Friend’s Warning On Nigeria Investment Comes Back To Haunt Dangote

Friend’s Warning On Nigeria Investment Comes Back To Haunt Dangote

In a recent interview with PREMIUM TIMES, Aliko Dangote, the President of Dangote Group, revealed that a wealthy friend who had cautioned him against investing in Nigeria is now teasing him for disregarding the advice…….. CONTINUE READING

According to Dangote, his friend began shifting investments abroad four years ago, citing policy inconsistencies and vested interests as reasons. Despite Dangote’s disagreement at the time, his friend is now claiming vindication.

“I invested in the refinery to address a critical national issue,” Dangote explained, expressing bewilderment at facing opposition. “I am willing to sell to NNPC, run the refinery, and ensure the country benefits from high-quality products and job creation.”

The Dangote Refinery, with a capacity of 650,000 barrels per day, commenced operations last year after extensive construction that cost $19 billion, significantly exceeding initial estimates. The refinery aims to reduce Nigeria’s dependence on imported fuel and save substantial foreign exchange.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority demanded fresh reports to verify the sulphur content in Dangote Refinery’s diesel, amid claims of inferior quality. Dangote has refuted these allegations, emphasizing his commitment to resolving Nigeria’s long-standing fuel challenges.

The regulatory authority is set to release updated findings on the refinery’s diesel sulphur content, following internal investigations by its engineers and scientists embedded within the refinery.

Ahmed, CEO of NMDPRA, clarified that Dangote Refinery is yet to receive operational licensing, contrary to claims of deliberate delays in crude oil supply. He underscored that the refinery remains at the pre-commissioning stage.

Dangote previously highlighted challenges with crude oil importation due to bureaucratic hurdles, impacting operational timelines. However, he remains resolute in his vision to contribute positively to Nigeria’s economic landscape through sustainable industrial initiatives.