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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
Atiku Drags Tinubu to Court over Certificate Forgery, Eligibility to Contest 2027 Election
Atiku, who is the presidential candidate of the African Democratic Congress (ADC), personally appeared at the court registry to depose to an affidavit in support of the suit.
The suit was instituted by Atiku and the ADC against President Tinubu, the All Progressives Congress (APC), and the Independent National Electoral Commission (INEC).
It is anchored on Sections 137(1)(j), 139(1)(a)(i), and 285(14)(c) of the 1999 Constitution, as well as provisions of the Electoral Act, 2026.
At the heart of the case is Section 137(1)(j), which disqualifies anyone who presents a forged certificate to INEC from contesting for President.
The plaintiffs are asking the court to determine whether Tinubu and the APC should be disqualified from the 2027 election over allegations that the President submitted an NYSC discharge certificate bearing the name “Tinubu Bola Adekunle” to INEC for both the 2023 and 2027 elections.
According to Atiku’s affidavit, the name on the certificate is different from “Bola Ahmed Tinubu,” and the document was not obtained by the President.
Speaking after taking the oath, Atiku said his personal appearance was to show seriousness.
“I came here personally because the issues before the court go to the heart of our Constitution and the integrity of the office of President… I have therefore put my name, my signature and my oath behind the facts we are presenting to the court. Now it is President Tinubu’s turn to answer them,” he said.
The suit also asks INEC to produce Tinubu’s Form CF001 submitted for the 2023 and 2027 elections.
Atiku said he had applied for certified true copies of the form but got no response before filing.
“This is precisely why we have gone to court. We are not asking Nigerians to decide this matter on social media… We are asking the institution holding the records to produce them and the judiciary to examine the evidence and pronounce on it,” Atiku stated.
“If the certificate belongs to Bola Ahmed Tinubu, let that be established before the court. If ‘Tinubu Bola Adekunle’ and ‘Bola Ahmed Tinubu’ are one and the same person for the purpose of that certificate, let the evidence establish it.”
Beyond the certificate, the ADC and Atiku are also challenging aspects of the Electoral Act, 2026, which they argue restrict pre-election challenges to a candidate’s qualification. They contend that no law can override the Constitution.
“Can an Act of the National Assembly be used as a shield against an express provision of the Constitution?… Our position is that the Constitution remains supreme,” Atiku said.
Among the reliefs sought is an order disqualifying Tinubu and the APC from participating in the 2027 presidential election if the court upholds the plaintiffs’ case.
“Nobody should misunderstand what is at stake. Nigerian graduates cannot complete NYSC documentation with one identity and simply ask employers to ignore discrepancies… The Presidency is not an immunity certificate against constitutional scrutiny,” he added.
Atiku further urged INEC to demonstrate neutrality by making the relevant records available to the court.
“The 2027 election must begin with clarity about the qualification of those seeking the Presidency. Nigerians should not be asked to vote first and investigate later,” he said.
Lead counsel, Joseph Onu Silas, Esq., said the legal team was confident the case would help deepen Nigeria’s electoral jurisprudence.
“This is not about privilege, personalities or presidential power. It is about one Constitution and one standard for every Nigerian. Nobody is above the Constitution — not Atiku Abubakar, not Bola Tinubu, and certainly not the President of the Federal Republic of Nigeria,” Onu said.
Lawyer petitions EU over Tinubu’s qualification, cites ‘subversion of constitution’
Relatedly, a renowned Nigerian lawyer, Kalu Kalu Esq., has submitted a petition to the European Union in Brussels, alleging that President Bola Ahmed Tinubu subverted constitutional order ahead of the 2027 general election.
His remark was shared on Facebook Friday by Paul Ibe, Media Adviser to former Vice President Atiku Abubakar.
Kalu, who spoke at the European Commission headquarters, said the petition seeks the EU’s intervention to “help restore constitutional democracy in Nigeria.”
He accused President Tinubu of submitting false academic credentials to the Independent National Electoral Commission, INEC, and failing to state the primary and secondary schools he attended.
