Aliko Dangote hits back at monopoly allegation, announces readiness to sell refinery to NNPC

Africa’s wealthiest man, Aliko Dangote, has expressed his willingness to sell his ownership of the newly constructed Dangote oil refinery to the Nigerian National Petroleum Company (NNPC) Limited, as stated in an interview with Premium Times on Sunday.

This development comes amidst an ongoing disagreement between the refinery and Nigerian regulatory bodies, signaling a potential resolution to the standoff.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist,” Dangote said.

“That’s an incorrect and unfair allegation, but it’s okay. If they buy me out, at least, their so-called monopolist would be out of the way.

“We have been facing 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.

“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.

“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.”

Aliko Dangote further revealed that the challenges his refinery is currently facing have validated the warnings and concerns raised by his friends and associates, who had cautioned him to exercise prudence when investing billions of dollars in the Nigerian economy.

“Four years ago, one of my very wealthy friends began to invest his money abroad,” Dangote added.

Afri Reporters earlier reported that the management of Nigeria’s newly built Dangote refinery has commenced talks with Libya and Angola to purchase crude for the 650,000 barrels per day (bpd) plant.

This is part of the move to overcome domestic supplies challenges being faced by the company, according to a senior executive.

Aliko Dangote constructed the $20 billion refinery on the outskirts of Lagos, creating the continent’s largest refinery, aimed at ending Nigeria’s reliance on imported fuel by addressing the country’s refining capacity shortfall.

Despite being Africa’s largest oil producer, Nigeria’s challenges with oil theft, pipeline vandalism, and inadequate investment have hindered Dangote Refinery’s ability to secure sufficient domestic crude supplies since its January startup.

As a result, the refinery has turned to importing crude oil from distant locations like Brazil and the United States to meet its needs.