Aliko Dangote, President of the Dangote Group, has expressed strong doubts about the functionality of Nigeria’s state-owned refineries in Port Harcourt, Warri, and Kaduna, despite $18 billion reportedly spent on them by the Nigerian National Petroleum Company Limited (NNPC).
Speaking to Global CEO Africa members after a tour of his Lekki refinery, Dangote highlighted that his 650,000-barrel-per-day facility now allocates over 50% of output to petrol, compared to just 22% from the government-run refineries.
He recalled that in 2007, his group acquired the refineries under President Obasanjo but returned them months later when President Yar’Adua reversed the deal, allegedly after being advised the sale was a “parting gift” and the facilities could still function.
Dangote likened efforts to revive the aging refineries to modernizing a 40-year-old car—ineffective despite upgrades due to outdated infrastructure.
His remarks align with former President Obasanjo’s 2024 comments that the NNPC couldn’t manage the refineries and that even Shell had declined to operate them. Obasanjo confirmed that Dangote’s consortium once paid $750 million for the refineries before the sale was annulled.
READ ANOTHER STORY – https://classic97.net/slug-ghana-us-visa-dispute/
