The President of Dangote Group, Aliko Dangote, has disclosed that his $20bn refinery project is the “biggest risk” of his life.
Reflecting on the immense risk he undertook in building the refinery, Dangote, in an exclusive interview with Forbes on Monday, stated that he would have been dead if the refinery didn’t work.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote said.
Despite being Africa’s largest refinery with a 650,000 barrels per day capacity, Dangote admitted the project faced uncertainties and stressed the need for Nigeria and Africa to lessen dependence on foreign investment.
He also stated that Africa has been a “dumping ground” for finished products and that his refinery provides a vital step towards ensuring that Africa has the capacity to refine its own fuel.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he said.
Speaking further, Dangote was unsparing in his criticism of what he described as Nigeria’s “oil mafia,” a network he claims wields significant influence in the industry.
“The oil mafia are more deadly than the one in drugs, because with the oil mafia there are so many people that are involved,” he said. “You might be wining and dining with them, but these are the guys that are really the masters of moving things around.”
Africa’s richest man also dismissed claims that he had fallen out of favor with President Bola Tinubu following an anti-graft raid on his office last year.
“We have an extremely, very good relationship. I’ve known him for a very long time,” he said.
Dangote also dismissed claims that he is shifting focus away from Nigeria, stating that despite setting up a family office in Dubai and involving his daughters in the business, his commitment remains in the country.
He also revealed future major projects, including a subsea pipeline to transport natural gas from the Niger Delta to Lagos, expanding the refinery’s fertilizer plant, and planning to take the refinery public within the next two years.
“I’ve been fighting battles all my life, and I have not lost one yet,” he declared.
