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4 months ago
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Billionaire business mogul Femi Otedola has spoken up following the ordeal of Aliko Dangote, Chairman of the Dangote Group, in the hands of federal government’s regulatory agency over his refinery.
Otedola urged Nigerians, especially the government to support Dangote by creating an enabling environment for businesses to thrive. He emphasized that Dangote’s contributions extend beyond industrial facilities to critical infrastructure and must be recognized and supported.
In a post on his X account on Tuesday, Otedola described Dangote as a “titan that God created specially for mankind.” He stated, “In Nigeria, we have our own titans, and it is imperative that we recognize and support them. Aliko Dangote has broken every boundary in global business and industry. His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity.
“Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress,” Otedola added.
Otedola highlighted that Dangote has built the largest single-train refinery in the world in Lagos State, the second-largest sugar refinery, and the largest cement factory in the world, located in Kogi State. Additionally, Dangote has established one of the second-largest fertilizer plants, soon to surpass the largest in Qatar, also in Lagos. He noted that Dangote is the largest private-sector employer in Nigeria and among the top taxpayers, often paying more in taxes than the top banks combined.
He stressed the importance of supporting visionary leaders during the nascent stages of industrialization, drawing parallels with historical figures in the United States and contemporary business leaders in countries like India, Vietnam, South Africa, Brazil, and China. These countries have seen significant government support for local businesses, which has propelled their economic growth and global business footprint.
Dangote has been in the news recently amid claims that a cabal was blocking his efforts to import crude oil, slowing down operations. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated last week that the Federal Government had not yet licensed the Dangote refinery to begin operations. NMDPRA CEO Farouk Ahmed refuted claims of efforts to scuttle the refinery’s operations and mentioned that the refinery is still in the pre-commissioning stage. He also disputed the quality of Dangote’s diesel product, a claim Dangote has denied.
Furthermore, Dangote has expressed willingness to sell the refinery to the Nigerian National Petroleum Company Limited (NNPCL) to address allegations of monopoly. In an exclusive interview with Premium Times, he said, “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labeled 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. This refinery can help in resolving the fuel crisis, but it seems some people are uncomfortable with my involvement. So I am ready to let go, let the NNPC buy me out and run the refinery.”
