Alhaji Aliko Dangote, Africa’s richest man and head of Dangote Group, has declared that the struggle to protect his $20 billion refinery in Lekki, Lagos, is far from over.
Speaking at a Lagos investor forum, Dangote accused powerful groups who have long profited from subsidized oil imports of sabotaging the refinery’s operations. He said, “Those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”
The refinery, capable of refining 650,000 barrels per day, started petrol production last September and is seen as a key project to end Nigeria’s dependence on expensive fuel imports. Dangote remains optimistic, stating, “We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 per cent sure I will win at the end of the day.”
Dangote’s comments come as Nigeria plans to bolster petroleum product stockpiles amid global oil market uncertainties. He has previously alleged that some international oil companies and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are undermining his refinery by restricting crude supply and issuing licenses for substandard product imports.
Despite these obstacles, Dangote is pushing to bring the refinery to full operational capacity. His Vice President of Oil and Gas, Devakumar Edwin, accused international oil companies of deliberately inflating crude prices to frustrate the refinery’s local crude purchases, forcing it to import costly crude from abroad.
Industry groups have weighed in, with IPMAN supporting Dangote’s fight against the entrenched cabal, while PETROAN called for healthy competition and urged the government to ensure adequate crude supply for all refineries.
The refinery has already helped reduce fuel prices, with Dangote cutting petrol prices significantly, though importers have lamented losses. The refinery is also expanding its market reach, having recently shipped jet fuel to Saudi Aramco.
To secure crude supply, Dangote is advancing upstream oil production in the Niger Delta and seeking to acquire a floating production storage and offloading (FPSO) vessel. These steps aim to ensure the refinery’s sustainability despite resistance from vested interests in Nigeria’s oil sector.
