Obasanjo Warns Of Fuel Importers’ Resistance To Dangote Refinery

Obasanjo Warns Of Fuel Importers’ Resistance To Dangote Refinery

Former President Olusegun Obasanjo has asserted that those profiting from the fuel importation industry will likely attempt to undermine the success of the Dangote Petroleum Refinery. Obasanjo emphasized that the refinery should serve as an inspiration for both Nigerians and international investors…….. CONTINUE READING

His comments follow allegations from Aliko Dangote, President of the Dangote Group, who has claimed that certain ‘mafias’ are working to obstruct the $20 billion refinery project. Reports indicate that both the Dangote Refinery and other local refineries have yet to procure crude oil in naira, as directed by President Bola Tinubu to the Nigerian National Petroleum Company Limited.

In an interview with the Financial Times, Obasanjo suggested that the entrenched interests in oil importation are reluctant to lose their lucrative position. He remarked, “Aliko’s investment in a refinery, if successful, should inspire more investment in Nigeria. However, those currently profiting from selling or supplying refined products may try to sabotage the project to protect their earnings.”

Obasanjo also criticized Nigeria’s overreliance on oil, neglecting gas and agriculture. “We made a grave mistake by concentrating solely on oil while disregarding gas and agriculture,” he said. “Gas, an essential commodity, was flared, and agriculture, crucial for economic development, was neglected.”

He recounted his efforts to persuade Shell to manage Nigeria’s refineries, which the company declined due to concerns about corruption and poor maintenance. “During my presidency, I invited Shell to invest and manage our refineries. They declined, citing excessive corruption and mismanagement of our refineries,” Obasanjo noted.

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