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Aftermath of Monopoly Allegation: Dangote Offers to Sell Refinery to NNPC
Africa’s wealthiest man Aliko Dangote said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company NNPC Limited.
The billionaire spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria.
The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up 30 per cent of the total foreign exchange spent on importing goods.
“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,” Mr Dangote told PREMIUM TIMES in an exclusive interview on Sunday.
“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery.”
The multisectoral investor’s big bet on oil and gas, which he ventured into following years of relatively stress-free dominance of Nigeria’s cement, salt and sugar industries, is turning out problematic in its early days.
Set for its first roll-out of petrol to the Nigerian market in August, the mammoth plant has been operating just above half its capacity since the January start of refining operations, constrained in part by difficulties in sourcing crude from international producers.
Dangote Refinery said those companies are either demanding outrageous premiums before agreeing to supply crude or simply claiming the product is unavailable.
NNPC, once a sweetheart of the refiner before the current dispute soured relations, had delivered only 6.9 million barrels of oil to the plant as of May since last year, according to S&P Global Platts, a tracker of supply data.
NNPC Limited has a supply deal with the company dating back to the commencement of operations and previously agreed to a 20 per cent equity participation, the refinery saying only 7.2 per cent has been fully paid for before the deadline issued to the company to acquire the stake.
Starving the refinery of the feedstock required to keep it running at present capacity means it has turned to countries like Brazil and the US to bridge the gulf in supply.
“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,” Mr Dangote told PREMIUM TIMES.
“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he added.
Mr Dangote said the obstacles his refinery is facing seem to have vindicated friends and associates who conselled him to tread with caution as he pumped billions of dollars into the Nigerian economy.
“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his action in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” the businessman said.
Culled from Premium Times
Abia State governor, Alex Otti, has announced plans to construct a FIFA-standard stadium in Aba with a seating capacity of approximately 35,000, in what is being described as one of the most significant sports infrastructure projects in the State’s development agenda.
The proposed stadium is designed to meet international football standards, making it suitable for hosting top-tier domestic league matches, continental competitions, and other global sporting events.
The facility is expected to feature modern pitch technology, upgraded spectator stands, advanced lighting systems for night games, VIP lounges, media centres, locker rooms, and safety and security installations that align with FIFA requirements.
The project is also expected to include auxiliary facilities such as training pitches, parking spaces, and support buildings that will enhance its overall functionality as a multi-use sports complex.
According to the governor’s vision, the stadium is not just a sports project but part of a broader economic revitalisation plan for Aba.
The city, already known as a major commercial hub in South-eastern Nigeria, is expected to benefit significantly from increased sporting activities, which will drive business for hotels, transport operators, food vendors, and local entrepreneurs.
The initiative is also positioned to strengthen grassroots football development and provide a modern home ground for local teams, especially Enyimba FC, one of Nigeria’s most successful football clubs.
The project is expected to be executed through a structured development approach that may involve partnerships aimed at ensuring timely delivery and high construction standards.
When completed, the stadium is projected to elevate Abia State’s profile in national and African football circles while creating new opportunities for youth engagement, talent development, and sports tourism.
Overall, the Aba stadium plan reflects a strategic push by the state government to combine sports, infrastructure, and economic development into a single long-term growth vision for Abia State.
Suspected gunmen have abducted the sister of a former Minister of Power, Adebayo Adelabu, in Ibadan, the Oyo State capital.
The family of former minister and chieftain of the All Progressives Congress (APC) confirmed the abduction, disclosing that Mrs. Olaide John-Paul and her 12-year-old twin sons were kidnapped by the gunmen on Wednesday, June 3, 2026.
According to a statement issued by Adelabu’s media aide, Femi Awogboro, the victims were kidnapped at about 7:30am while Mrs. John-Paul was taking her children to school.
Mrs. John-Paul, the youngest of five children of Mrs. Olufunmilayo Aduke Adegoke Adelabu, reportedly retired voluntarily from her career at First Bank Pension Custodian in 2025 before relocating to Ibadan with her children.
She was said to be making arrangements to join her husband, who had earlier relocated to the US.
The family expressed deep concern over the development but stated that security agencies had already commenced efforts to rescue the victims and apprehend those responsible.
“We are pleased to confirm that security operatives have swung into action and preliminary investigations have commenced in earnest,” the statement partly read.
While appealing for calm, the family urged members of the public to refrain from spreading unverified information that could undermine ongoing rescue operations.
“We are deeply distressed by this unfortunate incident, but remain hopeful that the victims will be rescued safely. We appeal to the public to remain calm, avoid speculation and support ongoing efforts with prayers,” the statement added.
The family also called on anyone with useful information that could aid the rescue operation to promptly share such intelligence with security agencies through the appropriate channels.
It assured that it would continue to cooperate fully with law enforcement authorities and provide updates as investigations and rescue efforts progress.
The General Overseer of Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has called on the Federal government to issue a 90-day ultimatum to security chiefs to end terrorism in Nigeria or step aside.
Adeboye made the appeal in a video shared on his X (formerly Twitter) account on Tuesday, expressing deep concern over the country’s deteriorating security situation.
He emphasized the need for urgent and decisive action, stressing that security chiefs must be held accountable for tangible results in the fight against terrorism.
According to him, while citizens can only advise the Commander-in-Chief, it is within the government’s power to set clear expectations and timelines for security leaders.
“If I were to make a suggestion, I would say the government should act swiftly and direct the service chiefs to eradicate terrorists within 90 days or resign,” he said.
The cleric also urged authorities to go beyond targeting terrorists alone, insisting that their sponsors must equally be identified and dealt with, regardless of their social or political influence.
“When issuing directives, it should be made clear that both terrorists and their sponsors must be eliminated, no matter how powerful they are,” he added.
Adeboye recalled that a former Nigerian president had once issued a similar three-month directive to security chiefs to end the Boko Haram insurgency but failed to enforce the order after the deadline expired.
Reflecting on his interaction with the late president, Adeboye noted that although initial efforts were made, the lack of follow-through undermined the directive’s effectiveness.
He maintained that his current recommendation is informed by that experience, urging the government to ensure strict enforcement if such a timeline is adopted.
His comments come amid renewed concerns over persistent terrorist attacks, banditry, and kidnappings across the country, with increasing public pressure on authorities to take stronger action against insecurity.
