Vested Group Nonetheless Irritating Our Refinery — Dangote

The President of Dangote Group, Alhaji Aliko Dangote, says he’s nonetheless preventing for the survival of his $20bn refinery, stressing that the struggle will not be but completed.

Dangote expressed optimism that he would win the struggle for the refinery, stating his willpower to struggle on.

In accordance with Semafor, a world information medium, Africa’s richest man spoke at an investor discussion board in Lagos on Friday.

The report said that Dangote identified that some people who “for a really, very very long time” have “made some huge cash from” government-subsidised oil imports into Nigeria, had been those attempting to sabotage the 650,000 barrels per day oil refinery located in Lekki, Lagos.

Dangote was quoted as saying that “these teams have funded resistance to the Bola Tinubu authorities’s removing of petrol subsidies and are against the refinery working simply within the nation.”

Nevertheless, Dangote was assured that the battle between him and the teams can be received, priding himself as a long-time fighter.

“We’re preventing, and the struggle will not be but completed. However I’ve been preventing all my life, and I’m prepared and 100 per cent certain I’ll win on the finish of the day,” he was quoted.

Dangote’s newest feedback got here as Nigeria plans to extend its capability to stockpile petroleum merchandise, to organize in opposition to shocks to the worldwide oil market following US President Donald Trump’s shake-up of worldwide commerce with the specter of tariffs.

Recall that Dangote has since final yr raised the alarm that some mafias had been sabotaging his refinery.

He particularly talked about that some worldwide oil corporations had been sabotaging his funding by denying the power sufficient crude provide regardless of the home crude provide obligation.

Dangote had alleged that the Nigerian Midstream and Downstream Petroleum Regulatory Authority was issuing licences to entrepreneurs to import substandard petroleum merchandise into the nation.

He vowed to push his $20bn refinery to full operational capability regardless of what he mentioned had been challenges from oil importers looking for to undermine his enterprise to retain their dominance within the nation’s power sector.

At a degree final yr, Dangote mentioned he regretted constructing the refinery, saying the mafias within the oil and fuel sector had been stronger than these of medicine.

Nevertheless, he refused to surrender on the challenge as the power targets its full capability quickly.

Remembers that the Dangote Group boss as soon as accused some highly effective people of irritating his refinery.

“In a system the place, for 35 years, persons are used to counting good cash, and swiftly, they see that the times of counting that cash have come to an finish, you don’t count on them to wish for you. After all, you count on them to struggle again.

“And I believe that’s the course of that we’re now actually going by way of. However the fact is that, sure, the nation, the sub-region, and likewise the continent of sub-Saharan Africa, want this refinery. So, you count on them to struggle by way of non-supply of crude, non-purchase of the product, however I believe it’s all non permanent. We’ll get there,” Dangote added.

He had recalled that he was as soon as persuaded by a former Minister of Power in Saudi Arabia, Khalid Al-Falih, to shelve the thought of constructing a refinery. Nevertheless, he mentioned he instructed the previous minister that he didn’t want his recommendation.

In June 2024, the Vice President of Oil and Fuel at Dangote Industries Restricted, Devakumar Edwin, accused IOCs in Nigeria of plans to frustrate the survival of the brand new Dangote refinery.

Edwin mentioned the IOCs had been “intentionally and willfully irritating” the refinery’s efforts to purchase native crude by mountain climbing the associated fee above the market value, thereby forcing the refinery to import crude from international locations so far as the USA, with its attendant excessive prices.

Edwin additionally accused the NMDPRA of granting licences indiscriminately to entrepreneurs to import soiled refined merchandise into the nation.

“It seems that the target of the IOCs is to make sure that Nigeria stays a rustic that exports crude oil and imports refined petroleum merchandise. They (IOCs) are eager on exporting the uncooked supplies to their house international locations, creating employment and wealth for his or her international locations, including to their Gross Home Product, and dumping the costly refined merchandise into Nigeria – thus making us depending on imported merchandise,” Edwin had said.

The refinery, which began petrol manufacturing final September, is seen as a manner for Africa’s greatest crude oil producer to finish its reliance on the expensive importation of refined gas.

It was reported that the refinery’s entry has helped push down the pump costs of refined merchandise at the same time as retailers depend their losses.

With the naira-for-crude deal, the Dangote refinery promised to make sure sufficient gas provide to Nigeria, Africa, and the world.

SOURCE: The PUNCH