Dangote Takes Aim at Oil Market Cabals, Praises New NNPC Leadership
Aliko Dangote, President of the Dangote Group, has made it clear that his battle to protect the future of his $20 billion Lekki oil refinery is not with the new leadership of the Nigerian National Petroleum Company Limited (NNPCL), but with powerful players in the oil marketing and trading sector who feel threatened by its potential.
In a statement issued on Tuesday, Dangote lauded President Bola Tinubu for appointing a strong, reform-minded team to lead NNPCL. He specifically praised Bayo Ojulari, the new Group Chief Executive Officer, and Ahmadu Kida, the Non-Executive Chairman, describing them as seasoned professionals with the experience and technical knowledge needed to modernize and transform Nigeria’s energy sector.
“I met with the President to commend him for putting together a team capable of taking the NNPCL to greater heights,” Dangote said. “Their focus on reform, transparency, and innovation aligns with the broader vision of building a $1 trillion economy.”
Dangote emphasized that recent reports linking his fight for the refinery’s survival to conflicts with NNPCL leadership were inaccurate. On the contrary, he stressed that the new team at NNPCL has been supportive and cooperative.
“The people trying to derail our refinery efforts are not the NNPCL leadership. They’re powerful oil marketers and traders who’ve long profited from the old system of subsidized fuel imports,” Dangote explained. “They see our refinery as a threat to their grip on the industry, and they’re doing everything they can to resist change.”
He believes that these entrenched interests are actively working to frustrate President Tinubu’s efforts to restructure Nigeria’s energy economy and reduce reliance on imported fuel. Dangote’s 650,000-barrels-per-day refinery in Lagos is expected to drastically cut fuel imports and save the country billions in foreign exchange.
Despite the resistance, Dangote remains undeterred. “I’ve been fighting all my life,” he said. “This fight is not over, but I’m fully committed and confident that in the end, we will prevail.”
He also expressed optimism that the reforms currently being implemented at NNPCL signal a new era of professionalism and accountability, which will ultimately benefit the entire country.
“The leadership now in place shows a clear commitment to performance and long-term sustainability,” he said. “We stand ready to support this vision of an energy-secure and economically prosperous Nigeria.”
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