Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has alleged large-scale sabotage and entrenched corruption within Nigeria’s oil and gas sector, warning that powerful interests are working to frustrate his $20 billion refinery investment.
Dangote made the remarks while speaking on the challenges facing the Dangote Petroleum Refinery, disclosing that the facility has suffered losses of about $82 million due to stolen and vandalised equipment.
According to him, corruption in the oil and gas industry is far deeper and more complex than that found in the illicit drug trade.
“Drug mafias are actually smaller than those in the oil and gas industry because, in drugs, you know yourself. But in the oil sector, there are many corrupt individuals,” Dangote said.
He added that the losses recorded at the refinery were not accidental but the result of deliberate sabotage.
“In this refinery, we have lost $82 million due to stolen items. Yes, there is sabotage,” he stated.
Dangote further revealed that the massive investment has forced him to adopt a survival strategy, insisting that he would not abandon the project despite stiff resistance.
“I must have a strategy on how to survive because $20 billion of investment is too big to fail. We are in a situation where we continue to play cat and mouse, and at the end of the day somebody will give up—either we give up or they will give up. And I don’t think I will give up,” he said.
The billionaire industrialist also took a swipe at fuel importers, accusing them of working against local refining in order to sustain importation.
Dangote said he prays that importers lose more money, stressing that he himself is not making profits yet.
“I am not printing money. I am also losing money. It’s not that I’m making money, but marketers want imports to continue,” he added.+See more details
The Dangote Refinery, touted as Africa’s largest, is expected to significantly reduce Nigeria’s dependence on fuel imports and conserve foreign exchange once it operates at full capacity.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
