Aliko Dangote, Africa's richest man, has surprised many by saying he is ready to sell his huge oil refinery to Nigeria’s state-owned oil company, NNPC Limited. He shared this news in an exclusive interview with PT today.
Dangote, who has a vast business empire, said, "I am ready to let go, let the NNPC buy me out, run the refinery.” This statement could change who controls one of Africa's largest private oil refineries.
Dangote also responded to claims that he is a monopolist. He said, "They have labelled me a monopolist. That's an incorrect and unfair allegation, but it's OK. If they buy me out, at least, their so-called monopolist would be out of the way." This shows he wants to clear up any misunderstandings about his business practices.
Dangote is 67 and will turn 70 in less than three years. He said, “I need very little to live the rest of my life. I can't take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country.” He wants to focus on what’s best for Nigeria rather than holding onto his assets.
The Dangote Oil Refinery, located in Lagos, is one of the biggest in Africa, capable of processing 650,000 barrels of crude oil daily. When it starts running, it will help Nigeria stop relying on imported fuel and boost the local economy.
If NNPC buys the refinery, it could change how the refinery is run, possibly making it more transparent and efficient. This move might also help reduce monopoly concerns and make the oil market more competitive.
Stay tuned for more updates on this story as PT keeps you informed.
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