NewStats: 3,261,125 , 8,173,110 topics. Date: Wednesday, 28 May 2025 at 10:03 AM 5y1c4v

The President of Dangote Group, Alhaji Aliko Dangote, says he is still fighting for the survival of his $20bn refinery, stressing that the fight is not yet finished.

Dangote expressed optimism that he would win the fight for the refinery, stating his determination to fight on.

According to Semafor, an international news medium, Africa’s richest man spoke at an investor forum in Lagos on Friday.

The report stated that Dangote pointed out that some individuals who “for a very, very long time” have “made a lot of money from” government-subsidised oil imports into Nigeria, were the ones trying to sabotage the 650,000 barrels per day oil refinery situated in Lekki, Lagos.

Dangote was quoted as saying that “those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”

However, Dangote was confident that the battle between him and the groups would be won, priding himself as a long-time fighter.

“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 per cent sure I will win at the end of the day,” he was quoted.

Dangote’s latest comments came as Nigeria plans to increase its capacity to stockpile petroleum products, to prepare against shocks to the global oil market following US President Donald Trump’s shake-up of international trade with the threat of tariffs.

Recall that Dangote has since last year raised the alarm that some mafias were sabotaging his refinery.

He specifically mentioned that some international oil companies were sabotaging his investment by denying the facility adequate crude supply despite the domestic crude supply obligation.

Dangote had alleged that the Nigerian Midstream and Downstream Petroleum Regulatory Authority was issuing licences to marketers to import substandard petroleum products into the country.

He vowed to push his $20bn refinery to full operational capacity despite what he said were challenges from oil importers seeking to undermine his venture to retain their dominance in the country’s energy sector.

At a point last year, Dangote said he regretted building the refinery, saying the mafias in the oil and gas sector were stronger than those of drugs.

However, he refused to give up on the project as the facility targets its full capacity soon.

The PUNCH recalls that the Dangote Group boss once accused some powerful individuals of frustrating his refinery.

“In a system where, for 35 years, people are used to counting good money, and all of a sudden, they see that the days of counting that money have come to an end, you don’t expect them to pray for you. Of course, you expect them to fight back.

“And I think that is the process that we’re now really going through. But the truth is that, yes, the country, the sub-region, and also the continent of sub-Saharan Africa, need this refinery. So, you expect them to fight through non-supply of crude, non-purchase of the product, but I think it’s all temporary. We’ll get there,” Dangote added.

He had recalled that he was once persuaded by a former Minister of Energy in Saudi Arabia, Khalid Al-Falih, to shelve the idea of building a refinery. However, he said he told the former minister that he did not need his advice.

In June 2024, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, accused IOCs in Nigeria of plans to frustrate the survival of the new Dangote refinery.

Edwin said the IOCs were “deliberately and willfully frustrating” the refinery’s efforts to buy local crude by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States, with its attendant high costs.

Edwin also accused the NMDPRA of granting licences indiscriminately to marketers to import dirty refined products into the country.

“It appears that the objective of the IOCs is to ensure that Nigeria remains a country that exports crude oil and imports refined petroleum products. They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product, and dumping the expensive refined products into Nigeria – thus making us dependent on imported products,” Edwin had stated.

The refinery, which started petrol production last September, is seen as a way for Africa’s biggest crude oil producer to end its reliance on the costly importation of refined fuel.

It was reported that the refinery’s entry has helped push down the pump prices of refined products even as retailers count their losses.

With the naira-for-crude deal, the Dangote refinery promised to ensure enough fuel supply to Nigeria, Africa, and the world.

IPMAN s Dangote

The Independent Petroleum Marketers Association of Nigeria said they are with Dangote as he pushes ahead to fight the cabal.

IPMAN Publicity Secretary, Chinedu Udadike, said Dangote had promised before that he would fight the so-called cabal for the good of the masses, stressing that the association is behind him.

He said the fight is just the usual competition in any business, especially when a product is doing better than others in the market.

“Well, this is business. Competition abounds. There is no businessman whom people will not fight if he is doing well, especially when it is only your goods that are being produced, and the others are not being patronised because of the price. So, it is evident that every businessman wants to survive. It’s not an issue. What we can do is encourage him.

“We independent marketers are happy with him for his price slashes, although sometimes it’s against our own business strategy and projections. But that is part of the business, it is profit and loss.

“You know the factor of demand and supply matter determines the market. So, if he’s talking about how people want to sabotage him, he has told us that he’s ready to fight the oil cabals, and he is in this business to ensure that Nigerians don’t suffer. So, we encourage him not to lose hope, and we independent marketers him in all ramifications,” Ukadike said.

No need to fight, says PETROAN

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said there should be no form of discord in the downstream.

According to him, Dangote should be allowed to refine its products with the naira-for-crude deal while importers and other traders should be given a level playing field to operate.

Gillis-Harry noted that there should be facts to back up all claims, saying there will be competition in any business, pleading, however, that it should be healthy.

He appealed to the Federal Government to supply enough crude to Dangote and other refineries.

