By Dinah Uwese
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In a shocking turn of events, Nigerian billionaire Aliko Dangote has offered to sell his 650,000 barrels per day (bpd) oil refinery to the Nigerian National Petroleum Corporation (NNPC). The refinery, which is currently under construction in Lagos, is expected to be the largest in Africa and could potentially help solve Nigeria’s ongoing fuel crisis.
As you probably know, I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country.
Dangote, who is the richest man in Africa and the owner of Dangote Group, made the offer during a press conference in Lagos. He stated that he has been facing resistance from some individuals who are uncomfortable with his involvement in the project and that he is willing to let go of the refinery in order to resolve the issue.
“We have been facing fuel crisis since the 1970s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” Dangote said.
The 650,000 bpd refinery, which is expected to cost $12 billion, is set to be completed by 2020. It is expected to produce gasoline, diesel, aviation fuel, and other petrochemicals, which could potentially end Nigeria’s dependence on imported fuel.
Dangote’s offer to sell the refinery to NNPC comes amidst reports of ongoing negotiations between the two parties over the ownership of the project. NNPC currently holds a 20% stake in the project, while Dangote Group owns the remaining 80%.
If the deal is finalized, NNPC would become the sole owner of the refinery, making it the first time in Nigeria’s history that the government would have a majority stake in a refinery.
This development has been met with mixed reactions, with some experts hailing it as a positive move towards solving Nigeria’s fuel crisis, while others have raised concerns over the potential monopoly that NNPC could hold in the country’s oil industry.
As of now, it is unclear whether NNPC will accept Dangote’s offer to sell the refinery. However, if the deal goes through, it could have a significant impact on Nigeria’s oil industry and potentially change the dynamics of the fuel market in the country.