Nigerian billionaire Femi Otedola has urged support for Aliko Dangote, CEO of Dangote Refinery, amidst ongoing disputes with national oil regulators, News About Nigeria reports.
In a series of posts on X (formerly Twitter) on Tuesday, Otedola joined numerous stakeholders in calling on the federal government to back industrialists like Dangote, similar to how other governments support their “local champions.”
Otedola pointed out Dangote’s achievements, noting that he has built “the largest single-train refinery in the world” and “the second-largest sugar refinery in the world.”
He mentioned that Dangote is the highest taxpayer in Nigeria.
“Business titans like Dangote are essential in the early stages of a country’s industrialization growth and must be encouraged and protected,” Otedola stated.
He drew parallels to historical figures in the United States such as Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, who built the country’s industrial landscape.
Otedola also mentioned how governments in countries like India, South Africa, and China have provided necessary incentives to grow various industries.
“In Nigeria, we have our own titans, and it is imperative that we recognize and support them. Aliko Dangote has broken every boundary in worldwide business and industry,” he said.
“His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity. Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress,” Otedola added.
The Dangote Refinery is currently facing scrutiny from Nigeria’s oil regulatory bodies, particularly the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Farouk Ahmed, head of NMDPRA, has accused the refinery and other local facilities of producing fuel with high sulfur levels, reaching up to 650 parts per million (ppm).
He also suggested that Dangote might be attempting to dominate the industry, potentially jeopardising the country’s energy security.
In response, Dangote has invited regulatory authorities to inspect his Lagos plant, expressing confidence that their products meet the highest quality standards in Nigeria.
To dispel notions of monopolistic behaviour, Dangote has also halted his plans to invest in Nigeria’s steel industry.
