Aliko Dangote, in a recent interview, shared that a close friend, who once advised against investing in Nigeria, is now taunting him for disregarding that advice. This comes amidst allegations that the diesel produced by Dangote Refinery is of lower quality, a claim made by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Dangote recounted, “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. 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.”
He explained that his investment in the refinery was motivated by a desire to address Nigeria’s long-standing fuel crisis. “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, run the refinery.”
The refinery, with a capacity of 650,000 barrels per day, became operational last year after a decade of construction and a cost of $19 billion. It was expected to reduce Nigeria’s dependency on imported fuel and save up to 30 percent of the country’s foreign exchange used for imports.
However, the Federal Government, through the NMDPRA, raised concerns about the diesel quality. The NMDPRA spokesman, George Ene-Ita, stated that the agency is awaiting fresh reports to verify the sulphur content of the diesel produced by the Dangote refinery. He mentioned that 15 engineers and scientists are embedded in the refinery to provide accurate data.
Despite these allegations, the NMDPRA Chief Executive, Farouk Ahmed, claimed that the refinery has not yet been licensed to begin full operations. He asserted that the refinery is still in the pre-commissioning stage and that claims of interference by international oil companies are unfounded.
Dangote has countered these claims, emphasizing that the refinery’s products meet high standards and that his efforts to contribute to Nigeria’s economy are being unjustly hindered. He expressed readiness to step aside if it would benefit the country, saying, “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.”
