Africa’s wealthiest man, Aliko Dangote, has expressed his willingness to transfer ownership of his multibillion-dollar oil refinery to the state-owned energy company, NNPC Limited.
This announcement comes amid a new dispute with one of the key equity partners in the project, adding another chapter to the ongoing conflicts with regulatory authorities in Nigeria.
The 650,000 barrel-per-day refinery, which became operational last year after a decade of construction, cost $19 billion—more than double the initial estimate. The facility was expected to reduce Africa’s biggest oil producer’s dependence on imported fuel and save up to 30 percent of the total foreign exchange spent on imports.
In an exclusive interview with PREMIUM TIMES on Sunday, Dangote stated, “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 emphasized the potential impact of the refinery on Nigeria’s longstanding fuel crisis, saying, “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, and run the refinery.”
Reflecting on his age and future plans, Dangote added, “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.”
