Dangote offers refinery stake to Govt

Africa’s richest man, Aliko Dangote, has expressed his willingness to transfer ownership of his multibillion-dollar oil refinery to the state-owned energy company, Nigerian National Petroleum Corporation (NNPC ) Limited, in an interview with Premium Times.

The billionaire’s statement comes amidst a new dispute with one of the key equity partners in the plant, marking the latest phase in an ongoing conflict with regulatory authorities in Nigeria. Earlier, Dangote announced that the NNPC Limited’s stake in the refinery has been reduced from 20 percent to 7,2 percent due to their failure to pay the balance of their share.

Dangote said: “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” Dangote stated.

The long-awaited US$20 billion refinery, which began operations in January has been hailed as a transformative force for Nigeria and the energy sector across sub-Saharan Africa. Since the refinery began operations in January, it has faced difficulties securing adequate crude supplies within Nigeria. Set for its first roll-out of petrol to the Nigerian market in August, the plant has been operating just above half its capacity.

Africa’s richest man, has now shelved plans to develop a new steel plant after the government accused him of attempting to establish a monopoly with the refinery. — Business Insider Africa.