Alhaji Aliko Dangote (ph)
The president of the group DangoteAlhaji Aliko Dangoterevealed the many challenges that he had to overcome to successfully complete the oil refinery project Dangote worth $19 billion Nigeria.
Dangote made the revelation on June 12, 2024 during the annual meetings of Afreximbank and the AfriCaribbean Trade and Investment Forum in Nassau, Bahamas and compared the oil cartels, determined to maintain their grip on the industry, to a mafia stronger than the drug mafia.
In his speech, the Nigerian businessman said that local and international criminal organizations in the oil sector had repeatedly tried to sabotage the project. He highlighted the fierce opposition of what he described as the “ oil mafia », local and international criminal organizations seeking to maintain their control over the energy market.
Faced with these repeated attempts at sabotage, Dangote demonstrated remarkable resilience. He described the different strategies deployed against him to prevent him from continuing his activities, notably during the COVID-19 period, when some international banks allegedly tried to push him to default on his loans.
To protect against challenges in the oil sector, Dangote said that he knew before embarking on the project that there would be difficulties along the way. Concerning the pitfalls, he revealed that they tried in every way to dissuade him “But I am a person who has fought all my life. You know, so I think fighting is part of my life.”
Despite these obstacles, Dangote managed to repay a substantial part of the loan taken out for the refinery, which amounts to 2.4 billion dollars out of a total of 5.5 billion. This act shows his ability to effectively manage his finances and maintain the viability of his projects despite external pressures.
In light of these obstacles, Dangote asserted that the West is not interested in a developed Africa but rather in continuing its decades-long exploitation. Faced with this major challenge which must be overcome, Dangote called on African countries to come together to forge mutually beneficial partnerships.
Note that the construction of the refinery Dangote 19 billion dollar oil project in Lagos represents an ambitious project, aimed at reducing dependence on Nigeria but also from countries in the sub-region to imported petroleum products. The refinery Dangotewith a capacity of 650,000 barrels per day, is expected to be a game changer when fully operational by helping to end Nigeria’s dependence on fuel imports.
The refinery Dangote Initially expected to start selling oil in June, it pushed back that deadline to mid-July, citing minor logistical issues.
Mensah,
Permanent correspondent of KOACI in Ghana, Togo and Nigeria
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