Aliko Dangote, President of the Dangote Group, has revealed that vested interests are still working to sabotage his $20 billion refinery project in Lekki, Lagos.
Speaking at an investor forum in Lagos, he expressed optimism about overcoming these challenges but noted that the fight is ongoing.
According to Semafor, Dangote claimed that certain groups who have profited from Nigeria’s long-standing fuel import system are resisting the refinery’s success.
“They made a lot of money from subsidised fuel imports and are now funding opposition against both the refinery and the removal of petrol subsidies,” he said.
Dangote reaffirmed his resolve: “I have been fighting all my life. I’m 100% sure I’ll win this battle.”
He previously alleged sabotage by international oil companies (IOCs), who have denied the refinery access to adequate crude, forcing it to import from as far as the US.
He also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of licensing the import of substandard petroleum products.
Despite challenges, the refinery Africa’s largest with a 650,000 barrels-per-day capacity began petrol production in September 2024 and is seen as crucial for ending Nigeria’s reliance on imported fuel.
IPMAN (Independent Petroleum Marketers Association of Nigeria) voiced support for Dangote. Publicity Secretary Chinedu Ukadike noted that competition is natural in business and praised the refinery’s impact on lowering prices, though it challenges other market players.
PETROAN (Petroleum Products Retail Outlet Owners Association of Nigeria) urged calm and a level playing field. Its President, Billy Gillis-Harry, called for fair crude supply to all refineries and stressed the importance of fact-based claims, especially amid scrutiny of the “naira-for-crude” deal, stakeholders reactions.
This controversial deal, initiated by President Tinubu, allowed Dangote’s refinery to buy crude in naira, significantly reducing fuel prices nationwide from over N1,100 to around N860 per litre.
However, fuel importers have complained about losses due to Dangote’s lower prices, with many being forced to sell below cost to compete.
Despite ongoing resistance, Dangote remains committed to full-scale refinery operations, declaring the cabals’ opposition as temporary.
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