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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
Flamingos Beat Japan 2-1 to Win 2026 U17 Women World Cup
Nigeria’s under-17 women’s national team, the Flamingos, etched their names into football history Saturday, defeating former champions Japan 2–1 at the Mohammed VI Football Complex to lift the 2026 FIFA U17 Women’s World Cup.
With the victory, Nigeria becomes the first African nation to win the tournament since its inception in 2008.
Led by head coach Akeem Busari, the Flamingos entered the showpiece having already broken ground as the first African side to reach the final, surpassing their previous best finish of a bronze medal in 2022.
After a fiercely contested opening half-hour against a disciplined Japanese side making their fourth final appearance, Nigeria broke the deadlock in the 39th minute.
Midfielder Awawu Bashiru—who had starred with a brace in the semi-final against Brazil—unleashed a long-range strike that slipped past Japanese goalkeeper Kou Kadowaki to give the Flamingos a 1–0 lead at the break.
Nigeria wasted no time doubling their advantage after the restart. Just two minutes into the second half, forward Oluebube Umejiaku latched onto a through ball and lifted a composed finish over the onrushing Kadowaki in the 47th minute to make it 2–0.
Desperate to reclaim a title they last won in 2014, Japan responded with a triple substitution and mounted heavy late pressure.
The Young Nadeshiko eventually pulled a goal back in the 80th minute through setting up a tense finish in front of a crowd that included FIFA President Gianni Infantino and CAF President Patrice Motsepe.
Despite Japan’s late surge, Nigeria’s backline—marshalled by goalkeeper Sylvia Ijirigho and defender Omowunmi Sunday—held firm through stoppage time to seal an unforgettable triumph for Nigerian and African women’s football.
ThisDay
Headlines
2027: In spite of Court Ruling, Atiku Takes ADC Campaign to Kebbi
The African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has pledged to restore fuel subsidy, improve security and create employment if elected president in 2027.
Atiku made the pledge on Thursday during a campaign rally in Kebbi State, where he called on voters to support the ADC, describing it as the only party committed to addressing the three issues.
“The people of Kebbi State, let me ask you a few questions. Do you want the return of subsidy? Do you want security? Do you want employment? Therefore you have no option other than the ADC. ADC is the only political party that is committed to these three objectives and more to bring about prosperity, unity and peace to the people of our country,” he said.
The former Vice President and his running mate also criticised some projects being presented as achievements of the President Bola Tinubu administration, describing them as legacies of the late President Muhammadu Buhari.
Supporters of the ADC gathered at the party’s secretariat in Birnin Kebbi to welcome Atiku and other party chieftains ahead of the rally.
Speaking at the event, the Director-General of the ADC Presidential Campaign Council, Senator Austin Akobundu, commended party faithful for what he described as their resistance to intimidation by the state government.
Akobundu said the 2027 general elections would be a referendum between suffering Nigerians and the Federal Government under President Tinubu.
The ADC National Chairman, in his remarks, described the party as a moving train that no amount of intimidation could stop.
He called on the people of Kebbi State to vote for Atiku as president, Abubakar Malami as governor and other ADC candidates in the 2027 general elections.
The rally ended with the ADC National Chairman formally presenting the party’s flag to Malami as the party’s governorship candidate for the 2027 election.
The campaign in Kebbi came hours after a Federal High Court in Abuja nullified the leadership of the Senator David Mark-led ADC and voided the actions taken by the party’s executives, including the process that produced Atiku as its presidential candidate.
Justice Peter Lifu delivered the judgment in a suit filed by Nafiu Bala Gombe, a former National Deputy Chairman of the party, who challenged the emergence of the Mark-led leadership.
Atiku rejected the ruling, describing it as an attempt to weaken his political support and frustrate his campaign. He said he would challenge the judgment at the Court of Appeal.
The ADC also rejected the decision, accusing the ruling All Progressives Congress (APC) of attempting to cripple the opposition and vowing to challenge the judgment through all available judicial processes.
Headlines
Atiku Condemns Judgment Nullifying Mark’s ADC Leadership, Says the Panic is Real
The Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has condemned Thursday’s court judgment purporting to remove Senator David Mark’s leadership of the party, describing it as a calculated attempt to weaken the ADC and frustrate his candidacy.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the timing of the judgment was telling. It came barely a day after a mammoth crowd turned out in Sokoto to welcome him and attend the launch of the ADC campaign.
“The people of Sokoto came out in their thousands because they are hungry for change and believe in our promise to make life affordable again. What we witnessed in Sokoto is only the beginning. The people of Kebbi will have their say, and so will Nigerians across the country as our campaign moves forward.
“My roots are in Northern Nigeria, but my candidacy belongs to all Nigerians. There is a difference between being from the North and being a candidate only for the North. Hunger and hardship do not respect regional boundaries. Nigerians across the country are suffering under this government, and they deserve a leader with a credible plan to make life affordable again.
“The timing of this judgment is no coincidence. It is part of a strategy to weaken my support in the North and frustrate a campaign whose message is resonating across the country. But the ruling party’s greatest miscalculation is to assume that my support ends in the North. What we saw in Sokoto, what we will see in Kebbi and across the country, is the strength of a national movement.”
Atiku said the judgment also raises serious legal concerns.
“Justice Musa Liman of the same Federal High Court had already dismissed the challenge to the David Mark-led leadership in Suit No. FHC/ABJ/CS/1637/2025. The court upheld the defendants’ objections on jurisdiction, standing and the failure to exhaust internal party remedies, and resolved the substantive issues in their favour. Why, after that judgment, was another case filed to reopen the same dispute? This is a calculated attempt to circumvent a subsisting judgment. We will challenge this judicial manoeuvre at the Court of Appeal.”
Atiku urged ADC supporters to remain calm and law-abiding and not to let the judgment weaken the momentum generated in Sokoto. The campaign train is already in Kebbi and will continue across the country.
“Our journey to rescue Nigeria from the hardship imposed by the APC government is a long one. Our Affordable Life campaign will continue because Nigerians deserve relief from this crushing cost-of-living crisis. We urge our supporters to remain resolute, take our message from house to house and door to door, and stay peaceful and focused. There is no shaking.”






