In response to claims of industry monopoly, the businessman stated in an exclusive interview with Premium Times on Sunday that he would be willing to sell the refinery.
He declared that the claims of monopoly would end if the NNPCL acquired the refinery.
“Let NNPCL buy me out and operate the refinery as efficiently as possible. I have been called a monopolist by them. Although that is an unfair and false accusation, it is acceptable. At the very least, their so-called monopolist would be out of the way if they bought me out.
Since the 1970s, we have been dealing with a fuel issue. This refinery can assist in fixing the issue, however it seems that some people find it awkward that I’m in the photo. According to Premium Times, he stated, “I am prepared to let go and let the NNPC buy me out so they can run the refinery.”
This is in response to statements made by Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, stating that the Dangote refinery had asked the regulator to cease granting import licenses to other marketers in order to become Nigeria’s exclusive fuel supplier.
Dangote is asking that we ban or cease the importation of all petroleum products, particularly AGO, and divert all marketers to the refinery; this is not good for the country’s energy security, so we cannot rely solely on one refinery to feed the country. In a video chat with State House correspondents, Ahmed said, “And that is not good for the market, because of monopoly.”
“As far as the West African standard of 50 ppm is concerned, the AGO currently has the lowest quality in terms of sulfur.
“Dangote refinery produces between 650 and 1,200 ppm, as do some modular refineries as Waltersmith and Aradel refineries. Thus, their product is far less superior to the imported quality in terms of quality, he said.
Premium Times was informed by Dangote that the difficulties his refinery is currently experiencing have confirmed the advice of his friends and associates to proceed cautiously while making billion-dollar investments in the Nigerian economy.
As you are undoubtedly aware, I am currently 67 years old and will turn 70 in less than three years. For the rest of my life, I won’t need much. The refinery and all other assets cannot go with me to the hereafter. I act in my nation’s best interests at all times.
“This refinery can assist in fixing the issue, but it seems that some individuals find it awkward that I am included in the photo. I’m prepared to give up control of the refinery and allow NNPC to buy me out. At minimum, the nation will produce high-quality goods and provide employment,” he remarked.
After a protracted building phase, the Dangote Refinery began operations last year and can process 650,000 barrels per day.
