Aliko Dangote, a Nigerian billionaire, has announced his desire to sell the world’s largest refinery to Nigerian National Petroleum Company Limited (NNPC).
This declaration comes amid ongoing issues about the sulfur level of petroleum products produced at the refinery, as well as a purported misunderstanding between the Dangote Group, NNPC, and the Nigeria Midstream Downstream Regulatory Authority (NMDPRA).
Former President Muhammadu Buhari commissioned the Dangote Refinery, a $20 billion investment aimed at ending Nigeria’s reliance on petroleum imports and saving around 30% of the foreign money spent on them.
Despite these lofty ambitions, the refinery has experienced numerous hurdles since it commenced operations in January 2024.
Dangote, Africa’s richest man, has urged NNPC to buy his part in the refinery, claiming that he has been wrongly characterized as a monopolist.
“Nigeria has faced a fuel crisis since the 1970s,” Dangote said. “My refinery is poised to resolve this issue, but it seems some people are uncomfortable with that.”
The billionaire’s comment comes as a setback for Nigeria’s energy sector, which had high hopes for the refinery’s ability to stabilize fuel supply and lower import costs.
Despite these ambitions, the refinery has faced challenges, including disputes over crude oil supplies and accusations of monopolistic practices.
Dangote has lamented the challenges in obtaining crude oil, pointing out that international oil firms (IOCs) charge high fees and sometimes say the commodity is unavailable.
According to reports, NNPC delivered only 6.9 million barrels of crude oil to the refinery in May 2023.
This deficit has pushed Dangote to contemplate importing crude oil from other African countries to meet the refinery’s requirements.
Dangote’s relationship with NNPC has been strained by financial concerns. The NNPC, which owns a 20% share in the refinery, has only paid 7.2% of its pledge by the date set by the Dangote Group.
The 2025 Coachella Valley Music and Arts Festival has announced its lineup, featuring over 100 artists at the Empire Polo… Read More
Kizz Daniel and Ubi Franklin have reportedly reconciled, ending their six-year feud. In 2018, Kizz Daniel and Ubi Franklin fought… Read More
Afeez Owo has recently acquired a new vehicle. The actor posted a video on his Instagram page featuring his new… Read More
Wumi Toriola is celebrating as her film, Queen Lateefah, has made three hundred and fifty million naira in just two… Read More
Hailey Adeleke spoke up to celebrate her father's 32nd birthday. Many people, including his uncle Ademola Adeleke, the governor of… Read More
Denzel Washington has revealed his 15-year fight with alcohol. The star explained that his wine drinking began quietly but increased… Read More
This website uses cookies.