Africa’s richest man, Aliko Dangote, has expressed his readiness to relinquish ownership of his $19 billion oil refinery to NNPC Limited, Nigeria’s state-owned energy company.
This decision comes amidst escalating disputes with key equity partners and regulatory authorities in Nigeria.
Dangote, in an exclusive interview with PREMIUM TIMES, stated, “Let them (NNPC) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.”
The Dangote Refinery, touted as a game-changer for Nigeria’s energy independence, has faced numerous hurdles since its inception.
Initially planned to alleviate the country’s perennial fuel shortages and reduce foreign exchange expenditure, the refinery has struggled to operate at full capacity due to challenges in crude oil sourcing.
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Reports indicate that NNPC, a former ally, has significantly lagged in delivering the agreed supply of crude to the facility.
“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. So I am ready to let go, let the NNPC buy me out, run the refinery,” added Dangote, highlighting his willingness to step aside for the greater good of Nigeria.
Despite these setbacks, Dangote remains committed to the refinery’s potential impact on Nigeria’s economy and energy sector.
“Everything I do is in the interest of my country,” he affirmed, emphasizing the refinery’s potential to deliver high-quality products and generate employment opportunities.
The businessman’s decision to potentially divest reflects broader concerns within Nigeria’s business community regarding policy consistency and regulatory challenges.
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