We Disrupted Everything On $10 Billion Fuel Subsidy Loot In Nigeria – Dangote

Dangote Group President, Aliko Dangote,  has said his refinery helped Nigeria avoid $10 billion in annual fuel subsidy loot.

Naija News reports that Dangote made this disclosure in an interview with Al Jazeera, saying that fuel subsidy payments became a major bottleneck for the Nigerian government until his 700,000-barrel-per-day refinery came online.

According to him, his refinery disrupted everything, and he had to fight the cartels in Nigeria’s oil sector to succeed.

Dangote noted that despite the refinery’s victory, the cartels are still fighting.

He said, “Turning back was not an option, they were looting $10 billion every year because it was a subsidy. People were just writing numbers, the government was busy paying and sweating, but we came and disrupted everything.

“We fought them hard, they saw that we had succeeded, so now things have calmed down. Of course, we still have little flies that will come and try to disturb us.”

In other news,  Emir of Kano, Muhammadu Sanusi II, has advised individuals, entrepreneurs and businesses across Kano State to take advantage of the Dangote Petroleum Refinery and Petrochemicals Limited Initial Public Offering (IPO).

He stated that the equity ownership was a powerful vehicle for long-term wealth creation and economic empowerment.

The monarch spoke at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano.

Sanusi said he had closely followed the evolution of the Dangote Group from its formative years and described the refinery as the culmination of a long-standing vision to produce in Nigeria the products needed to serve its vast population.

Reflecting on his early career as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, he recalled engaging with Aliko Dangote at a time when the company was transitioning from trading and importation into large-scale manufacturing.