Africa’s wealthiest individual, Aliko Dangote, has made a bold declaration amidst escalating disputes with regulatory bodies over his multibillion-dollar Dangote Refinery project in Nigeria.
In an exclusive interview with PREMIUM TIMES, Dangote expressed his readiness to relinquish ownership of the refinery to NNPC Limited, the state-owned energy company. This statement comes amid accusations of monopolistic tendencies leveled against him, highlighting a contentious phase in his relationship with regulatory authorities in Nigeria.
The Dangote Refinery, a monumental $19 billion endeavor, commenced operations last year after enduring a decade of construction challenges and cost escalations. Initially projected to significantly reduce Nigeria’s dependency on imported fuel and save up to 30% in foreign exchange spent on imports, the refinery has encountered operational hurdles from its inception.
These challenges include difficulties in sourcing crude oil from international suppliers, which has hampered its ability to operate at full capacity.
Dangote’s proposal for Nigeria to halt petroleum product imports upon the refinery’s completion has been met with skepticism and opposition from regulatory bodies, particularly from Farouk Ahmed of the Nigerian Midstream and Downstream Petroleum Regulatory Agency.
Ahmed has raised concerns over energy security, market monopolization, and the quality of diesel produced by the refinery, alleging high sulfur content that could be detrimental to both vehicle engines and the environment.
In response to these criticisms and the regulatory standoff, Dangote has offered NNPC Limited the opportunity to acquire his stake in the refinery, stating, “Let them buy me out and run the refinery the best way they can.” He emphasized his willingness to step aside to alleviate concerns about monopolistic practices and to ensure the refinery’s operations align with national interests.
