Aliko Dangote, propose selling the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL)
Aliko Dangote, the President of the Dangote Group, has proposed selling the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL) to address concerns about monopoly within the industry.
In an exclusive interview with Premium Times, Dangote expressed his willingness to consider the sale as a way to address these allegations and alleviate the country’s fuel crisis.
Dangote stated, “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.”
He emphasized the long-standing fuel crisis in Nigeria and expressed his belief that the Dangote Refinery could play a crucial role in resolving the issue.
However, he acknowledged that some individuals appear uneasy with his involvement in the sector. He stated, “We have been facing fuel crises since the 70s. This refinery can help in resolving the problem, but it does appear that some people are uncomfortable that I am in the picture. So I am ready to let go and let the NNPC buy me out to run the refinery.”
This follows claims made by Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, alleging that the Dangote Refinery had requested the regulator to cease issuing import licenses to other marketers, potentially aiming to become the exclusive fuel supplier in Nigeria.
Ahmed stated in a video interview with State House correspondents, “We cannot heavily rely on one refinery to supply the nation. Dangote is requesting that we suspend or stop importing all petroleum products, especially AGO, and direct all marketers to the refinery. This is not beneficial for the nation in terms of energy security and is detrimental to the market due to monopoly concerns.”
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