My friend who warned against investing in Nigeria now laughing at me – Dangote

Aliko Dangote, the wealthiest person in Africa, mentioned that a friend who began investing overseas four years ago has been teasing him about his recent struggles with the government.

Dangote has been experiencing challenges and disputes with the government regarding his refinery project located in Lagos, Nigeria.

He previously shared that a group of influential individuals was obstructing his efforts to import crude oil, and that he was facing challenges in obtaining necessary products, which has hindered the progress of his operations.

But last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the Nigerian government was yet to license the Dangote refinery to begin operations in the country.

Farouk Ahmed, the chief executive officer (CEO) of NMDPRA, disclosed this while speaking with journalists at the state House on Thursday.

According to Ahmed, the claims of ongoing efforts to scuttle the operations of Dangote refinery due to lack of supply of crude oil by International Oil Companies were not true, adding that the refinery was still at the pre-commissioning stage and has not been licensed yet.

Ahmed added that the diesel product of Dangote was below international standard, a claim which the businessman refuted during an interactive session at the weekend.

In an interview with online newspaper, PREMIUM TIMES, Dangote narrated how a friend whom he tried to talk into being patriotic about Nigeria is now taunting him.

“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his action in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” Dangote was quoted to have said.

He stressed that he invested in the project to help solve a major issue in the country, wondering why some persons were working against him.

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery.

“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he added.

The 650,000 barrel-per-day refinery, which began operations last year following a decade-long construction period, was built at a cost of $19 billion, exceeding initial estimates by over 100%. This massive investment aims to reduce Africa’s largest oil producer’s dependence on foreign fuel imports, potentially saving up to 30% of the country’s total foreign exchange expenditure on importation.