Aliko Dangote, President of the Dangote Group, has revealed that a friend who had cautioned him against investing in Nigeria is now mocking him for ignoring that advice. In an interview with PREMIUM TIMES, Dangote reflected on his friend’s decision to invest abroad due to policy inconsistencies and special interest groups’ actions.
Dangote mentioned that this friend, who had initially warned him of potential pitfalls, is now relishing the perceived validation of his warnings. Despite this, Dangote remains committed to his investment in the Dangote Refinery, which he believes is crucial for addressing Nigeria’s persistent fuel crisis.
“At 67, I have little need for more wealth; my focus is on benefiting my country,” Dangote said. He expressed frustration that despite his efforts, there seems to be resistance against his refinery, which aims to alleviate Nigeria’s fuel dependency and save foreign exchange.
The Dangote Refinery, which began operations last year after a decade of development and a $19 billion investment, was designed to process 650,000 barrels per day. It was expected to reduce Nigeria’s reliance on imported fuel and cut the country’s foreign exchange expenditure by 30%.
However, recent reports from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have cast doubt on the quality of diesel produced by the refinery. NMDPRA has suggested that the diesel might contain higher sulphur levels than imported alternatives, a claim that Dangote has denied.
NMDPRA spokesman George Ene-Ita clarified that the agency had conducted assessments and would provide updated reports on the refinery’s diesel quality. Meanwhile, Farouk Ahmed, NMDPRA’s Chief Executive, had earlier stated that the refinery was still undergoing pre-commissioning and lacked the necessary government license to operate fully.
Dangote has criticized these claims, indicating that his operations have been hindered by various obstacles, including alleged attempts to block his crude oil imports and regulatory hurdles.
