President of Dangote Group, Aliko Dangote, has opened up about the battles he has faced, particularly with the oil mafia, since his 650,000 barrels per day capacity refinery came on stream.
Speaking exclusively with Forbes on Monday, Dangote opened up about the risk he faced completing the ambitious project despite obstacles from regulators and marketers.
He however, expressed his determination to the $23 billion refinery succeed against all odds as he is not one to lose battles.
“I’ve been fighting battles all my life and I have not lost one yet. The oil mafia is more deadly than the one in drugs because with the oil mafia, there are so many people that are involved. You might be wining and dining with them, but these are the guys that are the masters of moving things around,” the business mogul said.
His comment is seen as a pointer to the struggles he had faced from the government and oil mafia since the project came on stream.
At an investment conference last year, Dangote also lamented about the oil mafia, saying, “I knew there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs.”
Speaking with Forbes, Dangote said he would have been finished if the projects failed.
He described Refinery project as the “biggest risk” of his life yet
“It was the biggest risk of my life. If this didn’t work, I was dead,” he added.
According to him, the journey to completion was fraught with uncertainties but in spite the hurdles faced in financing the project, the regulatory challenges, and securing suppliers, he is committed to providing a blueprint for industrialisation across Africa.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment”, he noted.
He added that Africa has been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil.
This, Dangote noted, will create wealth and prosperity for its vast population.
According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his focus remains firmly on Nigeria.
He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.
Dangote said he is also working on other ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.
Looking ahead, he said he plans to take the refinery public within the next year or two.
