Business
How oil mafia fought hard to stop my refinery — Aliko Dangote
Africa’s richest man, Aliko Dangote, has revealed how entrenched interests benefiting from Nigeria’s fuel import and subsidy regime tried to frustrate the construction of his $20 billion refinery, describing them as a powerful “mafia” determined to preserve a lucrative subsidy system.
Mr Dangote said the resistance came from traders, shippers and local beneficiaries of Nigeria’s long-running petrol subsidy arrangement who saw the refinery as a threat to billions of naira in profits.
Speaking in an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, he said these interests worked to delay access to project land and frustrate the refinery’s take-off.
“All this would have been blocked by what you call the mafia in oil business to make sure that we don’t come and address these issues,” he said.
He said securing land to build his world-class refinery took five years, with one site delayed for three and a half years and another for one and a half years, as vested interests sought to stop the project.
“But we were not deterred at all. We were actually focused. We knew what we were doing,” he added.
Mr Dangote explained that for decades Nigeria spent huge sums importing refined petroleum products despite being a major crude producer, creating a system that enriched a few players at the expense of the wider economy.
He said subsidy payments alone reached nearly $10 billion annually.
“The people who were actually benefiting because Nigeria was giving almost about $10 billion every year as subsidy… there are shippers who are making tonnes of money, there are traders who are making tonnes of money,” he said.
He added that a small group also profited from local product allocations under the subsidy regime.
“So these are the people that are not agreeing for us to settle down because they believe that no, we are coming here to displace them. Of course, that’s what we have done now,” he said.
The refinery, which required the construction of an entirely new port, roads and water infrastructure, employed 67,000 people during construction, the African billionaire said.
Mr Dangote said the project became far larger and more difficult than initially imagined, but abandoning it was never an option.
READ ALSO: Dangote rejects NNPC’s bid for bigger refinery stake, pushes for wider ownership
“When you get to the middle of the ocean, you realise that the tide was bad. When you go forward, it’s bad. When you go backwards, it’s bad. So you have to work forward,” he said, using the analogy to paint a broader picture of the difficulties he encountered while building the refinery.
He said the refinery has now changed the market structure and significantly reduced the influence of those who depended on imports and subsidy payments.
The plant currently sources over half of its crude from Nigeria while also importing from Angola, Libya and the United States.
“We source about 56 per cent from Nigeria and some from Angola. We buy quite a bit from Angola, we buy from Libya, and we buy from the US. At one point, we were doing about seven to eight cargoes of WTI from the US. But we’re getting more of Nigeria’s crude now, he said.
Mr Dangote explained that the refinery is currently buying 21 cargoes every month in Nigeria. “That’s how big we are,” he added, stating that they are more than doubling the refinery.
“You know, in the next 30 months, we will be at 1.4 million barrels per day, which is huge,” he noted.
BY NECHI NAECHE-ESEZOBOR—The Securities and Exchange Commission has said it is placing artificial intelligence, data analytics and technology-driven regulation at the centre of Nigeria’s capital market reforms to attract both local and foreign investments.
Speaking at the FSDH Investor Conference 2026 in Lagos, the Director-General of the SEC, Emomotimi Agama, said the future of global investing would increasingly depend on the quality of intelligence, data and technology supporting investment decisions rather than the size of capital alone.
According to him, the era of “intelligent investing” has already arrived, driven by artificial intelligence, real-time analytics, distributed ledger technology and algorithmic systems that are reshaping how investments are priced, allocated and protected globally.
He said, “We are at the threshold of what scholars and practitioners are calling the era of intelligent investing — a paradigm in which data does not merely inform decisions, but actively participates in them.”
Agama noted that the SEC had embarked on what he described as the most comprehensive regulatory reform agenda in its history to ensure Nigeria remains competitive in the evolving global investment environment.
He explained that the Commission’s reforms were aimed at creating a forward-looking market structure capable of supporting intelligent investing through faster settlement systems, tokenised securities and deeper derivatives markets.
According to him, the Commission’s seven-pillar capital market infrastructure vision includes plans to achieve T+1 settlement cycles, expand digital assets regulation and build a comprehensive framework for tokenised securities.
