Business

How oil mafia fought hard to stop my refinery — Aliko Dangote

Published

4 months ago

May 15, 2026

Preport

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.

“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.

Related Topics:Aliko Dangote fought hard mafia oil refinery stop

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Business

EFCC Begins Investigation of Suspect Arrested with Counterfeit $212,200 in Kano

Published

44 seconds ago

September 17, 2026

Preport

The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, has commenced investigation of a suspect, Usaini Ibrahim, arrested with counterfeit currency totaling $212,200( Two hundred and Twelve Thousand, Two Hundred United States Dollar)

The suspect was arrested on September 3, 2026, by operatives of the National Drug Law Enforcement Agency, NDLEA, along Maiduguri Road in Kano following the discovery of the counterfeit currency. The NDLEA subsequently handed over the suspect and the fake currency to the EFCC for further investigation and possible prosecution.
The formal handover took place at the Kano Directorate of the EFCC, where the Acting Zonal Director, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received both the suspect and the exhibits. A representative of the NDLEA, Deputy Superintendent of Narcotics, Yahaya Labaran, while handing over the case, expressed appreciation for the continued strategic collaboration between the two agencies in sanitizing Nigeria’s financial system.
Ebelo, acknowledging the handover, reiterated the EFCC’s commitment to cleansing the financial ecosystem of counterfeit currencies and fraudulent schemes. He specifically warned members of the public to be wary of “money doubling” scams, which often involves using counterfeit notes as tools to defraud unsuspecting victims.
“Such fake currencies coming into the economy do not paint a good picture of us,” he said. He called on the public to remain vigilant and avoid falling victim to individuals offering to “double” money and other financial crimes through questionable means.
The suspect, Usaini Ibrahim, is currently in the custody of the EFCC and will be arraigned in court upon the conclusion of investigations.

The post EFCC Begins Investigation of Suspect Arrested with Counterfeit $212,200 in Kano appeared first on Business Today NG.

Business

FG moves ‌‌‍‌‍⁠⁠‌⁠‌⁠‌⁠⁠‌to clear export grant backlog, reform EEG scheme

Published

8 hours ago

September 17, 2026

Preport

The Federal Government has begun processes to clear the backlog of Export Expansion Grant (EEG) payments and reform the scheme for sustainability.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, said this at a stakeholders engagement on the EEG scheme in Abuja on Thursday.

Mrs Oduwole said the scheme had faced difficulties, with payments outstanding since 2020, leaving the current administration with significant payment backlogs.

She said the backlog required validation and verification of claims submitted by exporters, involving several government agencies.

According to her, the Federal Ministry of Finance, Central Bank of Nigeria (CBN) and other relevant agencies are involved in the process.

The minister said the Federal Ministry of Industry, Trade and Investment anchored the EEG as an export promotion tool under the Nigerian Export Promotion Council (NEPC).

She said the government was pursuing two pathways: clearing outstanding payments and restructuring the scheme to make it sustainable.

The minister said the reforms aligned with President Bola Tinubu’s Renewed Hope Agenda and the goal of building a one trillion dollar economy.

She said the agenda prioritised economic diversification and non-oil exports as part of efforts to strengthen Nigeria’s productive capacity.

Mrs Oduwole said Nigerian non-oil exporters had recorded growth in both volume and value over the past two years.

She said the government would continue to incentivise exporters sustainably because the sector could create jobs and expand the global market for Nigerian products.

The minister said the government had also been working to improve market access through trade agreements, including the African Continental Free Trade Area (AfCFTA).
She said payments already approved in May 2023 would be transmitted to the 10th National Assembly for consideration and approval.

Mrs Oduwole explained that the National Assembly would carry out its duties legislative before the Federal Government could issue the necessary instruments for payment.

READ ALSO: CBN, trade ministry speak on AfCFTA trade reforms at Citibank forum

“President Tinubu has also approved earmarking 40 per cent of the NEST Fund toward a trade facilitation fund.
“The independently managed fund will provide a sustainable pathway for settling EEG obligations and supporting trade facilitation.
“Once the National Assembly approves the payments, government can issue promissory notes through the Debt Management Office to clear the backlog.
“The government will thereafter establish a reformed framework for export expansion incentives,” she said.

According to Mrs Oduwole, the current EEG structure is unsustainable because it is too expensive and has no closing date.
She said the reformed scheme would discourage the export of raw materials and place greater emphasis on value-added and finished products.

The minister said the scheme would also support emerging businesses and target sectors requiring assistance to improve their export competitiveness.

Mrs Oduwole said the government had engaged stakeholders, including the NEPC and the Manufacturers Association of Nigeria Export Group, to develop a sustainable way forward for the scheme.

(NAN)