Post #363

Battle for Nigeria’s Market Africa’s richest man mounts offensive against state officials overfuel policies Africa’s richest man and Nigeria’s oil magnateAliko Dangote usually keeps out of politics and relatively rarely comments on current affairs, with one exception – when it comes to his main brainchild and legacy: his fuel business in Nigeria. 🌐 One such case was yesterday, 14 December, when Dangote accused Farouk Ahmed, the head of the Nigerian agency that oversees the supply and sale of refined fuel, of corruption. 🏷 Aliko Dangote is Africa's wealthiest man and Nigeria’s industrialist and the founder of the Dangote Group, a conglomerate built around cement, sugar, flour, and other manufacturing. His flagship project is Dangote Petroleum Refinery near Lagos, the largest refinery in Africa and the world's largest single-train refinery with 650,000 barrels/day capacity, undergoing expansion to to 1.4 million bpd. ⏩ In essence, the businessman’s main grievance is that the agency doesn't support his view of domestic oil refining and doesn't fight fiercely enough against cheap fuel imports. ⏩ Dangote’s dispute with officials has been going on since last year, but it sharpened in November when Dangote endorsed president Tinubu's idea of an additional 15% duty on imported fuel, yet on the recommendation of Farouk Ahmed among others, the government postponed its introduction. 🔸 The government is now in a tough position: on the one hand, Dangote is de factosteadily lobbying for a nation-scale monopoly for his refinery, but at the same time Nigeria is Africa’s leading crude producer which shamefully cannot get rid of fuel imports from abroad. ➡️ Follow to stay informed - @devilsbelow