By Gideon Maxwell
July 22, 2024
Aliko Dangote, Africa’s wealthiest individual, has been vocal about his struggles with his $19 billion oil refinery project, revealing that a friend who had previously advised against investing in Nigeria is now taunting him.
The friend, who opted to invest abroad due to concerns over Nigeria’s business environment, warned Dangote of potential pitfalls.
In an exclusive interview with Premium Times, Dangote reflected on the situation, stating, “My friend who warned me against investing in Nigeria is now taunting me. He chose to invest abroad, and now he takes satisfaction in my difficulties.”
The refinery, designed to process 650,000 barrels of oil per day and aimed at reducing Nigeria’s dependence on imported fuel, has faced significant operational challenges. Since commencing operations last year, it has struggled with supply issues and accusations of monopolistic practices.
Dangote has offered to sell his stake in the refinery to NNPC Limited, citing ongoing operational problems and disputes with key partners. “If they (NNPCL) buy me out, at least their so-called monopolist would be out of the way,” Dangote remarked, highlighting the challenges faced in securing adequate crude oil supply and dealing with regulatory criticisms.
Dangote’s struggles with refinery investment highlight complexities of Nigerian business environment
Aliko Dangote, the continent’s richest man, has disclosed the challenges he is facing with his $19 billion refinery, alongside the taunts from a friend who had warned him against such an investment.
The friend, who chose to invest abroad due to perceived risks in Nigeria, has been critical of Dangote’s venture.
Dangote revealed in a Premium Times interview that his friend’s earlier advice against investing in Nigeria now seems prescient.
“My friend who warned me against this investment is now taunting me,” he said. “He decided to invest abroad, and now he seems to be enjoying the difficulties I am facing.”
ALSO READ: Dangote willing to sell refinery to NNPC amid ongoing dispute
The refinery, operational since last year, was expected to boost Nigeria’s fuel self-sufficiency but has faced significant setbacks, including problems with crude oil supply and regulatory issues.
Dangote has now proposed selling his stake to NNPC Limited as a potential solution to these ongoing issues.
Dangote open to selling refinery amid criticism from investment by skeptical friend
Aliko Dangote, known as Africa’s richest man, has expressed his willingness to sell his stake in his $19 billion oil refinery to NNPC Limited.
This offer comes amid criticisms from a friend who had previously advised against investing in Nigeria and now taunts Dangote over his struggles.
In an exclusive interview with Premium Times, Dangote commented, “My friend who warned me against investing in Nigeria is now taunting me. He chose to invest elsewhere, and now he is critical of my situation.”
The refinery, which began operations last year and aims to cut Nigeria’s dependency on imported fuel, has encountered operational difficulties and accusations of monopolistic behaviour.
ALSO READ: FG orders new diesel report from NMDPRA as Dangote faults inferior fuel claims on refinery
Dangote’s move to sell to NNPC Limited reflects his struggle with these issues and the complex business environment in Nigeria.
Dangote’s decision underscores the broader challenges faced by major investors in Nigeria and highlights the difficulties in navigating the country’s business landscape.
