Former president, Olusegun Obasanjo has claimed that cabals in Nigeria’s oil and gas sector will continue to thwart the $20 billion Dangote Refinery because they profit from importing refined petrol. He revealed this in a recent interview with the Financial Times, amid ongoing issues with the refinery’s crude oil supply.
Recently, President Bola Ahmed Tinubu directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery and other local refineries in Naira.
Discussing the challenges faced by Aliko Dangote, Chairman of Dangote Group, Obasanjo stated that a successful refinery would encourage investment in Nigeria from both local and foreign investors.
He suggested that those involved in selling refined products to Nigeria fear losing their profitable ventures and will thus try to frustrate Dangote’s efforts.
Obasanjo said, “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated.”
Devakumar Edwin, Vice President of Dangote Industries, has also raised concerns about international oil companies selling crude at higher prices to frustrate the refinery.
Meanwhile, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has accused Dangote of monopolistic tendencies, which Dangote has denied.
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