Aliko Dangote, Africa’s richest man, has made a significant offer to the Nigerian National Petroleum Company (NNPC). He is willing to sell his 650,000 barrels per day oil refinery to the state-owned company. This move comes after his refinery, which began operations last year, faced challenges in securing crude oil supplies from international producers.
Dangote emphasized his commitment to the project’s success, stating, “Let them (NNPC) buy me out and run the refinery the best way they can.” He also addressed criticisms of his dominance in the industry, saying, “They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.”
The refinery aims to reduce the country’s reliance on imported fuel and save up to 30% of foreign exchange spent on imports. This development could have significant implications for Nigeria’s energy sector and economy.
