The President of Dangote Group, Aliko Dangote, has stated clearly that the difficulties surrounding his $20 billion refinery project are not coming from the recently appointed leadership of the Nigerian National Petroleum Company Limited (NNPC).
Instead, he pointed to some powerful players in the oil sector — mainly major marketers and traders — as those working against the project’s progress.
Speaking in a statement released on Tuesday, Dangote noted that he recently visited President Bola Tinubu to express appreciation for putting together what he called a highly capable team at the NNPC. He named Mr. Bayo Ojulari, the new Group Chief Executive Officer, and Mr. Ahmadu Kida, the Non-Executive Chairman, as key figures in this leadership team.
According to Dangote, these appointments show the President’s strong will to fix the petroleum sector and push for reforms that will lead to a stronger national economy. He noted that the experience and skills brought in by Ojulari and Kida are the kind of leadership the NNPC needs now.
“We are confident that this team will address systemic challenges, align with the President’s vision of a $1tn economy, and reposition NNPC Limited for operational excellence and long-term sustainability,” Dangote said.
Over the weekend, a media report suggested that Dangote was still battling for the survival of his massive refinery project, which is expected to change Nigeria’s oil industry. He responded by clarifying that his concerns were not directed at the new NNPC leadership. He noted that, so far, the new team has shown strong support in helping meet the refinery’s operational needs.
Dangote believes the real challenge lies with long-standing market forces who feel threatened by the refinery’s potential to shift the balance of power in the oil business. These major marketers, he noted, are more concerned about protecting their own interests rather than supporting national development.
The $20 billion Dangote Refinery, when fully operational, is expected to reduce Nigeria’s reliance on imported fuel and create jobs while stabilizing the local supply of petroleum products.
