

The interview followed reports from the Nigerian Midstream and Downstream Petroleum Regulatory Authority alleging that diesel produced by Dangote Refinery was of inferior quality. Addressing these claims, Dangote shared his frustrations and reflected on the journey and motivations behind his investment.

“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his actions in the interest of his country,” Dangote recalled. “He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right.”

Dangote emphasized that his investment in the refinery was driven by a desire to solve a critical issue in Nigeria—fuel shortages that have plagued the country since the 1970s. He expressed disappointment over the opposition he has faced despite his efforts to benefit the nation.

“As you probably know, I am 67 years old. In less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country,” he stated.

Reflecting on the fuel crisis and the potential of the refinery to address it, Dangote hinted at a willingness to step aside if necessary.

“We have been facing a fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, and run the refinery. At least the country will have high-quality products and create jobs.”