Former President Olusegun Obasanjo has asserted that cabals within Nigeria’s oil and gas sector are deliberately frustrating the $20 billion Dangote Refinery to protect their interests in refined petrol importation. He made these remarks in a recent interview with the Financial Times.
This statement comes amid ongoing challenges faced by Dangote Refinery in securing crude oil supply. Last week, President Bola Ahmed Tinubu directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery and other local refineries in Naira.
Obasanjo emphasized that the success of the Dangote Refinery would encourage both local and foreign investments in Nigeria. He suggested that those profiting from selling refined products to Nigeria are resisting this change to protect their lucrative business.
“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. 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,” Obasanjo stated.
Devakumar Edwin, Vice President of Dangote Industries, has raised concerns that international oil companies are obstructing the refinery by selling crude at inflated prices.
This situation is further complicated by accusations from Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, who accused Dangote of monopolistic tendencies, an allegation that Dangote has denied.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
