Aliko Dangote, Africa’s richest man, reveals that a friend who started investing abroad four years ago is now taunting him over his struggles with the Nigerian government regarding his refinery project in Lagos.
Dangote has faced numerous challenges with the government, including difficulties importing crude and delays in product acquisition, which have slowed operations at his refinery.
Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that the Dangote refinery has not yet received the necessary licensing to begin operations. Farouk Ahmed, the CEO of NMDPRA, clarified that the refinery is still in the pre-commissioning stage and dismissed claims that International Oil Companies were obstructing crude supply to the refinery.
Ahmed also claimed that the diesel produced by Dangote’s refinery was below international standards, a statement that Dangote refuted during an interactive session over the weekend.
In an interview with Premium Times, Dangote recounted how a friend, whom he had urged to invest patriotically in Nigeria, is now mocking him.
“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,” Dangote said.
He emphasized that his investment in the refinery project was aimed at solving a significant issue in Nigeria, expressing frustration at those 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.”
“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. At least the country will have high-quality products and create jobs,” he added.
The Dangote Refinery, with a capacity of 650,000 barrels per day, began operations last year after a decade of construction. The project, which cost $19 billion—more than double the initial estimate—aims to reduce Nigeria’s reliance on foreign fuel imports and save up to 30% of the foreign exchange spent on importing goods.
