“Why this is happening to Dangote” — Obasanjo breaks silence

Former President Olusegun Obasanjo has pulled the cat out of the bag on the woes suffered by Aliko Dangote.

In a revealing interview with the Financial Times, former Nigerian president Olusegun Obasanjo has pulled back the curtain on a high-stakes battle in the country’s oil and gas sector. Obasanjo claims that powerful cabals are actively working to thwart the $20 billion Dangote Refinery, driven by a desire to protect their profits from the importation of refined petrol.

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As the Dangote Refinery faces ongoing challenges with securing crude oil supplies, Obasanjo’s comments have sparked fresh debate. Last week, President Bola Ahmed Tinubu ordered the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery and other local refineries in Naira, a move aimed at bolstering local production.

Obasanjo’s remarks highlight a critical issue: “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” he stated.

The situation is further complicated by recent accusations from Devakumar Edwin, Vice President of Dangote Industries, who alleges that international oil companies are hindering the refinery’s operations by selling crude at inflated prices.

Meanwhile, Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has accused Dangote of attempting to establish a monopoly, a charge that the company has vehemently denied.

As the controversy unfolds, the Dangote Refinery’s fate hangs in the balance. The outcome of this power struggle could have profound implications for Nigeria’s energy independence and economic future, as well as for potential investors eyeing the country.