Aliko Dangote, the head of Dangote Group, has offered to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL).
In an interview with Premium Times on Sunday, Dangote said he is ready to sell the refinery to end claims that he has a monopoly in the oil industry. He believes that if NNPCL takes over, these claims will stop.
“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.
“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, run the refinery,” he said.
This offer comes after Farouk Ahmed, the CEO of Nigerian Midstream and Downstream Petroleum Regulatory Authority, said that Dangote’s refinery had asked them to stop giving import licenses to other fuel marketers, which would make Dangote the only supplier in Nigeria. Ahmed said this would not be good for the country’s energy security and market.
Ahmed also said that the quality of fuel from Dangote’s refinery is lower than imported fuel. He claimed that the sulphur content in Dangote’s diesel is higher than what is required in West Africa.
Dangote admitted that the challenges his refinery faces make him regret investing billions of dollars in Nigeria.
He said he is 67 years old and needs very little to live. He wants to help his country and believes selling the refinery to NNPCL will improve fuel quality and create jobs.
The Dangote Refinery, which began operations last year, can process 650,000 barrels of oil per day. It aims to reduce Nigeria’s need for foreign fuel imports and save foreign exchange.
