Dangote Stands Firm Against Oily Opposition in Refinery Battle
Dangote Declares Persistence in Pursuit of $20 Billion Refinery, Alleges Sabotage Efforts
In a bold show of resilience, billionaire business tycoon, Aliko Dangote, has declared his ongoing war against powerful adversaries who are reportedly trying to bring down his $20 billion refinery project in Nigeria. Speaking at an investor forum in Lagos, Dangote voiced his determination to push through the obstacles blocking his 650,000 barrels per day refinery in Lekki, Lagos.
These powerful groups, alleged saboteurs of the project, have been profiting for years from government-subsidized oil imports into the country. According to Dangote, they are vehemently opposed to the refinery's functioning due to its potential to reduce Nigeria's reliance on costly imported refined fuel. The tycoon hinted that these groups have backed efforts to resist the removal of petrol subsidies by President Bola Tinubu, which they perceive as a threat to their financial interests.
"They are against the refinery operating easily in the country," Dangote asserted, presenting a united front in the face of adversity. Despite frequent challenges, Dangote stays confident that he will ultimately emerge victorious in his ongoing struggle.
"We're fighting, and the fight is far from over. I have been in battles all my life, and I am prepared and fully confident that I'll come out on top in the end," he maintained.
Despite the formidable opposition, Dangote expresses optimism for the future of the refinery. "We'll get there," he reassured, underscoring the importance of the refinery to not just Nigeria but the entire Sub-Saharan Africa region. The refinery began petrol production in September 2024 and is expected to significantly reduce Nigeria's dependence on imported refined fuel.
Dangote's Vice President of Oil and Gas, Devakumar Edwin, has accused international oil companies (IOCs) in Nigeria of deliberately obstructing the refinery's purchasing of local crude. Edwin alleges that the IOCs have been inflating crude oil costs, thereby forcing the refinery to import the resource from other countries, escalating operational costs.
Edwin also criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for indiscriminately granting licenses to marketers to import substandard refined products. According to Edwin, this move aims to maintain Nigeria's reliance on imported refined products at the expense of IOCs' continued export of raw materials.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced its support for Dangote as he battles the "cabal" within the country's oil and gas sector. The association's Publicity Secretary, Chinedu Udadike, encouraged Dangote to press on with his fight for the masses' overall good.
However, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, advocates for cooperation among all players in the downstream sector. He suggests that Dangote be allowed to refine petroleum products with the naira-for-crude deal while importers and other traders are given a level playing field to operate. Gillis-Harry emphasizes the importance of facts to back up all claims and encourages fair competition in the industry.
The Dangote Refinery is widely regarded as a significant step towards Nigeria's self-sufficiency in refined products and a much-needed reduction in its reliance on expensive imports. While the hurdles are numerous, the refinery's entry into the market has already had a positive impact, driving down the prices of refined products, albeit with concerns from retailers about potential losses.
- Aliko Dangote, in a speech at an investor forum in Lagos, declared his defiance against opponents trying to impede his $20 billion refinery project in Nigeria.
- Dangote, in reference to the opposing groups, stated, "They are against the refinery operating easily in the country."
- Despite the tough opposition, Dangote remains optimistic about the future of the refinery, asserting, "We'll get there."
- Dangote's Vice President of Oil and Gas, Devakumar Edwin, accuses International Oil Companies (IOCs) in Nigeria of obstructing the refinery's local crude purchasing.
- Edwin also criticizes the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for granting licenses to marketers to import substandard refined products.
- The Independent Petroleum Marketers Association of Nigeria (IPMAN) supports Dangote in his fight against the "cabal" within the country's oil and gas sector.
- However, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, advocates for cooperation among all players in the sector, suggesting that Dangote be allowed to refine petroleum products with a naira-for-crude deal.
- The Dangote Refinery, with its entry into the market, is viewed as a crucial step towards Nigeria's self-sufficiency in refined products and a reduction in its reliance on expensive imports.
