Dangote: My Friend Who Warned Against Investing in Nigeria Now Laughing at Me

Dangote revealed a friend who invested abroad is taunting him over recent issues with the Nigerian government regarding his refinery project

Dangote expressed frustration over obstacles faced and is ready to let NNPC buy him out to run the refinery

Africa’s wealthiest man, Aliko Dangote, revealed that a friend who started investing abroad four years ago has been taunting him over recent issues with the Nigerian government regarding his refinery project in Lagos.

Dangote has faced challenges with the government, particularly concerning the importation of crude oil and its refinery operation. Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the government had not yet licensed the Dangote refinery to begin operations in the country.

Farouk Ahmed, the CEO of NMDPRA, stated that claims of efforts to obstruct Dangote’s refinery operations due to the lack of crude oil supply from International Oil Companies were unfounded. He added that the refinery was still at the pre-commissioning stage and had not been licensed. Ahmed also claimed that the diesel produced by Dangote was below international standards, a claim Dangote refuted.

In an interview with PREMIUM TIMES, Dangote recounted how a friend he had urged to invest in Nigeria out of patriotism is now taunting him. “Four years ago, one of my wealthy friends began investing his money abroad. I disagreed with him and urged him to rethink his actions in his country’s interest. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” Dangote said.

Dangote emphasized that his investment in the refinery was meant to solve a significant issue in Nigeria. He expressed frustration over his obstacles, saying, “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.”

He continued, “We have been facing a fuel crisis since the 70s. This refinery can help resolve the problem, but it does appear that some people are uncomfortable with me being in the picture. So I am ready to let go, let the NNPC buy me out, and run the refinery. At least the country will have high-quality products and create jobs.”

The 650,000 barrel-per-day refinery began operations last year after a decade of construction and cost $19 billion—more than double the initial estimate—promises to help Nigeria reduce its reliance on imported fuel and save up to 30 percent of the foreign exchange spent on importing goods.