Former President Olusegun Obasanjo has cautioned that fuel importers are likely to sabotage the Dangote Petroleum Refinery. He stated this following claims by Alhaji Aliko Dangote, President of the Dangote Group, that certain “mafias” are actively trying to frustrate the $20 billion refinery project:.
Alhaji Dangote made allegations weeks ago about international oil companies and local regulators obstructing the refinery’s operations. Specifically, Dangote officials reported that these companies were either refusing to sell crude oil to the refinery or demanding premiums of up to $4 above the market price.
Additionally, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been accused of issuing licenses for the importation of substandard fuel, a claim the NMDPRA denies.
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In an interview with the Financial Times, Obasanjo emphasized the importance of the Dangote refinery for encouraging investment in Nigeria. “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,” Obasanjo stated.
The former president also reflected on Nigeria’s broader economic strategy, criticizing the country’s reliance on oil at the expense of other sectors such as gas and agriculture. “We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity. We ignored agriculture, which should have been the centerpiece of our economic development,” he remarked.
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Obasanjo shared insights from his presidency, recounting how he unsuccessfully urged Shell to take over the management of Nigeria’s refineries. Shell declined, citing poor maintenance and pervasive corruption in the sector. “When I was President, I invited Shell, and I said, Look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained… There’s too much corruption in the way our refinery is run and maintained. And they didn’t want to get involved in such a mess,” he explained.
Addressing the issue of fuel subsidies, Obasanjo criticized President Bola Tinubu’s approach to subsidy removal, arguing that it failed to consider the resultant hardships on the populace. “There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we removed is not gone. It has come back,” he asserted. Protest: Singa Market Reopens For Business As Retailers Get Out Of Stock
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Obasanjo also highlighted the critical need for investor confidence and the transition from a transactional to a transformational economy. He expressed grave concerns about youth unemployment and the potential for social unrest.
“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he warned.