The SEC boss said the Commission was also developing governance frameworks for artificial intelligence applications in the capital market to ensure transparency, accountability and investor confidence.
“We are developing AI governance frameworks for capital market participants — frameworks that demand explainability, accountability and algorithmic fairness. An investor in Nigeria deserves to know not only what decisions were made on their behalf, but how those decisions were reached,” he said.
Agama stated that intelligent investing must be inclusive and accessible to ordinary Nigerians, adding that the SEC’s fintech-bank integration strategy targets about 20 million retail investors across the country.
He said technology and data-driven investing tools could democratise access to wealth creation opportunities for small businesses, artisans and low-income earners who had previously been excluded from formal investment systems.
The SEC DG also stressed the importance of collaboration between regulators, financial institutions, fintech firms and investors in building a resilient and technology-driven market ecosystem.
According to him, Nigeria’s capital market reforms and adoption of intelligent investing frameworks would strengthen investor confidence, improve market transparency and position the country as a leading investment destination in Africa.
He added that the Commission was strengthening investor protection through enhanced enforcement mechanisms, financial literacy programmes and the establishment of a dedicated Investor Protection Department.
Agama said, “Confidence is the ultimate asset in a capital market. Every disclosure we enforce, every fraud we prosecute, every investor we educate adds to the stock of market confidence.”
He further noted that Nigeria’s growing role in African capital market integration and digital finance initiatives would help channel long-term investments into infrastructure, gender finance and other critical sectors of the economy.
The SEC DG commended FSDH Merchant Bank for creating a platform for stakeholders to discuss the future of intelligent investing, adding that collaboration and data-sharing among market participants would be critical to building globally competitive financial markets in Nigeria.
The post SEC positions AI, data-driven regulation to attract investments appeared first on Business Today NG.
Air Peace has announced another disruption to its Lagos–London Gatwick service after one of its international flights was forced to return to Lagos due to what the airline described as airspace-related operational issues.
In a statement issued on Thursday, the airline said the incident affected its scheduled Lagos–London Gatwick service of 13 May 2026.
According to the airline, the aircraft returned safely to Lagos after encountering what it described as “enroute access issues” involving the airspace authorities of an African country.
“As a result of the development and the need for immediate operational clarification with the relevant authorities, the aircraft safely returned to Lagos in accordance with established international aviation procedures,” the airline said.
Air Peace said the London service was subsequently rescheduled while discussions with the relevant authorities continued.
The airline added that affected passengers were informed about the development and provided with support services and other necessary assistance following the disruption.
“Air Peace sincerely apologises to all affected passengers for the inconvenience caused by the unforeseen disruption which was beyond our control,” the airline stated.
The incident adds to a growing number of operational disruptions involving airlines in Nigeria in recent months, with passengers increasingly raising concerns over delays, cancellations, rescheduled flights and mid-journey returns.
For many travellers, such incidents have continued to fuel frustration over uncertainty in flight schedules, operational reliability, and passenger experience within the country’s aviation sector.
READ ALSO: Air Peace says aircraft replaced, Gatwick passengers accommodated after incident
PREMIUM TIMES had also earlier reported several disruptions involving Air Peace operations, including passenger complaints linked to delays, cancellations and operational challenges affecting some domestic and international routes.
Although the airline has repeatedly attributed many of the disruptions to operational challenges, technical issues, bird strikes and Jet A1 aviation fuel-related constraints, the incidents have continued to attract public attention, particularly as more Nigerian travellers rely on the carrier for regional and international flights.
Air Peace said it remains committed to operational safety, regulatory compliance and passenger service across its network.
-
News3 days agoFG donates foodstuffs to victims of bandits’ attacks in Plateau
-
News3 days ago
Riyom APC Youths Endorse Tinubu, Mutfwang, Dalyop Fom for Continuity Ahead of 2027
-
News3 days ago
Yusuf Gagdi Receives Massive Support as Ward Tour Begins Ahead of APC Primaries
-
News3 days ago
Governor Mutfwang Bans Night Mining and Grazing in Plateau After Deadly Attacks
