Dangote vs Oil Cabals: The Billion-Dollar Battle Continues!
“I’ve been fighting all my life… and I’m not backing down!” — Dangote
Alhaji Aliko Dangote, Africa’s richest man and President of Dangote Group, has revealed that powerful oil cabals are still working against his $20 billion refinery, stressing that the battle for survival isn’t over yet.
Speaking at an investor forum in Lagos, Dangote made it clear: some individuals who profited massively from Nigeria’s fuel importation and subsidy regime are now actively trying to sabotage the 650,000 barrels-per-day refinery he built in Lekki, Lagos.
Who are the saboteurs?
According to Dangote, these groups — who thrived for decades under the old system — are sponsoring resistance against the current administration’s fuel subsidy removal and fighting to frustrate local refining efforts.
“We’re fighting, and the fight is not yet finished. But I’ve been fighting all my life, and I’m 100% sure I will win at the end of the day,” he declared confidently.
Backstory:
Recall that in 2024, Dangote raised alarms about international oil companies (IOCs) and regulators deliberately frustrating crude supply to his refinery, forcing him to import from as far as the U.S. at a much higher cost.
His top executive, Devakumar Edwin, also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing licenses for dirty fuel imports, undermining efforts to clean up Nigeria’s fuel supply chain.
“The IOCs want Nigeria to remain a crude-exporting country — enriching their nations while we import refined products at high cost,” Edwin lamented.
Support & Opposition:
• IPMAN (Independent Petroleum Marketers Association of Nigeria) has thrown its full weight behind Dangote, praising him for price slashes that benefit ordinary Nigerians.
• PETROAN (Petroleum Products Retail Outlet Owners Association of Nigeria), however, is calling for a level playing field, urging Dangote and others to compete fairly without causing disruption in the downstream sector.
Why It Matters:
The Dangote refinery is seen as a game-changer that could help Nigeria cut its dependency on imported fuel. Since it began operations in 2023, petrol prices dropped from over ₦1,100/litre to around ₦860, thanks to the naira-for-crude deal backed by the federal government.
But now, with fuel importers counting losses and local players demanding crude supply fairness, tensions are rising.
Still, Dangote remains defiant:
“The continent needs this refinery… and I will not give up.”
Final Word:
As this battle unfolds, all eyes remain on how Nigeria navigates this critical moment in its energy future. Will Dangote’s dream win over decades-old power structures? Stay tuned.
“I’ve been fighting all my life… and I’m not backing down!” — Dangote
Alhaji Aliko Dangote, Africa’s richest man and President of Dangote Group, has revealed that powerful oil cabals are still working against his $20 billion refinery, stressing that the battle for survival isn’t over yet.
Speaking at an investor forum in Lagos, Dangote made it clear: some individuals who profited massively from Nigeria’s fuel importation and subsidy regime are now actively trying to sabotage the 650,000 barrels-per-day refinery he built in Lekki, Lagos.
Who are the saboteurs?
According to Dangote, these groups — who thrived for decades under the old system — are sponsoring resistance against the current administration’s fuel subsidy removal and fighting to frustrate local refining efforts.
“We’re fighting, and the fight is not yet finished. But I’ve been fighting all my life, and I’m 100% sure I will win at the end of the day,” he declared confidently.
Backstory:
Recall that in 2024, Dangote raised alarms about international oil companies (IOCs) and regulators deliberately frustrating crude supply to his refinery, forcing him to import from as far as the U.S. at a much higher cost.
His top executive, Devakumar Edwin, also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing licenses for dirty fuel imports, undermining efforts to clean up Nigeria’s fuel supply chain.
“The IOCs want Nigeria to remain a crude-exporting country — enriching their nations while we import refined products at high cost,” Edwin lamented.
Support & Opposition:
• IPMAN (Independent Petroleum Marketers Association of Nigeria) has thrown its full weight behind Dangote, praising him for price slashes that benefit ordinary Nigerians.
• PETROAN (Petroleum Products Retail Outlet Owners Association of Nigeria), however, is calling for a level playing field, urging Dangote and others to compete fairly without causing disruption in the downstream sector.
Why It Matters:
The Dangote refinery is seen as a game-changer that could help Nigeria cut its dependency on imported fuel. Since it began operations in 2023, petrol prices dropped from over ₦1,100/litre to around ₦860, thanks to the naira-for-crude deal backed by the federal government.
But now, with fuel importers counting losses and local players demanding crude supply fairness, tensions are rising.
Still, Dangote remains defiant:
“The continent needs this refinery… and I will not give up.”
Final Word:
As this battle unfolds, all eyes remain on how Nigeria navigates this critical moment in its energy future. Will Dangote’s dream win over decades-old power structures? Stay tuned.