The President of Dangote Group, Alhaji Aliko Dangote, has dismissed suggestions that he should acquire one of Nigeria’s non-functional government refineries, insisting he would rather expand the capacity of his $20 billion refinery in Lekki, Lagos, from 650,000 barrels per day to 1.4 million barrels per day.
Speaking during the announcement of the refinery’s expansion, Dangote explained that while some questioned his decision to grow his operations instead of purchasing the dormant refineries managed by the Nigerian National Petroleum Company Limited (NNPC), he preferred to avoid accusations of monopolizing the sector.
“Buying those refineries? Once we touch them, there’ll be noise,” he said, adding that wealthy business groups such as the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) should step in to purchase or build new refineries instead.
“Other people have a lot of money—maybe more than we do—they should also take a chance. That way, no one will talk about monopoly, and everyone will have opportunities.”
Dangote revealed that President Bola Tinubu had pledged support for local crude refining, emphasizing that collaboration across the private sector was crucial to achieving the administration’s goal of a $1 trillion economy.
Don’t Miss This: Nigeria Introduces 10% Tax on Short-Term Investments to Strengthen Fiscal Transparency
“We already have the infrastructure and are focused on doubling our capacity. Others should also do their part,” he said.
Dangote also recalled that in 2007, his consortium had purchased NNPC’s refineries during former President Olusegun Obasanjo’s administration but was compelled to return them after President Umaru Musa Yar’Adua took office.
He noted that despite billions spent on maintenance since then, the facilities remain inactive.
“I doubt if those refineries will ever work,” he said, reiterating his position that government-owned plants have consumed over $18 billion without results.
Meanwhile, NNPC Group Chief Executive Officer, Bayo Ojulari, stated that the Port Harcourt, Warri, and Kaduna refineries are currently undergoing technical and commercial assessments to determine whether they should be upgraded or repurposed.
The review, he explained, is aimed at turning the refineries into sustainable, revenue-generating assets that meet international standards.
The federal government has spent billions on refinery rehabilitation over the years, including $1.4 billion for Port Harcourt, $897 million for Warri, and $586 million for Kaduna, yet none have returned to full operation.
Industry experts and business groups, including the Manufacturers Association of Nigeria, continue to call for their privatisation, describing them as a drain on the nation’s resources.
