The President of Dangote Group, Aliko Dangote, revealed that his friend, who previously advised him against investing in Nigeria, is now mocking him for ignoring that advice.
Dangote shared this in an interview with PREMIUM TIMES on Sunday, as reports surfaced that the Nigerian Midstream and Downstream Petroleum Regulatory Authority claimed diesel from Dangote Refinery is of inferior quality.
“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. 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 explained that he invested in the refinery to help solve a major issue in the country, expressing his frustration that some people are 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 appears 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.”
The 650,000 barrel-per-day refinery, which became operational last year after a decade of construction, cost $19 billion—more than double the initial estimate. It promises to help Africa’s biggest oil producer reduce its reliance on imported fuel and save up to 30 percent of the total foreign exchange spent on imports.
On Sunday, the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, announced it was awaiting fresh reports to confirm the real sulphur content of the diesel produced by the Dangote refinery. The company denied claims of inferior fuel production.
NMDPRA spokesman, George Ene-Ita, told The PUNCH that the agency had done its job and would not engage in a media dispute over the claims made by NMDPRA Chief Executive Farouk Ahmed, that Dangote’s diesel has more sulphur content than imported diesel. Ene-Ita mentioned that the authority has about 15 engineers and scientists embedded in the Dangote refinery, and a fresh report about the refinery’s sulphur content would be released on Monday.
Africa’s richest man had previously described how a cabal was obstructing his attempts to import crude, making it difficult to obtain products and slowing down operations. However, last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority stated that the Nigerian government had not yet licensed the Dangote refinery to begin operations in the country.
NMDPRA Chief Executive Officer Farouk Ahmed told journalists at the State House on Thursday, July 18, that claims of efforts to hinder Dangote refinery’s operations due to a lack of crude oil supply by International Oil Companies were false. He added that the refinery was still in the pre-commissioning stage and had not been licensed yet. Ahmed also claimed that Dangote’s diesel product was below international standards, a claim the businessman has refuted.
