- Laolu Akande criticizes Dangote Refinery as “bad business” for NNPCL, citing systemic corruption and conflict of interest in the industry
- Akande calls for presidential intervention to address regulatory challenges, emphasizing the need for integrity in Nigeria’s petroleum sector
Laolu Akande, a former Presidential Aide, has criticized the Dangote Refinery as “bad business” for the Nigerian National Petroleum Corporation Limited (NNPCL).
In an interview with Channels TV’s Sunrise Daily, Akande highlighted systemic corruption issues that he believes the refinery exacerbates. He stated, “The Dangote Refinery will contribute to our energy security by ensuring a steady fuel supply in the country. However, what’s being overlooked is that the refinery is problematic for the NNPCL and the existing corrupt system.”
Akande explained that the establishment of the refinery introduces a conflict of interest. He pointed out that the NNPCL’s primary business involves importing refined petroleum—a highly lucrative segment and prone to corruption. “The main business of NNPCL is importing refined petroleum. Dangote’s refinery threatens this lucrative segment, which is why there’s so much drama and conflict between NNPC and Dangote Refinery,” Akande said.
He further criticized the ongoing dispute between NNPC and Dangote Refinery, attributing it to the disruption of entrenched interests benefiting from NNPC’s long-standing monopoly on refined petrol imports. “Dangote has challenged the entrenched interests that have benefited from NNPC’s sole importation of refined petrol for decades,” Akande added.
Akande also expressed surprise at the lack of decisive intervention from the Nigerian President. “I’m surprised that the President hasn’t addressed this issue more directly to restore confidence in the regulatory process,” he remarked, calling for presidential action to address the regulatory challenges and restore integrity to Nigeria’s petroleum sector.