▪️ Omo Omoruyi
Lagos, Nigeria – Aliko Dangote, Africa’s wealthiest man and the powerhouse behind the Dangote Group, has made waves with his scathing remarks against saboteurs in Nigeria’s oil sector. Speaking at the Afreximbank Annual Meetings in the Bahamas, Dangote disclosed the fierce and ongoing efforts by what he termed an “oil mafia” to sabotage his $19 billion Dangote Petroleum Refinery project.
“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” Dangote stated. This vivid comparison highlights the serious opposition he has faced from both local and international actors’ intent on thwarting his project.
Dangote, renowned for his resilience and determination, recounted the various strategies these groups employed to halt his refinery. “But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said, emphasizing his lifelong battle against formidable challenges.
He didn’t stop at local saboteurs but also criticized the role of certain international banks during the COVID-19 pandemic. According to Dangote, these banks aimed to push his company into loan defaults to kill the refinery project. “As a matter of fact, during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead,” he revealed.
Despite these setbacks, Dangote expressed his gratitude to supportive financial institutions like Afreximbank, which played a crucial role in helping his company navigate these turbulent times. This support was vital in ensuring the refinery project remained on track.
Highlighting his unwavering commitment, Dangote announced that he has repaid $2.4 billion of the $5.5 billion borrowed for the refinery. This significant repayment underscores his dedication to seeing the project through to completion.
In an exciting move, Dangote revealed plans to diversify into the steel sector, aiming to use exclusively Nigerian-produced steel and achieve self-sufficiency. This diversification aligns with his broader vision of enhancing Nigeria’s industrial capabilities and reducing reliance on imports.
The Dangote Refinery, once operational, is set to revolutionize Nigeria’s oil industry by significantly reducing the country’s dependency on imported refined products. It will also stabilize the domestic supply of petroleum products, marking a pivotal change for the nation’s energy sector.
However, the refinery’s launch of petrol sales has been rescheduled to mid-July due to “minor” logistical issues, delaying the initial June target. Despite these delays, Dangote remains optimistic about the refinery’s potential impact on Nigeria’s economy and energy security.
Dangote’s revelations about the sabotage attempts shed light on the severe challenges major industrial projects face in Nigeria. His steadfast commitment to overcoming these obstacles reflects his dedication to driving economic growth and industrial self-sufficiency in the country. His bold stance against the so-called “oil mafia” underscores his vision for a stronger, self-reliant Nigeria. GMTNewsng
