President and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has said many wealthy Nigerians are unwilling to invest in the country due to the difficult operating environment.
Speaking during a recent media interaction, Africa’s richest man said there are individuals in Nigeria with more liquid cash than him who choose to stay away from domestic investment challenges.
Dangote said such individuals prefer to stay in places like Monaco, France, instead of facing the rigours of doing business in Nigeria.
“There are more people who have more liquid cash than me in Nigeria, maybe one, two, or three, without mentioning names, but when they see us going through this wahala, they run to Monaco and just stay jeje; they don’t want to go through this hell,” he said.
His comments come amid ongoing tension between Dangote Refinery, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), and other stakeholders in the downstream oil sector over the refinery’s recently launched nationwide fuel distribution scheme.
READ ALSO: Nigerians currently buying petrol cheaper than others in West Africa — Dangote
The scheme, which began on Monday, has been described by NUPENG and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) as a “Greek gift” to Nigerians. The unions have also accused the Dangote Group of anti-labour practices and attempting to sideline existing players in the fuel distribution chain.
Speaking further, Dangote revealed that fear of being perceived as a monopoly stopped his company from acquiring major petroleum products distribution firms, including Mobil, African Petroleum (AP), and Oando.
“We didn’t want to go into retail. It was during the time we were building this refinery that they sold Mobil, AP, and Oando. We could have bought them — the three of them didn’t cost N500 million,” he said.
“If we knew this was going to happen, maybe we would have done it the other way. But we didn’t want to be called a monopoly; that’s why we left that side. We restricted ourselves to production, thinking they will become our customers, and we will have a nice party together.”
However, with mounting opposition to his refinery’s activities, Dangote now appears prepared to take on vested interests in the sector.
“But if they are looking for fights, I have been fighting all my life,” he said.
READ ALSO: BREAKING: Dangote Refinery suspends sale of petrol in Naira
The Dangote Group and NUPENG have been at loggerheads in recent weeks over unionisation and labour issues. NUPENG has accused the company of attempting to prevent refinery workers from joining the union — a claim Dangote has consistently denied.
Despite this, the Dangote Refinery went ahead with its fuel distribution launch on Monday, distributing products across the country. The refinery, which has a capacity of 650,000 barrels per day, is expected to play a major role in transforming Nigeria’s oil sector, especially by reducing dependence on imported refined petroleum products.
The refinery’s move into nationwide distribution has unsettled several stakeholders in the downstream sector, many of whom believe the Dangote Group is attempting to dominate the entire petroleum value chain — from refining to retail.
While NUPENG and DAPPMAN have raised concerns about competition and labour rights, Dangote insists the group is simply focused on ensuring availability and price stability for petroleum products in Nigeria.
The refinery’s entry into fuel distribution marks a significant shift in the country’s oil landscape, with industry observers closely watching how the ongoing dispute between Dangote and existing operators unfolds in the weeks ahead.
