Africa’s richest man, Aliko Dangote stated that he has been fighting all his life as he reaffirmes his resilience and long-standing battle against entrenched interests profiting from Nigeria’s former fuel subsidy regime.
Speaking at the 21st Annual Africa Venture Capital Association (AVCA) Conference and VC Summit, Dangote made clear that his refinery project will prevail despite ongoing efforts to sabotage it, stating that he has been fighting all is life.
Dangote Challenges Fuel Subsidy “Mafia”
Dangote, President of Dangote Industries Limited, criticised what he labelled the “fuel import mafia” a network of powerful actors who thrived off decades of subsidy-driven profits. “For a very, very long time, we’ve been doing these imports, and there are quite a lot of people that have actually been making a lot of money out of it,” he said.
He cited instances where billions of dollars were allegedly claimed fraudulently without any actual fuel delivery. “Sometimes there’s no import, they just document that the import has formed, and go and collect the subsidy,” he added.
Fuel Subsidy Removal: A Turning Point
In 2023, Nigeria removed its controversial fuel subsidy programme, saving the country nearly $10 billion annually. Dangote described the move as unprecedented. “I thought that it would never, ever happen in a million years in Nigeria,” he said. “The government really did it in a very smart way. And there was not a single strike, which means the mafia fell there.”
Refinery Faces Ongoing Resistance
Despite this victory, Dangote said his $20 billion refinery, located in the Lekki Free Zone, still faces resistance. “They kept fighting us, bringing all sorts of types of trouble. It’s not easy, because they’ve been making free money,” he said.
“They are now working behind the scenes to frustrate the refinery’s progress,” he warned. “But like I said, I’ve been fighting all my life. I’m ready, and I’m 100 percent sure I will win at the end of the day.”
A Vision for Energy Independence
The Dangote Refinery is the largest single-train refining facility in the world, with a processing capacity of 650,000 barrels per day. It aims to refine Nigerian crude oil locally and significantly reduce, if not eliminate the country’s dependence on imported fuel.
Despite hurdles, including foreign exchange shortages, regulatory challenges and bureaucratic delays, Dangote remains optimistic. “Challenges are only stepping stones,” he stated.
Industry Watchers Applaud Determination
Energy analysts see the refinery as critical to Nigeria’s goal of self-sufficiency and inflation control. The project is expected to boost foreign direct investment, stabilise foreign exchange demand, and strengthen the naira.
Final Thoughts
Dangote’s determined stance underscores the high-stakes battle to reform Nigeria’s oil and gas sector. While the fuel subsidy mafia may have lost influence, the struggle for energy reform continues. With the exchange rate today still volatile and FX scarcity affecting imports, local refining remains a vital solution.