“Mr President, Bola Ahmed Tinubu, has suspended the constitutional order in Nigeria because of his false academic credentials, which he submitted to INEC for the 2027 general election and he did not state the primary school and the secondary school he attended,” Kalu said.
The lawyer cited Section 137(1)(j) of the 1999 Constitution, arguing that presenting a false certificate to INEC disqualifies a candidate.
“Section 1371J says if you have presented a false certificate to INEC, the Independent National Electoral Commission, you will not be qualified to run election and he has submitted forged documents, forged certificates to INEC that made him not to be qualified to run for the 2027 general election,” he stated.
Kalu further alleged that because “they have captured all the power in Nigeria,” the President has “imposed himself on Nigeria, thereby subverting the provisions of the constitution of the Federal Republic of Nigeria as amended, which is a mini-coup, a sub-coup against the people of Nigeria.”
He said the purpose of his visit to Brussels was to formally submit the petition to the EU and solicit support for the restoration of constitutional governance in Nigeria.
“Good afternoon all and good afternoon to the whole world. I am here at the European Commission to submit a petition to the European Union concerning the subversion of constitutional order in Nigeria… So, I’m here to submit the petition to the EU to help restore constitutional democracy in Nigeria,” he said.
As of the time of filing this report, the Presidency and INEC have not responded to the allegations.
The European Union-Supported Election Observation Group has deployed 843 observers across Osun State for Saturday’s governorship election, as part of efforts to independently assess the conduct of the poll.
The group, comprising the Centre for Media, Society, the International Press Centre, the Nigerian Women’s Trust Fund, the Kukah Centre and Yiaga Africa, disclosed this in its preliminary statement on the election on Friday in Osogbo, the state capital.
Speaking at the event, the Executive Director of Yiaga Africa, Samson Itodo, said the observers would monitor, document and report on the electoral process in line with the principles of independence, impartiality and non-partisanship.
Itodo said; “the election was of significant national importance as it would provide another opportunity to assess the implementation of provisions of the electoral legal framework and offer INEC, security agencies, electoral stakeholders and the public further insight into preparations ahead of the 2027 general election.”
He said, “the group acknowledged INEC’s declared operational, technological and logistical readiness for the election, including the deployment of election materials and personnel.”
The EU group also noted that INEC had increased the number of Bimodal Voter Accreditation System devices following technical challenges identified during the mock accreditation exercise, with additional devices provided as backup.
On result management, however, the group called for greater clarity on the electronic transmission and backend validation of polling unit results.
It urged INEC to make the result transmission process more transparent and verifiable, including providing clearer information on the backend validation process and the use of electronic result sheets.
The group also called on the Commission to ensure smooth electronic transmission of validated polling unit results and maintain adequate live backup of election data to prevent disruptions during accreditation and counting.
United States President, Donald Trump, says his country is now in “total control” of the Strait of Hormuz amid ongoing tensions with Iran over the reopening of the strategic waterway.
Trump made the claim while speaking to reporters at Joint Base Andrews, saying the situation with Iran was progressing well despite continued disagreements between both countries.
“Iran is going fine – going just absolutely fine. We totally control the Strait of Hormuz. We have control over it; nobody else, only us. Our navy is unbelievable, and things going great for our country,” Trump told reporters at Joint Base Andrews.
“I don’t trust Iran. I’m the last person to trust Iran; they’ve lied to me constantly. We have total control over the Hormuz Strait right now; they don’t have control,” he added.
The claim comes as the United States and Iran continue to exchange demands over the reopening of the Strait of Hormuz, casting further uncertainty over negotiations aimed at ending their five-month conflict.
Although the US has confirmed its involvement in the talks, Iran maintains that it is negotiating directly only with Oman. Tehran has also proposed that the future management of the strategic waterway be shared with Oman.
The Strait of Hormuz is a critical global energy route, with about one-fifth of the world’s oil and liquefied natural gas supplies passing through it before the US-Israel war with Iran began at the end of February.
On Monday, Trump said he would seek compensation from Iran for deaths and injuries associated with conflicts and attacks spanning several decades.
His position followed Iran’s demands for reparations over the war last week, as Tehran said it would not reopen the strait until Washington addresses its political and economic conditions.
