Africa’s wealthiest man, Aliko Dangote, is considering relinquishing control of his multibillion-dollar oil refinery to the state-owned energy company, NNPC Limited. This move comes as a dispute between Dangote and one of the refinery’s key equity partners heats up.
The 650,000 barrel-per-day refinery, which was launched last year after a decade-long construction period, was expected to revolutionize Nigeria’s energy sector. However, the refinery has been operating below capacity due to difficulties in sourcing crude oil from international suppliers.
In an interview with PremiumTimes, Dangote has expressed his willingness to let go of the refinery, citing his advanced age and desire to focus on other projects. He believes that NNPC Limited would be better equipped to manage the refinery and ensure its success.
“I am willing to step aside and let someone else take over (Dangote refinery),” Dangote said. “I’m not interested in taking my assets to my grave.” He emphasized that he wants to focus on other business ventures and leave behind a legacy that benefits Nigeria.
Dangote vs NNPC
The dispute between Dangote and NNPC Limited has been ongoing for months, with both parties accusing each other of unfair business practices. Dangote has criticized NNPC Limited for failing to deliver on its supply commitments, while the authority has accused him of monopolizing the market.
In a recent development, Dangote’s company has challenged the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) to conduct an impartial assessment of its products against those imported into the country. The company claims that its diesel meets international standards, while imported diesel may not meet the same standards.
Dangote’s decision to halt his investment in Nigeria’s steel industry has also raised eyebrows. He cited concerns about being accused of monopolizing the market as a major factor in his decision.
The controversy surrounding Dangote’s refinery is just the latest chapter in a long-standing dispute between him and regulatory authorities in Nigeria. As Africa’s richest man navigates these challenges, many are watching with bated breath to see what happens next in this complex saga.
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