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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
2027: Tinubu Excuses Self from APC Campaign Tours
President Bola Tinubu has told members of the All Progressives Congress (APC) Presidential Campaign Council not to expect him to accompany them to every campaign event ahead of the 2027 general election, saying he must remain focused on governance and the country’s economic responsibilities.
Tinubu spoke on Wednesday during the inauguration of the APC Presidential Campaign Council in Abuja, where he urged members to take the party’s message to Nigerians across the states and local government areas while he continues to attend to matters of governance.
The president said he agreed with concerns that the demands of the campaign should not distract him from running the country, adding that Nigeria needs his attention at the moment.
“You’ve warned me not to allow the rigour of the campaign to distract me from governance, I hear you. I am in full agreement with your decision. Nigeria needs more attention now,” Tinubu said.
He told council members to excuse him from accompanying them to every campaign event, noting that his administration has bills to pay and international financial obligations to meet.
“So, you will excuse me from going everywhere with you, we have bills to pay. The American creditors cannot wait,” the President said.
Tinubu also said the government needs to attract investors who would commit to long-term investments in Nigeria and contribute to the future of the country’s children.
“We want those investors to come in, be here to stay, to invest for the future of our children,” he said.
The president, however, assured Nigerians that he would continue to engage them directly even as the campaign council took charge of mobilisation across the country.
“However, I will still make time to speak directly with Nigerians, even as you lead the campaign in the states and local government areas,” he said.
Tinubu described the inauguration of the council as more than a campaign activity, saying it represents a renewed commitment to Nigerians and the responsibilities of the ruling party.
“We have not gathered merely to inaugurate a council. We have gathered to renew a covenant. A covenant with Nigerian people and the historic responsibility they have entrusted to us as Nigeria’s governing party,” he said.
He added that the council is expected to communicate the administration’s vision, achievements and agenda to voters nationwide.
“This council will carry our vision, our records and our agenda to every Nigerian, and it will carry them to victory every ward of this country,” Tinubu said.
The president also commended APC members for completing the party’s congresses, recalling that some had predicted internal crises during the process.
He said the party has overcome the challenges and emerged united, crediting members for participating in the process from the ward level to the national leadership.
“They said there will be implosion. We passed through it. We did not fail. You didn’t let us down. We got here together,” he said.
Headlines
2027: Wike, Soludo, Adeleke Listed in APC’s Revised Presidential Campaign Council
The All Progressives Congress (APC) has named Nyesom Wike, Minister of the Federal Capital Territory (FCT); Ademola Adeleke, Osun State governor; and Chukwuma Soludo, Anambra State governor, as campaign coordinators in its expanded presidential campaign council for the 2027 general election, despite their affiliations with other political parties.
Wike belongs to the Peoples’ Democratic Party (PDP), Soludo is a member of the All Progressives Grand Alliance (APGA), while Adeleke won re-election as Osun governor in 2026 under the Accord Party.
Under the new arrangement, Wike will coordinate the APC campaign in Rivers State and the FCT, Soludo will oversee Anambra, while Adeleke will coordinate the campaign in Osun.
The expanded list is scheduled for inauguration by President Bola Tinubu at the Presidential Villa in Abuja on Wednesday.
The APC initially released its campaign council list on August 22, naming Abdulaziz Yari, former Zamfara governor, as director-general. Senate President Godswill Akpabio, House of Representatives Speaker Tajudeen Abbas and Yobe Governor Mai Mala Buni were appointed deputy director-generals.
In the revised list, Akpabio, Abbas and Kwara Governor AbdulRahman AbdulRazaq are deputy vice-chairmen I, II and III, respectively, while Buni becomes deputy director-general I for the North.
The council also includes former governors and party chieftains as advisers, which include former APC national chairmen Adebisi Akande and Abdullahi Adamu; former Ogun State Governor Ibikunle Amosun; former Osun State Governor Iyiola Omisore; Senator Ibrahim Dankwambo; Senator George Akume; former Ogun State Governor Segun Osoba; and Wale Edun. Obafemi George is listed as an adviser on media.
The Directorate of Election Planning, Coordination, Monitoring and Mobilisation, established ahead of the 2027 general election, has Faleke as Deputy Director-General, with Stella Okotete and Engr. Abdullahi Garba Ramat serving as Secretary I and Secretary II, respectively. Audu Maikori is also listed as a secretary.
Other members of the directorate include Soares Omotola, Bashir Dabo, Sheriff Mohammed Usman, Jibrin Bancir, Ayoola Peter Olajolo, Abubakar Sadiq Sada and Princess Folasade Ogunbiyi.
Headlines
Your One Month Petrol Price Discount Medicine After Death, Obi Tells Tinubu
The Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has questioned how the Federal government’s 30-day petrol price discount would reduce poverty, unemployment, insecurity and inequality in the country.
Obi raised the questions in a statement posted on his X platform on Sunday, describing the initiative as a reactive policy that substitutes political optics for sound economic planning.
He argued that the discount, which he said amounts to less than five per cent of petrol costs, is unlikely to address the wider economic challenges facing Nigerians.
“The announcement by the APC-led Federal government offering a 30-day discount on price of petrol to relieve the acute hardship and hunger caused Nigerians by its unplanned removal of subsidy can only be described as another very reactive and confused approach to governance that is now the culture of the Tinubu government,” he said.
Obi said he had delayed commenting on the policy to allow time to assess its outcome, but maintains that the measure has not demonstrated a sustainable approach to addressing the country’s economic difficulties.
He recalled that President Bola Tinubu removed the petrol subsidy on May 29, 2023, arguing that the decision was taken without adequate consultation or a proper assessment of its likely effects on the economy and the livelihoods of ordinary Nigerians.
According to Obi, the subsidy removal was followed by other policies, including the floating of the Naira and tax reforms, which he argued are being implemented without proper sequencing and coordination.
He also criticised the government’s handling of multiple budgets, arguing that the combined effect of the policies has contributed to inflation and rising costs of goods and services.
Obi attributed what he described as increasing multidimensional poverty, business closures, unemployment, insecurity, widening inequality and youth migration to the economic pressures arising from the policies.
He also said the policies had weakened the general well-being of Nigerians, insisting that the government should assess their impact before introducing temporary relief measures.
The former Anambra State governor called for a detailed and publicly available regulatory impact assessment of government policies, arguing that such an exercise would help identify their effects and guide necessary adjustments.
He said a government committed to sustainable economic growth should engage stakeholders and ordinary citizens in consultations to develop inclusive policies that improve living conditions and expand economic opportunities.
Questioning the objectives of the petrol discount, Obi asked whether it would increase productivity and exports or whether it was intended to determine if the subsidy should be restored.
“Will it reduce poverty, unemployment, insecurity, and inequality? Will it increase productivity and exports? Is it a test to ascertain if subsidy should be restored? Is it another political gambit in the face of threats of electoral loss in the 2027 election?” he asked.
“Too many questions, no answer!” the former Governor of Anambra State added.






