The President of Dangote Group, Mr. Aliko Dangote, has disclosed that a friend who had previously advised him against investing in Nigeria is now taunting him for disregarding that advice.
Dangote shared this information on Sunday, as reports emerged quoting the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s claims that diesel from Dangote Refinery is of inferior quality. Dangote stated, “Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with his decision and urged him to reconsider his actions in the interest of the country. He attributed his decision to policy inconsistencies and the machinations of various interest groups.”
“That friend has been taunting me in the past few days, asserting that he had warned me and that he has been proven correct.”
Dangote expressed that he had invested in the refinery to help address a significant issue in the country, and he questioned why some individuals were working against him. He added, “As you are likely aware, I am 67 years old. In less than three years, I will be 70. I require very little to live the remainder of my life. I cannot take the refinery or any other property or asset to my grave.”
In his statement, Dangote further stated “It is in the interest of my country to address the ongoing fuel crisis that has persisted since the 1970s. The Dangote refinery can play a critical role in resolving this problem. However, it appears that some individuals are uncomfortable with my involvement in this project. As such, I am prepared to step away and allow the Nigerian National Petroleum Corporation (NNPC) to purchase my stake in the refinery. This would enable the NNPC to fully operate the facility, ensuring the country has access to high-quality petroleum products and creating much-needed jobs”.
The 650,000 barrel-per-day refinery, which is almost completed after years of construction, cost $20 billion – more than double the initial estimate. This project holds the promise of helping Nigeria, Africa’s largest oil producer, to reduce its reliance on imported fuel and potentially save up to 30% of the total foreign exchange spent on these imports.
On Sunday, the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, stated that it is expecting fresh reports to confirm the actual sulphur content of the diesel produced by the Dangote refinery. This comes after the company has refuted claims of producing inferior fuel.
The National Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has addressed the matter regarding the claims made by the NMDPRA Chief Executive, Farouk Ahmed, about the sulphur content in Dangote’s diesel being higher than imported diesel.
