Former president Olusegun Obasanjo has revealed that cabals in Nigeria’s oil and gas industry will continue to frustrate the $20 billion Dangote Refinery because it is benefiting from refined petrol import.
Obasanjo made this known in the wake of allegations by Aliko Dangote, the President of the Dangote Group, that some ‘mafias’ were making efforts to frustrate the largest refinery in Africa.
It was reported on Monday that the multi-billion dollar refinery and other domestic refineries have not yet bought crude oil in naira, despite President Bola Tinubu’s instructions to the Nigerian National Petroleum Company Limited.
In an interview with the Financial Times, the former President highlighted that the Dangote refinery should serve as an inspiration for both Nigerians and foreigners.
He said that those “selling refined products for Nigeria” feel that they will lose the lucrative opportunities.
“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 added.
Recently, Devakumar Edwin, the Vice President of Dangote Industries, claimed that international oil companies were hindering the refinery’s operations by either refusing to sell crude oil or charging up to $4 more than the standard price.
It was also alleged that the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) was intentionally issuing licenses to individuals to import substandard fuel.
The regulatory authority denied these accusations, stating that Dangote’s diesel was of lower quality compared to imported alternatives.
Farouk Ahmed, NMDPRA’s Chief EXECUTIVE, said that the country would not halt fuel imports to prevent the Dangote Group from gaining a monopoly.
Obasanjo further stated that Nigeria made a grave error by relying solely on oil, neglecting gas and agriculture.
“I believe we made a very, very deadly mistake. 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 centrepiece of our economic development,” Obasanjo stated.
