July 21, 2024
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Nigeria: Dangote Alleges Oil Cartels Attempts to Stop his Refinery

Aliko Dangote, the founder of the Dangote Group, revealed that both local and international criminal organizations, which he termed “mafia,” repeatedly tried to sabotage his $19 billion refinery.

Speaking at the Afreximbank Annual Meetings, Dangote compared oil cartels to a mafia, claiming they are more powerful than drug cartels and are determined to maintain control over the industry.

“I expected resistance, but I didn’t realize that the oil mafia is stronger than the drug mafia. They tried everything to stop me. But I’ve been fighting all my life, so it’s just part of who I am,” he stated.

The business mogul explained that during the COVID-19 pandemic, some international banks attempted to force the project into default, but with the support of institutions like Afreximbank, this was prevented.

He further disclosed that he has repaid $2.4 billion of the $5.5 billion borrowed for the Lagos-based refinery. “We actually began in 2018. We borrowed a substantial amount but have since paid interest and some principal, totaling about $2.4 billion. We now owe approximately $2.7 billion. This is quite an achievement for a project of this scale.”

Additionally, Dangote announced plans to enter the steel sector, intending to use only Nigerian-produced steel to achieve self-sufficiency.

The launch of petrol sales from the Dangote Refinery has been postponed to July 10-15, due to “minor” logistical issues, pushing back the initial June target.

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