Former President Olusegun Obasanjo has sounded the alarm that those benefiting from fuel importation will attempt to frustrate the Dangote Petroleum Refinery. This comes after allegations by Alhaji Aliko Dangote, President of the Dangote Group, that ‘mafias’ are trying to sabotage the $20bn refinery project.
In an interview with Financial Times, monitored by InsiderNg, Obasanjo stated that the Dangote refinery is a significant investment that should encourage both Nigerians and foreigners to invest in the country. However, he warned that those who stand to lose from the refinery’s success will make every effort to frustrate it.
Meanwhile, the Dangote Group has accused international oil companies of frustrating the refinery by refusing to sell crude or selling it at a premium. The Nigerian Midstream and Downstream Regulatory Authority has denied allegations of deliberately granting licenses to import dirty fuel.
In a related development, the Dangote refinery and other local refineries have yet to start buying crude oil from NNPC in naira, despite President Tinubu’s directive. The Crude Oil Refiners Association of Nigeria has written to NNPC requesting crude, but there has been no response.
Obasanjo also criticized Nigeria’s over-reliance on oil, stating that the country made a “deadly mistake” by ignoring gas and agriculture. He emphasized the need for economic diversification to avoid a monopoly by the Dangote Group.