Aliko Dangote proposes sale of Oil Refinery to NNPC amid monopoly allegations

“Let them (NNPCL) buy me out and run the refinery” says Aliko Dangote amid monopoly allegations.

Aliko Dangote proposes sale of Oil Refinery to NNPC amid monopoly allegations

Africa's wealthiest man, Aliko Dangote, has expressed his willingness to sell his multibillion-dollar oil refinery to the state-owned NNPC Limited amid ongoing allegations of monopolistic practices. In an exclusive interview , Dangote stated, “Let them (NNPCL) buy me out and run the refinery the best way they can,” highlighting his frustration with regulatory challenges and accusations directed at him. The $19 billion refinery, which began operations in January, is designed to process 650,000 barrels of oil per day. It aims to reduce Nigeria's dependence on imported fuel, potentially saving the country 30% of its foreign exchange expenditure on fuel imports. However, the refinery has faced significant operational hurdles, including difficulties in sourcing crude oil, with NNPC delivering only 6.9 million barrels since the refinery's inception. Dangote criticized the allegations of monopolistic behavior as “incorrect and unfair,” suggesting that the discomfort surrounding his …

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Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel

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