BILLIONAIRE business mogul, Aliko Dangote, is ready to sell off his oil refinery to the Federal Government owned Nigerian National Petroleum Corporation (NNPC) Limited, following emerging new scenarios that could further hamper the fruitful running of the multibillion dollar plant.
Baring his mind on the fresh difficulties his refinery is facing, a frustrated Dangote stated that he is ready to let go of the project, “if it will benefit the country.”
In an interview with an online news portal, Premium Times, he voiced his frustration over recent unresolved issues with NNPC, and stated that they should “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 that is okay. If they buy me out, at least, their so-called monopolist would be out of the way.”
The crux of Dangote’s frustrations is hinged on his inability to secure crude oil for the 650,000 barrel-per-day refinery, which finally started operations in 2023 after several false starts over the last decade.
The refinery has faced difficulties in sourcing crude oil from international producers.
The difficulties of sourcing crude oil from international producers reduced operations to slightly more than a half of the capacity of the refinery amid plans to release the first batch of petrol to the market in August.
Aliko Dangote
Despite a deal with the refinery, NNPC, has delivered only 6.9 million barrels of oil since the refinery started operations, forcing Dangote to look elsewhere in Brazil and USA for crude.
Dangote has certainly found his venture into oil and gas more challenging despite his huge success in Nigeria’s cement, salt, and sugar industries.
He stated: “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.
“This refinery can help resolve the problem, but it seems some people are uncomfortable with me in the picture. So I am ready to let go, let the NNPC buy me out and run the refinery. At least the country will have high-quality products and create jobs.
“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 action in the interest of his country.
“He blamed his action on policy inconsistencies and interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right.”
The refinery, which cost $19 billion, promises to reduce Nigeria’s reliance on imported fuel and save up to 30 per cent of foreign exchange spent on imports.
