Former President Olusegun Obasanjo has expressed concerns that powerful cabals within Nigeria’s oil and gas sector will continue to obstruct the $20 billion Dangote Refinery because they benefit from importing refined petrol.
He made this disclosure in a recent interview with the Financial Times, highlighting the ongoing challenges the Dangote Refinery is facing in securing crude oil supply.
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This comes after President Bola Ahmed Tinubu directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery and other local refineries in Naira.
Speaking about the difficulties faced by Aliko Dangote, Chairman of Dangote Group, Obasanjo emphasized that if the refinery succeeds, it would encourage both Nigerians and foreign investors to invest in the country. He also noted that those “selling refined products for Nigeria” fear losing their lucrative opportunities.
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He 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, the Vice President of Dangote Industries, has raised concerns that international oil companies are undermining the Dangote Refinery by selling crude at inflated prices.
This comes after Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, accused Dangote of monopolistic tendencies.
However, Dangote has dismissed Ahmed’s accusations as unfounded.
