Former President Olusegun Obasanjo has raised concerns that powerful interests in Nigeria’s profitable fuel importation sector may attempt to sabotage the Dangote Petroleum Refinery. This follows allegations from Alhaji Aliko Dangote, who claimed that ‘mafias’ are trying to undermine his $20 billion project.
Despite President Bola Tinubu’s directive for the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to the refinery in naira, the transaction hasn’t occurred. Obasanjo suggested that the success of Dangote’s refinery could inspire further investments from both Nigerians and foreigners.
In an interview with the Financial Times, Obasanjo warned that those benefiting from the current system might try to frustrate the refinery’s operations. “If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” he said.
The Dangote Group has accused international oil companies of either refusing to sell crude or charging above-market prices, as well as accusing the Nigerian Midstream and Downstream Regulatory Authority of issuing licenses for importing contaminated fuel. The regulator, however, denied these accusations, with its Chief Executive, Farouk Ahmed, emphasizing the need to avoid a monopoly by continuing fuel importation.
Obasanjo also criticized Nigeria’s reliance on oil, neglecting gas and agriculture, and shared his past efforts to involve Shell in running Nigeria’s refineries, which the company declined due to corruption issues. He criticized the government’s handling of the refineries and the recent fuel subsidy removal, cautioning against hasty decisions without considering potential hardships on citizens.
