How oil mafia moved against our refinery – Dangote

Aliko Dangote, the billionaire founder of Dangote Group, has revealed that his $19 billion refinery project in Lagos is facing challenges.

He further blamed a network of local and international criminal syndicates, akin to an ‘oil mafia’, that are hindering the project’s progress.

At the Afreximbank Annual Meetings, Dangote stressed the unyielding resilience of these criminal organizations, likening their tenacity to that of drug cartels, and highlighting their relentless efforts to disrupt his refinery project.

“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.

Dangote revealed that $2.4 billion of the $5.5 billion loan for the refinery has been repaid, showcasing progress amidst challenges. He also announced plans to venture into the steel industry, focusing on Nigerian-produced steel to achieve self-sufficiency.

The Dangote Refinery has announced a one-month delay in the commencement of petrol sales, shifting the launch from June to July, due to logistical issues.