Dangote Group President Aliko Dangote Proposes Sale Of Dangote Refinery To NNPC

Ikeja, Lagos State– Aliko Dangote, the President of Dangote Group, has officially proposed selling the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPC).

In an exclusive interview with Premium Times on Sunday, the businessman stated his readiness to sell the refinery in response to allegations of monopolistic practices within the industry.

He stated that if the NNPCL assumes control of the refinery, the claims of monopoly would become invalid.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” Premium Times quoted him as saying.

This follows claims by Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, that the Dangote refinery had asked the regulator to halt issuing import licenses to other marketers, aiming to become Nigeria’s sole fuel supplier.

“We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery, that is not good for the nation in terms of energy security. And that is not good for the market, because of monopoly,” Ahmed stated in a video interview with State House correspondents.

Ahmed also claimed that the product from the refinery is of substandard quality.

“In terms of quality, currently the AGO quality in terms of sulphur is the lowest as far as the West African requirement of 50 ppm is concerned.

“Dangote refinery and some modular refineries, like Waltersmith refinery and Aradel refinery, they are producing between 650 to 1,200ppm. So, in terms of quality, their product is much more inferior to the imported quality,” he stated.

Dangote disclosed to Premium Times that the difficulties his refinery is experiencing have confirmed the warnings from his friends and associates, who had advised him to proceed with caution before investing billions of dollars into the Nigerian economy.

“As you probably know, I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country.

“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he said

The Dangote Refinery, which began operations last year following an extended construction phase, boasts a daily capacity of 650,000 barrels.