Asked whether he felt the temporary stoppage of the naira-for-crude deal by the Nigerian National Petroleum Company Limited could have prompted Dangote’s comment, he replied that there was a need to review the pilot phase of the deal, emphasising that PETROAN was always in of the naira petrol sales deal, which he said would make petroleum products available for all Nigerians.

He stressed that other refineries are coming onstream and there will be more competitors in the market.

“I just want all players to do their business without any fight,” the PETROAN boss said.

The naira-for-crude deal ordered by President Bola Tinubu allowed the sale of crude in naira to the Dangote refinery, prompting a crash in fuel prices.

With the supply of crude in naira, the Dangote refinery continued to crash petrol prices across the country. From about N1,100 per litre, the company slashed the price of motor spirit to N860.

But importers of petroleum products lamented the repeated reduction of petrol prices by the refinery. Some of the importers lamented that they were compelled to sell below their costs, as consumers only buy from where the product is cheaper.

While Nigerians were rejoicing over the price slashes, fuel importers and retailers said they were counting losses.

https://punchng.com/cabals-still-fighting-against-our-refinery-dangote/

keep on fighting, as Nigerians we are also fighting for our own survival.

the monster your guys created is now fully grown hunting y'all.

I guess competition is forcing dangote to drop prices against the will of independent marketers cos he has advantage over them and those ones are fighting back too.
I do not want to it that landing cost of local refined pms is 835 even with naira for crude oil deal while imported one is 870 with all the forex bottlenecks,dangote can do better cos crude oil we refine here should not be more than 600 per liter.

Mr man, all this you're saying no concern us jare
Bring down the price of petroleum to 200 Naira per liter. Period!

The rich also cry

Good

Some kind news can be very depressing...Will Nigeria ever work??

Keep fighting till death

😎

bcomputer101:
Mr man, all this you're saying no concern us jare
Bring down the price of petroleum to 200 Naira per liter. Period!

What is the cost of producing one liter of oil?

The cost plus other fees would be more than the 200 naira you propose.

Everyone is just fighting for his pocket , Dangote , mafias , Trump , everyone...

Dangote pls allow the poor masses to concentrate on their daily struggles.

Even Dangote is fighting.

Na person wey get money dey buy petrol. Abeg shift, let's see road.

I think the Federal government is doing very well by ing Dangote and naira to crude exchange.
But how is the government ing the implementation of laws to reduce transport fares for easy mobility of goods and services, since petroleum prices are reduced?

Because, all these our local transport operators, them nor dey hear word

i feel for you dangote. If not for people like you, God knows what the GDP of this country will be. But the dingbats wont understand ..God is your strength ..🤔

Please hang on.

A president that will you and make things easier will come.


Leave this mooron

Mafians are fighting for their gains
Dangote is also fighting for his own gain too
While Nigerians are being exploited
Removal of fuel subsidy is like jumping from frying pan to fire. It is far better to subsidize fuel than remove the subsidy

Nigeria dey happen to every body even Dangote Africas richest man dey feel am

ursullalinda:
Some kind news can be very depressing...Will Nigeria ever work??

If dem no kpai some people for this country...

Omoo...this country is a market place... everyone is a capitalist...even the Dangote guy himself...just profits...and people are ready to kill for it.

Just stick to JESUS

this na staged news by dangote. e know say efcc don go after nnpc top shots.

the question is who no wan nnpc to function??

galantjoe:
Mafians are fighting for their gains
Dangote is also fighting for his own gain too
While Nigerians are being exploited
Removal of fuel subsidy is like jumping from frying pan to fire. It is far better to subsidize fuel than remove the subsidy

How about cement? Who is fighting back? A bag is over 10k now.

BlackViper:


https://punchng.com/cabals-still-fighting-against-our-refinery-dangote/

Monopolistic evil capitalist

Yawn 🥱


U mean to b fixing prices d way U want

Dangote said he regretted building the refinery, saying the mafias in the oil and gas sector were stronger than those of drugs.


He is right, the leaders of Nigeria will be happy to keep enslaving it's citizens than doing the right thing.


Why keep exporting crude oil and bringing in refined products when you can invest in the refinery in your country and build more refineries.


They should learn from Burkina Faso President.
I don't know if the Presidents of Nigeria understood the reasons they were voted
You're there to serve your people and not buy private jets and cars for all the senate .
Sometimes I wonder how I became a Nigerian Citizen🤦

Wo it isn't only you. We all are fighting for survival one way or the other

ursullalinda:
Some kind news can be very depressing...Will Nigeria ever work??

Nobody should deceive him\herself; Nigeria will never work because the foundation is wrong.
A house built on mere sand will always crumble.
The only thing that can save the country and its people is regionalism, where each region runs its own affairs in competition with the others and contributes to the centre. Another way out for the people is outright disintegration.
Out of tribal hate and quest for dominance, the hausa/fulani/yoruba refuse to accept this reality and think it's all about grabbing, holding power and using it to dominate/oppress others, without knowing they're also jeopardizing the future of their own regions and people.