Aliko Dangote, the founder of Dangote Group, has unveiled shocking revelations about the challenges faced during the construction of his $19 billion refinery project in Lagos, accusing powerful local and international criminal syndicates of attempting to derail the ambitious venture.
Speaking at the Afreximbank Annual Meetings, Dangote likened these adversities to battling a formidable mafia, one he claimed was even stronger than notorious drug cartels.
“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he declared.
The industrial tycoon, known for his resilient spirit, recounted how these “oil mafia” organisations employed various tactics in their efforts to obstruct the refinery project.
“They tried all sorts,” Dangote asserted defiantly, emphasizing his lifelong determination to overcome such challenges.
“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he added.
Dangote further disclosed that amidst the COVID-19 pandemic, international financial institutions sought to capitalise on the economic downturn, hoping to force his conglomerate into loan default to derail the refinery’s progress.
However, he credited supportive banks such as Afreximbank for preventing such a scenario from occurring.
PLATFORM TIMES reports that Dangote has successfully repaid $2.4 billion of the $5.5 billion borrowed for the refinery project, highlighting significant progress in the venture’s financial milestones.
In addition to his refinery achievements, Dangote unveiled ambitious plans to expand into Nigeria’s steel sector, aiming to exclusively utilise domestically produced steel to achieve national self-sufficiency.
Despite these triumphs, Dangote Refinery recently announced a slight delay in its anticipated launch of petrol sales, rescheduling from the initial June timeline to July 10-15 due to minor logistical issues.
The revelations by Aliko Dangote underscore the magnitude of challenges faced by entrepreneurs in Nigeria’s industrial landscape, particularly when confronting entrenched interests in the oil sector.
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