I was warned against investing billions of dollars in Nigerian economy – Dangote
African richest man and President of Dangote Group, Aliko Dangote, has disclosed that the challenges his refinery is facing have confirmed the warnings from his friends and associates on the need to be cautious when investing billions of dollars in the Nigerian economy.
Dangote also offered to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL) following allegations of monopoly.
He expressed willingness to sell his refinery, stating that if NNPCL takes over, the allegations of monopoly would no longer be valid.
“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.
“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 okay. If they buy me out, at least, their so-called monopolist would be out of the way,” Dangote said.
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He added that the refinery can help resolve the fuel crisis in Nigeria, but some people are uncomfortable with his involvement.
The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, had alleged that the Dangote Refinery requested the regulator to stop giving import licences to other marketers to be the only fuel supplier in Nigeria.
Ahmed also claimed that the refinery’s product is inferior in quality.
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Proofreading and editing by Gift Luckson and Hafsat Aleeyu Muye, Editor and Journalist at Neptune Prime
