Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
Aliko Dangote has raised fresh concerns over persistent efforts by some individuals against the survival of his 650,000 barrels-per-day refinery located in Lekki, Lagos.
Speaking at an investor forum in Lagos on Friday, May 2, Africa’s richest man highlighted ongoing refinery challenges and vowed to continue to fight on.
Dangote vows to ensure his refinery continue to operate
Photo credit: Bloomberg/contributor Source: Getty Images
Semafor, an international news medium, reported that Dangote revealed that certain individuals who have profited immensely for decades from government-subsidised oil imports into Nigeria are now the ones attempting to sabotage the
“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 he and the group would win the battle, priding himself on being a long-time fighter.
He added:
“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."
This is not the first time Dangote has raised an alarm about persons trying to undermine the operation of its refinery.
At a point in 2024, 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, Punch reports.
"For 35 years, people were used to counting easy money. Now that those days are over, you can’t expect them to support you naturally, they’ll push back."Filling stations reduce fuel prices below NNPC's rate
Photo credit: nurphoto Source: Getty Images
Dangote crashes fuel prices
Since kicking off operation, Dangote refinery has been key to determining the trajectory of fuel prices in Nigeria.
Recently, the refinery announced that it is reducing fuel prices and instructed its partner downstream players to also adjust prices.
Right now, most of Dangote's partners are selling fuel lower than the prices quoted by the Nigerian National Petroleum Corporation Limitedthe of N880 per litre.
The marketers warned that price cuts from the different players could result in a precarious situation, and advised the importers to make purchases carefully, to avoid being stuck with products they cannot sell.
