The billionaire’s statement comes amidst a new dispute with one of the key equity partners in the plant, marking the latest phase in an ongoing conflict with regulatory authorities in Nigeria.
Earlier, Dangote announced that the Nigerian National Petroleum Corporation (NNPC) Limited’s stake in the refinery has been reduced from 20% to 7.2% due to their failure to pay the balance of their share.
What Dangote said:
“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,”
“We have been facing 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,” Dangote stated.
The long-awaited $20 billion refinery, which began operations in January has been hailed as a transformative force for Nigeria and the energy sector across sub-Saharan Africa.
Since the refinery began operations in January, it has faced difficulties securing adequate crude supplies within Nigeria. Set for its first roll-out of petrol to the Nigerian market in August, the mammoth plant has been operating just above half its capacity.
Nigeria is Africa’s largest oil producer, yet issues such as theft, pipeline vandalism, and low investment. Consequently, Dangote has had to import crude from distant sources like Brazil and the United States.
In an earlier interview with Reuters, Dangote refinery senior executive Devakumar Edwin revealed the refinery is in talks with Libya to secure crude oil for its 650,000 barrels per day (bpd) plant and is also exploring options to source oil from Angola.
Nigeria’s Midstream and Downstream recently claimed that the sulphur content in Dangote’s gasoil exceeds the required limit of 200 parts per million (ppm). However, Dangote refuted claims that petroleum products from his refinery are substandard.
Africa’s richest man, has now shelved plans to develop a new steel plant in Nigeria after the government accused him of attempting to establish a monopoly with his new refinery.
