In an exclusive interview with Premium Times on Sunday, the Director of Dangote Group, Aliko Dangote, made a sale offer of the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL)
During the interview, Dangote stated that he would be open to selling the refinery in order to resolve claims of industry monopoly, noting that if the NNPCL acquired the refinery, accusations of monopoly would end.
In his words, he said, “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labeled 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.
“We have been facing a 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, and run the refinery,” Premium Times quoted him as saying.
This follows allegations made by Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, that the Dangote refinery had asked the regulator to stop granting import licenses to other marketers to become Nigeria’s sole fuel supplier.
Ahmed made this claim in a video interview with State House correspondents, saying, “We cannot rely heavily on one refinery to feed the nation because Dangote is requesting that we suspend or stop the importation of all petroleum products, especially AGO, and direct all marketers to the refinery. That is not good for the nation in terms of energy security. And that is not good for the market because of monopolies.”
Ahmed further claimed that the product of the refinery is subpar.
Dangote also said that his refinery’s current problems have confirmed the advice of his friends and associates to proceed cautiously when making billion-dollar investments in Nigeria’s economy.
He further declared that the refinery can assist in solving the issue, but it seems that some individuals find it awkward that he is in the picture.
Dangote said that he is ready to give control of the refinery and allow NNPC to buy him out. “At the very least, the nation will produce high-quality goods and generate employment.”
