Dangote offers to sell refinery to NNPC

President of the Dangote Group, Aliko Dangote has offered to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL) to address allegations of monopoly in the industry.

In an exclusive interview with Premium Times, Dangote discussed his openness to the sale as a means to resolve these accusations and improve the country’s fuel crisis.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Dangote stated.

He emphasised the long-standing fuel crisis in Nigeria and his belief that the Dangote Refinery could be instrumental in resolving the issue.

However, he noted that some individuals seem uncomfortable with his involvement in the sector.

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” he added.

This is coming after the Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, made claims that the Dangote refinery had requested the regulator to stop giving import licences to other marketers to be the only fuel supplier in Nigeria.

“We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery, that is not good for the nation in terms of energy security. And that is not good for the market, because of monopoly,” Ahmed stated in a video interview with State House correspondents.