Aliko Dangote, President of the Dangote Group, has expressed his willingness to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL). In an exclusive interview with Premium Times on Sunday, Dangote addressed allegations of monopoly in the industry and offered the refinery to the NNPCL to alleviate these concerns.
Dangote stated that the sale of the refinery to the NNPCL would nullify the monopoly allegations. “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labeled 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,” he said.
He noted that Nigeria has been facing fuel crises since the 1970s and that the refinery could help resolve the problem. However, he acknowledged that some individuals were uncomfortable with his involvement. “So I am ready to let go, let the NNPC buy me out, run the refinery,” he added.
This offer comes after Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, claimed that the Dangote refinery had requested the regulator to stop issuing import licenses to other marketers, aiming to be the sole fuel supplier in Nigeria. “We cannot rely heavily on one refinery to feed the nation… because of monopoly,” Ahmed stated in a video interview.
Ahmed also criticized the quality of the refinery’s products, alleging that the diesel (AGO) produced did not meet the West African requirement of 50 ppm sulphur, instead producing between 650 to 1,200 ppm.
Dangote revealed that the current challenges faced by his refinery have validated warnings from friends and associates who cautioned him against investing billions of dollars in the Nigerian economy. “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,” he said.
The Dangote Refinery, which began operations last year after a prolonged construction period, has a capacity of 650,000 barrels per day. The refinery aims to reduce Nigeria’s reliance on foreign fuel imports and conserve foreign exchange.
“Let the NNPC buy me out and run the refinery. At least the country will have high-quality products and create jobs,” Dangote concluded.