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Dangote: Friend Who Warned Against Investing in Nigeria Now Taunts Me

Published by admin on July 22nd, 2024.

Dangote: Friend Who Warned Against Investing in Nigeria Now Taunts Me

Aliko Dangote, President of Dangote Group, revealed that a friend who once advised against investing in Nigeria is now mocking him for not heeding that advice.

In an interview with PREMIUM TIMES on Sunday, Dangote shared this as reports emerged from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) criticizing the quality of diesel produced by Dangote Refinery.

“Four years ago, a very wealthy friend of mine began investing abroad. I disagreed and urged him to consider the interests of our country,” Dangote recounted. “He cited policy inconsistencies and the influence of interest groups for his decision. Now, he’s taunting me, claiming he was right.”

Dangote emphasized that his investment in the refinery aimed to address a significant national issue, expressing frustration over opposition to his efforts. He added, “I’m 67 years old, nearing 70. I need very little to live on. My investments, including the refinery, are for the benefit of my country. We have faced a fuel crisis since the 70s. This refinery can help resolve it, yet some seem uncomfortable with my involvement. I’m willing to let the NNPC buy me out if it means the country will have high-quality products and job creation.”

The Dangote Refinery, with a capacity of 650,000 barrels per day, became operational last year after a decade of construction, costing $19 billion—more than double the initial estimate. It aims to reduce Nigeria’s dependence on imported fuel and save 30 percent of the foreign exchange spent on imports.

On Sunday, the NMDPRA stated it was awaiting new reports to verify the sulfur content of diesel from the Dangote refinery, countering claims of producing inferior fuel. NMDPRA spokesman George Ene-Ita said the agency would not engage in a media dispute over the matter and noted that about 15 engineers and scientists were embedded in the refinery to provide a fresh report on the sulfur content by Monday.

Dangote previously highlighted difficulties in importing crude and obtaining products, which have slowed operations. However, the NMDPRA clarified that the Dangote refinery had not yet been licensed to operate. NMDPRA CEO Farouk Ahmed, speaking on July 18, refuted claims that a cabal was blocking Dangote’s operations, stating the refinery was still in the pre-commissioning stage and had not received a license. Ahmed also claimed the refinery’s diesel did not meet international standards, a statement Dangote has disputed.