Aliko Dangote, Africa’s wealthiest man, has expressed his willingness to relinquish ownership of his $19 billion oil refinery to NNPC Limited, Nigeria’s state-owned energy company. Dangote’s statement comes amid ongoing disputes with key equity partners and regulatory authorities in Nigeria.
The 650,000 barrel-per-day refinery, operational since last year, aims to reduce Nigeria’s dependency on imported fuel and save up to 30% of the country’s foreign exchange. Despite its potential benefits, the refinery has been operating at just over half its capacity due to challenges in securing crude supplies.
Dangote mentioned that NNPC, once a strong ally, has delivered only 6.9 million barrels of oil since the refinery began operations. This shortfall has forced the refinery to seek crude from countries like Brazil and the US.
At 67, Dangote emphasized his readiness to step back for the greater good of Nigeria, addressing allegations of monopoly against him. He also criticized the inconsistency of Nigerian policies, referencing the importation of low-quality fuel allowed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In response to these challenges, Dangote announced a halt to his planned investments in Nigeria’s steel industry to avoid further accusations of monopolistic practices.
