06/08/2024
Former President Olusegun Obasanjo warned that those profiting from fuel importation might try to undermine the Dangote Petroleum Refinery. This follows claims by Aliko Dangote that "mafias" are attempting to frustrate his $20bn refinery project. Despite directives from President Bola Tinubu, the refinery has yet to purchase crude oil in naira. Obasanjo highlighted the refinery's potential to attract investment in Nigeria but acknowledged resistance from those benefiting from current fuel imports.
Dangote Group officials accused international oil companies of either not selling crude or selling it at inflated prices. They also claimed that the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) issued licenses for importing substandard fuel, a charge the regulator denied.
Obasanjo criticized Nigeria’s over-reliance on oil, neglecting gas and agriculture, and recalled attempts to involve Shell in running refineries, which the company refused due to corruption and poor maintenance. He also condemned the abrupt removal of fuel subsidies by President Tinubu, emphasizing the need to consider the economic impact on people.
Finally, Obasanjo expressed concern over youth unemployment and restiveness, warning that Nigeria might be on the brink of a crisis if these issues are not addressed.