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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
Former Niger Delta militant leader, Mujahid Asari-Dokubo, has accused President Bola Tinubu, of betraying him after helping him (Tinubu) to emerge president in the 2023 elections.
Dokubo made the accusation in a viral video shared on social media on Saturday, lamenting how he emptied his bank accounts to canvas votes for Tinubu during the 2023 presidential election, only for the latter to abandon him and his Ijaw people.
The former warlord, however, vowed to form an alliance with the North ahead of the 2027 general elections.
“I apologise to our fathers because they were not wrong in allying with the North, and as young men, we will now start that same alliance,” he said in the video.
“From today, I will work and form an alliance with the North. President Tinubu betrayed me after I spent all my money and emptied my bank account campaigning for him.
“The Tinubu I know now isn’t the Tinubu I used to know. We will take this message across that only the Northerners can work with the Ijaw people.
“We can’t work with Yoruba people; they are a betrayal to us. We risked our lives by voting and doing everything, and this is what we get?”
“From today, I will work and form an alliance with the North. President Tinubu betrayed me after I spent all my money and emptied my bank account campaigning for him,” he insisted.
He also lamented the scrapping of the Niger Delta ministry in a recent cabinet reshuffle by the president, and the formation of a ministry of regional affairs under which the Niger Delta Development Commission (NDDc) will come.
He said the ploy is to render the NDDC ineffective which using the resources from the Niger Delta region to fund other development commission.
The Confederation of African Football (CAF) has awarded three points, and three goals to Nigeria for the missed Libya game.
The development comes after the CAF president, Patrice Motsepe, said a thorough probe was ongoing following the recent controversy surrounding Nigeria’s Africa Cup of Nations qualifier against Libya.
Motsepe had maintained that the continental body would not tolerate any lack of sportsmanship and unfair treatment in African football.
However, in the latest development on Saturday, a statement signed by CAF’s Chairperson of CAF Disciplinary Board, Ousmane Kane said the decision to award Nigeria the points was taken after findings by the disciplinary committee it set up to look into the matter, found Libya guilty of the inhumane treatment meted out to the Nigerian senior men’s football team.
The 5-man disciplinary committee consist of; Mr. Ousmane Kane (Senegal) Chairperson, Ms. Njeri Onyango (Kenya) Vice-Chairperson, Mr. Felix Golbassia (Tchad) Member, Mr. Patrick Shale (Lesotho) Member, and Mr. Norman Arendse (South Africa) Member.
CAF said the disciplinary board decided that; “The Libya Football Federation is found to have breached Article 31 of the African, Cup of Nations Regulations as well as Articles 82 and 151 of the CAF Disciplinary Code, and that the match No.87 Libya v. Nigeria of the CAF African Cup of Nations Qualifiers 2025 (scheduled to be played on 15 October 2024 in Benghazi) is declared lost by forfeit by Libya (by a score of 3-0).”
Following the conclusion of the board’s findings, CAF also ordered the Libya Football Federation to pay a fine of USD 50,000 within 60 days of notification of the present decision.
The players and officials were stranded for hours at a Libyan airport and denied access to food and the internet as they prepared to honour their 2025 Africa Cup of Nations (AFCON) qualifier with the Mediterranean Knights.
It took diplomatic efforts and social media callouts for the team to be cleared to finally leave Libya.
With the CAF decision, Nigeria is now poised to qualify for the 2025 Africa Cup of Nations, with two matches to spare.
The Eagles are now on 10 points from four matches, four points better than second-placed Benin Republic, while Rwanda have five points. Bottom-placed Libya have only one point and are out of the running for qualification.
Victory or draw against the Cheetahs of Benin Republic in Abidjan on Thursday, 14th November (a Matchday 5 encounter) will land the Super Eagles a ticket to the finals in Morocco, December 2025/January 2026.
President Bola Tinubu has dismissed five ministers from his cabinet and appointed seven new ones as part of a cabinet reshuffle.
The President re-assigned 10 ministers to new portfolios and nominated seven new ministers for Senate confirmation.
He dismissed Uju-Ken Ohanenye as Minister of Women Affairs, Lola Ade-John as Minister of Tourism, Tahir Mamman as Minister of Education, Abdullahi Gwarzo as Minister of State for Housing and Urban Development, and Jamila Ibrahim as Minister of Youth Development.
Among the nominees, Tinubu selected Bianca Odumegwu-Ojukwu as Minister of State for Foreign Affairs and Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, marking the official end of suspended Betta Edu’s tenure.
Other nominees include Maigari Dingyadi for Minister of Labour and Employment, Jumoke Oduwole for Minister of Industry, Idi Maiha for the newly established Ministry of Livestock Development, Yusuf Ata for Minister of State for Housing and Urban Development, and Suwaiba Ahmad for Minister of State for Education.
“The appointment of Shehu Dikko as Chairman of the National Sports Commission.
“The appointment of Sunday Akin Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation,” the President said.
The President appreciated the outgoing members of the Federal Executive Council for their service to the nation while wishing them the best in their future endeavours.
He then charged the newly appointed ministers and their reassigned colleagues to see their appointment as a call to serve the nation.
Source: Nairametrics
