Former President Obasanjo has accused powerful cabals in Nigeria of frustrating the operations of Dangote Refinery. Discover the details behind his claims.
The ex-president of Nigeria, Olusegun Obasanjo has argued that the cabals operating within the nation’s oil and gas industry will persist in obstructing progress regarding Dangote Refinery’s $20 billion project. This is due to their own vested interests as they currently benefit from importing refined petrol.
In a recent interview with the Financial Times, he revealed this information.
This arises as Dangote Refinery continues to face challenges in obtaining an adequate supply of crude oil.
It should be remembered that last week, President Bola Ahmed Tinubu instructed the Nigerian National Petroleum Company Limited to trade crude with Dangote Refinery and other domestic refineries using Naira.
Obasanjo commented on the struggles of Aliko Dangote, the Chairman of Dangote Group and expressed that a successful Refinery project would attract investments from both Nigerians and non-Nigerians.
He observed that individuals who “trade refined goods to Nigeria” believe they will miss out on profitable opportunities.
If Aliko’s refinery investment proves successful, it could inspire Nigerian and non-Nigerian investors to invest in Nigeria.
Obasanjo stated that if the suppliers of refined products for Nigeria perceive a threat to their profits, they will go out of their way to obstruct him.
According to Devakumar Edwin, the Vice President of Dangote Industries, international oil companies are hindering progress at Dangote Refinery by selling crude for exorbitant prices.
Dangote has been accused of monopolistic behavior by Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Ahmed’s accusations were challenged by Dangote.
