Aliko Dangote, President of Dangote Group, has shared that a close friend who previously advised him against investing in Nigeria is now mocking him for not heeding that advice.
According to PUNCH, Dangote disclosed this during an interview with PREMIUM TIMES on Sunday, amid controversy over the quality of diesel produced by his refinery.
“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 actions in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups,” Dangote recounted. “That friend has been taunting me in the past few days, saying he warned me and that he has been proven right.”
Dangote has faced significant challenges with his $19 billion refinery project, which was constructed to alleviate Nigeria’s fuel shortages. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently alleged that the diesel produced by the Dangote Refinery has a higher sulfur content compared to imported diesel.
In response to the allegations, Dangote remarked, “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 further emphasized the motivation behind his investment, stating, “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, and run the refinery.”
Dangote expressed his frustration over the regulatory hurdles, noting that the refinery, which aims to produce 650,000 barrels per day, was intended to reduce Nigeria’s dependency on imported fuel and save significant foreign exchange. Despite these intentions, the project has faced resistance.
The NMDPRA’s spokesperson, George Ene-Ita, indicated that the agency is awaiting fresh reports on the sulfur content of the diesel produced by Dangote’s refinery. “We have about 15 engineers and scientists embedded in the Dangote refinery, and their report on the sulfur content will be out soon,” Ene-Ita said.
Furthermore, NMDPRA’s CEO, Farouk Ahmed, clarified that the Dangote refinery is still in the pre-commissioning phase and has not yet received an operating license. He refuted claims that there were efforts to block crude oil supplies to the refinery, maintaining that the diesel produced did not meet international standards…..See_More
