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Aftermath of Monopoly Allegation: Dangote Offers to Sell Refinery to NNPC
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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
Headlines
Tinubu Warns Politicians, Supporters Against Violence, Irresponsible Conduct As Campaigns Gather Momentum
President Bola Tinubu has warned politicians and their supporters against violence and other irresponsible conduct, as political activities gather momentum ahead of the 2027 general elections.
Tinubu said his administration would not tolerate violence during political campaigns, urging presidential hopefuls, including former Vice President Atiku Abubakar and Peter Obi, as well as other political leaders, to promote peaceful political engagement.
The President issued the warning through a statement by the State House on Friday, November 13, 2026, following reports of violence at political events in different parts of the country.
He condemned all forms of political violence, insisting that campaigns should focus on issues and ideas capable of improving the welfare of Nigerians and promoting national development.
Tinubu also committed to ensuring peaceful, free and fair elections in 2027, urging politicians and their supporters across party lines to conduct themselves responsibly.
He said belonging to different political parties or pursuing different political ambitions should not make Nigerians enemies.
“As Nigerians, we are members of the same household living in different rooms. Therefore, our politics must elevate human conditions and focus on national progress and development,” he said.
The President reiterated his directive to security agencies to be firm against individuals involved in activities capable of disrupting public order.
He stressed that all political parties and candidates must be allowed to campaign freely across the country without intimidation or threats to their safety.
“We shall not tolerate any irresponsible conduct by politicians and their supporters,” Tinubu warned.
He authorised security agencies to confront thuggery and other anti-social and anti-democratic activities with full force, adding that his administration remained committed to an orderly and peaceful electoral process.
Headlines
Court Orders INEC to Publish Adebutu’s Name as Ogun PDP Governorship Candidate Within 24 Hours
The Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to publish the name of Ladi Adebutu as the Peoples Democratic Party’s (PDP) governorship candidate for the 2027 Ogun State election within 24 hours.Judge Peter Lifu gave the order on Friday in a judgement following a suit filed by Mr Adebutu and the PDP to challenge INEC’s exclusion of his name from the final list of candidates for the upcoming 6 February 2027 governorship election.
He consequently declared the exclusion “unlawful, unconstitutional, null and void.”
In resolving the issues raised by parties, Mr Lifu held that the power to nominate candidates for “elections rested solely with political parties.” He ruled that “Neither INEC nor any other authority could take over that responsibility.”
The judge faulted the commission for waiting more than four months before “belatedly publishing the final list on 10 October” without informing the plaintiffs of any intention to exclude their candidate.
He questioned INEC’s decision to raise the issue after the primary had been conducted and monitored, when it could have raised any concerns in its monitoring report.
Mr Lifu warned that allowing INEC to exercise such powers would amount to a “dangerous show of power”.
He said such authority could allow the commission to disqualify candidates only days before an election, adding that INEC did not possess absolute powers.
The judge also held that the membership register tendered before the court contained Mr Adebutu’s name against serial number 1536.
He said the evidence established that Mr Adebutu was a member of the PDP and that it was the political party, not INEC, that had the authority to determine its membership.
The judge questioned why INEC considered it its responsibility to determine who belonged to a political party, holding that the commission exceeded its powers by omitting Mr Adebutu’s name.
The dispute
The dispute followed the exclusion of Mr Adebutu and his running mate from the final list of candidates published by INEC for the 6 February 2027 Ogun State governorship election.
INEC published the final list on 10 October, featuring 13 governorship candidates but excluding the PDP from the race.
INEC said its decision followed the PDP’s alleged failure to comply with the membership register requirements under the Electoral Act 2026.
Section 77(5)–(7) of the Act requires political parties to submit their membership registers to INEC within the stipulated period. The provisions also empower the commission to scrutinise the registers.
In September, the Supreme Court upheld the constitutionality of the provisions in a case involving the Zenith Labour Party and INEC. The ruling affirmed the requirement for political parties to submit their membership registers before conducting valid primaries.
Following the exclusion, the PDP and Mr Adebutu approached the Federal High Court in Abuja in October, asking it to compel INEC to recognise him as the party’s governorship candidate.
The plaintiffs challenged the commission’s decision, arguing that it violated their right to fair hearing and breached provisions of the Electoral Act. They asked the court to set aside the decision and direct INEC to publish Mr Adebutu’s name as the party’s governorship candidate within 24 hours of its order.
INEC opposed the suit, maintaining that Mr Adebutu’s name was missing from the PDP membership register submitted to the commission. It therefore urged the court to dismiss the suit for being incompetent.
Source: Premium Times
Headlines
Michael Carrick Sacked As Manchester United Manager, Pichettino Tipped As Replacement
Former Tottenham, Chelsea and Paris Saint-Germain boss Pochettino would have an enormous task on his hands to revive a club that has never recovered from the departure of Alex Ferguson 13 years ago.
The Red Devils, once the dominant force in English football, have been overtaken by Manchester City, Liverpool and Arsenal.
United’s next game is against fierce rivals Liverpool at Anfield on November 22.







