“He's a Titan”: Otedola, Adesina, Other Nigerians Defend Dangote, Call Out NNPC, NMDPRA
- The chairman of Geregu Power Plc, Femi Otedola, has come out in blazing support for Aliko Dangote
- Otedola highlighted the many investments of Dangote in Nigeria and his contributions to the Nigerian economy
- The president of the Africa Development Bank (AfDB) said no investor will come to Nigeria after seeing what is happening to Dangote
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
Nigeria’s fourth richest man, Femi Otedola, has come out in support of fellow billionaire businessman Aliko Dangote over his row with the Nigeria National Petroleum Company Limited (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA).
In a lengthy post on his X handle, Otedola described Dangote’s effect on Nigeria’s economy and his massive refinery project.
Source: Getty Images
Otedola drums support for Dangote
Otedola said criticism of Dangote’s business practices is misguided and harmful to Nigeria’s economic well-being.
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According to Otedola, Dangote is Nigeria’s second-highest employer of labour after the government, highlighting his many projects, most of which are sited in Lagos.
He said in the post that the man has a vision of an industrialized Nigeria, stressing that big corporations in America, the UK, and other countries develop economies, not the government.
Otedola said:
“Aliko Dangote has broken every boundary in worldwide business and industry. His contributions are a testament to his brilliance and a beacon of what is possible when vision meets opportunity. Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress”
Adesina calls for more competition
Similarly, the President of the Africa Development Bank (AfDB), Akinwunmi Adesina, disclosed that competition is suitable for any economy, stating that actual competition would come from other firms building refineries in Nigeria.
According to reports, the AfDB President stated that limited competition in the sector would form high entry barriers, not monopolistic practices. He stressed the importance of the enormous capital needed for large-scale refineries.
Adesina said:
“No smart investor would make a $19.5 billion investment and want it to be undermined by importers.. He emphasizes the long-standing reliance on imported refined products as a “self-defeating default mode” that hinders domestic production.”
“We must not be myopic.“This whole disparaging of Dangote is uncalled for… Who will want to come and invest in a country that disparages and undermines its largest investor?”
Dangote’s fight with NNPC, NMDPRA
Aliko Dangote, the Chairman of the Dangote Group, has been in a row with regulatory agencies over his $20 billion refinery.
The business mogul called out the NNPC officials for operating blending plants in a foreign country.
The billionaire said the NNPC officials import contaminated fuel from the plants with fake import certificates into the country.
The development comes as the chief executive of the NMDPRA, Farouk Ahmed, said that the 650,000bpd-capacity refinery still needs to be licensed and has been selling inferior fuel.
In response, the Dangote Refinery management refuted the statement by the NMDPRA’s boss as false, saying petroleum products from the facility are 80% superior to imported ones, challenging the authority to come for testing.
Dangote offers to sell the refinery to NNPC
Legit.ng earlier reported that Aliko Dangote has said he is ready to relinquish ownership of the world’s biggest refinery to the Nigeria National Petroleum Company Limited (NNPC).
The Nigerian billionaire spoke amid a new dispute over the sulphur content of petroleum products produced from the refinery and a reported misunderstanding with NNPC, one of the refinery's key equity partners, and the Nigeria Midstream Downstream Regulatory Authority (NMDPRA).
The refinery, which was commissioned by former President Mummadu Buhari, is estimated to have cost about $20 billion.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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