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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

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Defence Minister Musa Accuses El-Rufai of ‘Terrible’ Crimes As Kaduna Gov

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The Minister of Defence, Gen. Christopher Musa, has accused a former Governor of Kaduna State, Nasir El-Rufai, of deliberately planning the killing of people in Southern Kaduna.

Musa made the allegation while fielding questions on Channels Television’s Politics Today programme on Thursday.

The minister said El-Rufai’s administration created deep divisions in Kaduna State, alleging that the situation made it difficult for residents from Southern Kaduna to live freely in the northern part of the State and vice versa.

According to him, the administration of the current governor, Uba Sani, has made deliberate efforts to restore unity and rebuild trust among residents of the State.

“We know how it was when El-Rufai was there; it was toxic,” Musa said.

“El-Rufai did a lot of terrible things in Kaduna State. He divided the country, the State, into two. In that, if you are from the South, you cannot go to the North and live. Those ones from the North were moving to the South.

“Governor Sani within one year has been able to dissolve all that. You see, now everybody is free, everybody has a say. It’s not 100%. Let me tell you, it’s not 100%, but you can see that he’s making deliberate effort in uniting the state.”

Speaking on the feelings of people in Southern Kaduna towards the former governor, Musa said the people remained deeply pained over killings recorded in the area during El-Rufai’s tenure.

He alleged that El-Rufai deliberately planned the killing of people in the region.

“Well, I don’t know if unhappy is an issue. I think if there’s anything worse than unhappy, we can never be happy with somebody who has deliberately planned for the killing of our people,” Musa said.

“I mean, when you look at it, if you look at his videos, you know, his speeches, he was very proud of what he did.

“He told us he paid bandits. He told us he did this, he did that. He didn’t hide it. He was that arrogant to come out and tell people that this was what he did.”

The Defence Minister said residents of Southern Kaduna were still traumatised by the killings that occurred during the period, adding that the security situation in the area had improved under the current administration.

“The Southern Kaduna people are still very pained. Of course, definitely. I mean, if you look at the number of killings that was done there and what is going on now, you can’t compare at all,” he said.

Musa further accused El-Rufai of denying some people opportunities during his administration and alleged that the former governor’s policies affected even people from his own part of the state.

“I can tell you what he has done to people living in Kaduna from his own area. He did a lot of things that I’m sure even him is not proud of,” he added.

The minister, however, called on Nigerians to reject politicians who exploit religion, ethnicity and other differences to divide the country.

“We should get politicians that want to unite Nigeria. For me, any individual who is using either religion, tribe, creed, or anything to divide the state can never be a friend; can never be somebody we look up to,” Musa said.

“We shouldn’t have those kind of ones in government. Anybody who is using religion or tribe or whatever to divide Nigeria is an enemy of the State.”

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Tinubu Jets Out to London for Three Weeks Leave

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President Bola Tinubu departed Abuja, the nation’s capital on Sunday for Europe to begin a three-week vacation as part of his annual leave.

Presidential spokesperson, Bayo Onanuga, in a release disclosed that Tinubu’s first stop will be London, United Kingdom.

The President is expected to return home after the working vacation to join the hectic campaign for the January 2027 election.

Vice President Kashim Shettima had earlier this month went on two-week leave, his first since the Tinubu government assumed office over three years ago. He has since returned.

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Tinubu Seeks AU Action on Xenophobic Attacks in South Africa

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President Bola Tinubu has raised concerns with the African Union (AU) over repeated xenophobic and Afrophobic attacks against Africans and other foreign nationals in South Africa.

Tinubu urged African leaders to take collective action and include the issue on the agenda of the AU’s 40th Ordinary Session, scheduled for January 2027.

The president’s position was presented by Vice President Kashim Shettima at the 21st Extraordinary Session of the AU Assembly in Luanda, Angola.

Tinubu called on African leaders to renew their commitment to protecting the safety, dignity and rights of all Africans across the continent.

He said: “Nigeria wishes to express its concern over the recurring xenophobic and Afrophobic attacks against Africans and other nationals in South Africa.

“While recognising South Africa’s sovereign right to enforce its immigration laws and acknowledging its contributions to the continent, Nigeria stresses that such attacks undermine African solidarity, unity and peaceful coexistence, and require urgent collective attention.”

He added: “It is on this note that Nigeria calls on this august Assembly to place the matter on the agenda of the upcoming 40th Ordinary Session of the AU Assembly, scheduled for January 2027, for consideration and appropriate action.”

The president also urged the AU to strengthen efforts to tackle xenophobia and Afrophobia across the continent.

He stressed that “dialogue, preventive diplomacy, and collective action remained essential to preserving African unity.”

On Africa’s broader security challenges, Nigeria supported the adoption of the Luanda Action Plan as a way to improve conflict prevention.

Tinubu argued that preventing conflicts would be more sustainable and less expensive than dealing with them after they have started.

“For Nigeria, conflict prevention remains more cost-effective and sustainable than conflict management,” President Tinubu said.

He also warned that separate and uncoordinated peace efforts, as well as growing foreign involvement through military forces, mercenaries and private defence companies, could weaken Africa’s ability to manage its own conflicts.

Tinubu further called on countries that manufacture and export weapons to work more closely with African governments to prevent weapons and ammunition from being diverted to terrorists and other armed groups.

The president said the AU already has strong systems for preventing and resolving conflicts, but limited trust and poor implementation have continued to reduce their effectiveness.

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