Aliko Dangote, Africa’s richest man, has expressed his willingness to sell his oil refinery to the Nigerian National Petroleum Company (NNPC) Limited, News About Nigeria reports.
In an interview with Premium Times on Sunday, Dangote discussed the ongoing dispute between his refinery and Nigeria’s regulatory authorities.
Dangote addressed accusations of monopolistic practices, stating, “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 okay. If they buy me out, at least their so-called monopolist would be out of the way.”
Speaking on the long-standing fuel crisis in Nigeria, Dangote stressed the potential of his refinery to help resolve these issues.
“We have been facing a 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,” he said.
At 67 years old, Dangote reflected on his legacy and future, stating, “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. 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.”
In a related development, Dangote announced that his company would no longer pursue plans to enter Nigeria’s steel industry.
During a press conference at his refinery in Lagos, Dangote explained that the company’s board decided to avoid being labelled a monopoly.
Dangote said his company adds value by utilising local raw materials and transforming them into products for sale.
He denied any monopolistic practices, citing the example of cement production, where his entry into the market ended Lafarge’s monopoly in Nigeria.
“Labelling my company as monopolistic is disheartening and misleading,” he said.
Encouraging other Nigerians to invest in the steel industry, Dangote stated, “We are not the only Nigerians here. There are some Nigerians with more cash than us. Let them bring that money from Dubai and other parts of the world and invest in our fatherland.”
He urged people with sufficient capital to channel their investments into Nigeria’s economy to help boost the country’s growth and development.
