Gabon takes advantage of Nigeria to woo Dangote

Gabon’s President Brice Oligui Nguema has extended an invitation to Africa’s richest man, Aliko Dangote, to explore lucrative investment opportunities in the country’s cement and fertilizer sectors.

This development comes amid Dangote’s ongoing feud with Nigerian authorities over his private refinery operations.

The Dangote Group shared a photo capturing the momentous meeting, captioned, “President/CEO of Dangote Industries Limited, Aliko Dangote, in Gabon on invitation of the President, Brice Oligui Nguema, to explore investment opportunities in Cement and Fertiliser (Urea and Phosphate).”

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Dangote’s troubles in Nigeria began with accusations that a powerful cabal was obstructing his efforts to import crude, causing significant delays in his refinery’s operations. On June 4, Dangote highlighted the struggles faced by international oil companies (IOCs) in supplying crude to his Lagos refinery.

However, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), refuted these claims, citing the Petroleum Industry Act (PIA) provisions for willing buyer-willing seller transactions.

Despite reassurances, the Dangote Industries Limited management continued to assert that IOCs were hindering their access to crude feedstock. Further complicating matters, on July 18, Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), criticized the quality of locally produced refinery products compared to imported ones.

As tensions escalated, Dangote expressed his willingness to sell his oil refinery to the Nigerian National Petroleum Corporation Limited (NNPC) on July 22. In a potential game-changing move, Gabon appears ready to offer Dangote a fresh start, presenting an enticing alternative for the billionaire to invest outside Nigeria.