- Dangote has now said he’s willing to give up the ownership of the refinery and hand it over to NNPC Limited, Nigeria’s state-owned energy company,
Africa’s richest man, Aliko Dangote, has doubled down on his public expression of the challenges he is facing with his multi-billion-dollar oil refinery.
Dangote in recent days has opened up on how some vested interests are doing everything to sabotage the operation of the refinery.
The 650,000 barrel-per-day refinery, which began operations last year after a decade of construction, has been facing difficulties , including problems in sourcing crude oil from international producers.
NNPC has a supply deal with the refinery but has only managed to deliver a relatively paltry 6.9 million barrels of oil since last year, forcing the refinery to seek alternative sources from countries like Brazil and the US.
Dangote has now said he’s willing to give up the ownership of the refinery and hand it over to NNPC Limited, Nigeria’s state-owned energy company, amid unresolved differences with the federal government.
He disclosed said this in an interview with Premium Times on Sunday.
“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Dangote said in a recent interview.
Dangote, who has for decades dominated Nigeria’s cement, salt, and sugar industries, ventured into oil and gas, a move that has so far proven turbulent and perilous.
The refinery cost $19 billion to build, more than double the initial estimate. It promises to reduce Nigeria’s dependence on imported fuel and save up to 30% of the foreign exchange spent on imports.
It is understood that the refinery, set to release its first batch of petrol to the Nigerian market in August, has been operating at just over half its capacity due to difficulties in sourcing crude oil from international producers.
“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,” Dangote said.
“This refinery can help resolve the problem, but it seems some people are uncomfortable with me 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,” he added.
Dangote’s decision comes after facing several obstacles, which he believes validate the caution advised by friends and associates when he invested billions into Nigeria’s economy.