President of the Dangote Group, Aliko Dangote, has proposed selling his $20 billion petrochemical refinery in Lagos to the state-owned Nigerian National Petroleum Corporation Limited in response to accusations of monopolistic intentions.
The NNPCL, which has faced severe criticism for mismanaging its refineries in Kaduna, Warri, and Port Harcourt, is under scrutiny over its ability to successfully manage additional facilities.
Many Nigerians are calling for the dismissal of NNPCL’s management, questioning their capability to operate refineries effectively.
Dangote’s refinery, commissioned in 2023 by former President Muhammadu Buhari, has recently been mired in controversy, including claims that Dangote is attempting to monopolize the sector.
The businessman has denied these allegations, with government regulators advising against any concessions.
Recently, NNPCL reduced its stake in Dangote’s refinery from 20 percent to 7.2 percent, leading to further speculation about the government’s support for the local producer.
In response to the monopoly allegations, Dangote suggested that NNPCL could resolve the issue by buying out his refinery.
“They have labeled me a monopolist,” Dangote stated, adding that if NNPCL took over, “the allegations of monopoly would no longer be valid.”
Dangote explained that his intention behind building the refinery was to end Nigeria’s reliance on imported petroleum products and to create job opportunities.
He expressed his frustration that some influential figures seem displeased with his involvement in the project.
“I am ready to let go, let the NNPC buy me out, run the refinery,” Dangote said. “At least the country will have high-quality products and create jobs.”
He further elaborated, “As you probably know, I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country.”
Despite significant investments in turnaround maintenance, Nigeria’s four NNPCL refineries remain non-operational, having reportedly consumed N12 trillion over the years.
