LAGOS (Sundiata Post) – Shareholders have rallied behind Aliko Dangote amidst the ongoing disputes concerning the Dangote Petroleum Refinery. They have also criticised the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for what they perceive as attempts to undermine the refinery’s reputation.
In a statement issued by Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria (PSAN), the shareholders expressed their discontent with recent allegations from the NMDPRA questioning the quality of diesel produced by the Dangote refinery. Ahmed had suggested that the diesel from the $20 billion facility was inferior compared to imported alternatives, a claim that has drawn significant criticism.
Bakare lauded Dangote for his commitment to national development through substantial investments, including the establishment of one of the world’s largest refineries in Nigeria. She praised Dangote’s focus on local investments, which have fostered economic growth through tax contributions, job creation, and shareholder returns.
The shareholders condemned the actions of regulatory bodies that they believe are aimed at damaging the refinery’s reputation. They warned that such actions could discourage both local and international investors and hinder efforts to stabilize fuel prices and ensure supply. Bakare emphasized the need for support in areas such as crude oil allocation, cooperation from international oil companies, and regulatory collaboration. She noted that the refinery has the potential to save Nigeria over 30% in foreign exchange currently spent on offshore refining, addressing the country’s foreign exchange challenges.
Support for Dangote and his refinery has been bolstered by various prominent figures and organizations, including Akinwumi Adesina, President of the African Development Bank Group; businessman Femi Otedola; federal lawmakers; former Vice President Atiku Abubakar; former Anambra State Governor Peter Obi; the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria.
In a related development, Gabonese President Brice Oligui Nguema has invited Aliko Dangote to explore investment opportunities in Gabon’s cement and fertilizer sectors. Nguema has encouraged Dangote to consider investments in urea and phosphate production, emphasizing Gabon’s commitment to creating a favorable environment for foreign investment. He highlighted the potential benefits of such a partnership, including job creation, technology transfer, and enhanced industrial capacity.
Dangote expressed enthusiasm about the opportunity to invest in Gabon, aligning with his company’s strategic vision of expanding its footprint and supporting sustainable development across Africa. He emphasized that his investment in Gabon would contribute to the country’s economic diversification and industrialization, particularly benefiting Gabon’s infrastructure and agricultural sectors.
