How oil mafia moved against our refinery – Dangote

Aliko Dangote, the founder of Dangote Group, has disclosed challenges faced by his $19 billion refinery project in Lagos, attributing them to local and international criminal organizations he likened to an “oil mafia.”

Speaking at the Afreximbank Annual Meetings, Dangote emphasized the formidable nature of these groups, comparing them to drug mafias in terms of their determination to hinder his venture.

“I anticipated resistance, but the oil mafia proved stronger than anticipated,” Dangote remarked. “They employed various tactics to impede our progress, but I’ve been a fighter throughout my life. It’s in my nature to confront challenges head-on.”

He further revealed that amid the COVID-19 pandemic, certain international banks attempted to force loan defaults, jeopardizing the project’s viability. However, support from institutions like Afreximbank prevented this outcome.

Regarding financial aspects, Dangote disclosed repayment of $2.4 billion of the $5.5 billion borrowed for the refinery, highlighting ongoing progress despite obstacles. Additionally, he outlined plans to expand into the steel sector, prioritizing Nigerian-produced steel to achieve self-sufficiency.

In a recent development, Dangote Refinery postponed its petrol sales launch from June to July due to logistical issues, underscoring ongoing efforts to address operational challenges.

 

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