During his exclusive with the Nigerian newspaper, PremiumTimes, Africa’s richest man, and the President of Dangote Group, Aliko Dangote, revealed that his friend, who previously cautioned him against investing in Nigeria, is now taunting him for not following his advice.
“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 action 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,” the billionaire added.
Dangote, however, stated that he invested in the refinery to address a huge problem in the country and wondered why certain individuals were working against him.
“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 relayed.
He went on to note that his decision to invest in the refinery is purely driven by his need to solve the country’s energy problems that have persisted for decades, and as a result, he is ready to give up ownership of the refinery, if that would help.
“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,” he said.
Challenges faced by the Dangote Refinery
Since beginning operations in January, the refinery has struggled to secure enough crude supplies in Nigeria. The massive refinery, which is scheduled to begin producing fuel for the Nigerian market in August, has been functioning at little more than half of its capacity.
This is despite the fact that Nigeria is Africa’s largest oil producer. However, oil theft, pipeline vandalism, and low investment, have hampered the West African country’s ability to fully maximize its oil sector.
Additionally, Nigeria’s Midstream and Downstream alleged that Dangote’s gasoil contains more Sulphur than the legal level of 200 parts per million (ppm). Dangote, on the other hand, denied that the petroleum products produced by his refinery are of poor quality.
