Africa’s richest man, Aliko Dangote, says he is willing to sell his multi-billion-dollar oil refinery to Nigerian National Petroleum Company (NNPC) Limited, the country’s energy company.
He disclosed this amid unresolved differences with the Federal Government.
The 650,000 barrel-per-day refinery, which began operations last year after a decade of construction, has been facing challenges, including difficulties in sourcing crude oil from international producers.
NNPC, which has a supply deal with the refinery, has only delivered 6.9 million barrels of oil since last year, forcing the refinery to seek alternative sources from countries like Brazil and the United States.
He has since lamented the obstacles his refinery is facing, stating that he is ready to let go of the project if it will benefit the country.
“Let them (NNPCL) 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,” Dangote said in an interview granted to Premium Times.
Dangote, who has long dominated Nigeria’s cement, salt, and sugar industries, ventured into oil and gas, a move that has proven challenging.
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The refinery cost $19 billion to build, more than double the initial estimate. It promises to reduce Nigeria’s reliance on imported fuel and save up to 30% of the foreign exchange spent on imports.
It is understood that the refinery, set to release its first batch of petrol to the Nigerian market in August, has been operating at just over half its capacity due to difficulties in sourcing crude oil from international producers.
“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.
“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,” he added.
Dangote’s decision comes after facing several obstacles, which he believes validate the caution advised by friends and associates when he invested billions into Nigeria’s economy.
“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,” Dangote said.
