Alleged Oil Mafia Hinders Dangote’s Refinery Initiative, Claims Tycoon

Alleged Oil Mafia Hinders Dangote’s Refinery Initiative, Claims Tycoon....KINDLY READ THE FULL STORY HERE▶

Aliko Dangote, the founder of Dangote Group, has disclosed that both local and international criminal organizations, whom he referred to as “mafia,” made persistent efforts to undermine his $19 billion refinery project situated in Lagos……….. CONTINUE READING

Addressing attendees at the Afreximbank Annual Meetings, Dangote likened these oil cartels to a formidable mafia, asserting their influence in the industry surpasses that of drug cartels. “Well, I anticipated there would be opposition. But I never imagined that the oil mafia would be stronger than the drug mafia. This is a fact,” he remarked.

Describing himself as a lifelong fighter, Dangote acknowledged the challenges faced, stating, “They tried everything to obstruct us. But I have always been a fighter.”

He further revealed, “In fact, during the COVID-19 period, certain international banks actively sought to push us into defaulting on our loans to ensure the project’s demise. Thanks to institutions like Afreximbank, that didn’t happen.”

Dangote also confirmed repayment of $2.4 billion out of the $5.5 billion borrowed for the Lagos refinery project. Additionally, he announced plans to venture into the steel sector, with a focus on utilizing locally produced Nigerian steel to achieve self-sufficiency.

The launch of Dangote Refinery’s petrol sales, initially slated for June, has been postponed to July 10-15 due to minor logistical challenges.

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