Obasanjo finally reveals those frustrating Dangote Refinery

The $20 billion Dangote Refinery in Nigeria will continue to face obstacles from cabals in the oil and gas industry, according to former president Olusegun Obasanjo, because the cabals are benefiting from the imports of refined petrol.

He revealed this on a recent interview with the Financial Times.

This occurs in the midst of the ongoing crude oil supply issue that Dangote Refinery is facing.

Recall that the Nigerian National Petroleum Company Limited was instructed by President Bola Ahmed Tinubu last week to sell crude to Dangote Refinery and other nearby refineries in Naira.

Speaking on the difficulties faced by Dangote Group Chairman Aliko Dangote, Obasanjo stated that foreign and Nigerian investors would be attracted to make investments in the nation should the refinery project proceed smoothly.

He mentioned that those who are “selling refined products for Nigeria” believe they will miss out on the profitable prospects.

“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.

Dangote Industries Vice President Devakumar Edwin had voiced concerns that foreign oil corporations are frustrating Dangote Refinery by selling crude at higher prices.

This comes after Dangote was charged with having a monopolistic tendency by Farouk Ahmed, the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Dangote, though, has dismissed Ahmed’s allegations.

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