Aliko Dangote, the founder of Dangote Group, has disclosed that both local and international criminal organizations, referred to as the “oil mafia,” made multiple attempts to thwart his $19 billion refinery project in Lagos.
Speaking at the Afreximbank Annual Meetings, Dangote compared these oil cartels to a mafia even more powerful than those involved in the drug trade, highlighting their determination to maintain control over the industry.
“I anticipated resistance, but I didn’t realize the oil mafia would be stronger than the drug mafia. It’s a fact,” he stated.
Dangote described himself as a lifelong fighter, noting that the mafias “tried all sorts” to derail his project. “I’ve been fighting all my life, so it’s part of who I am,” he said. He further explained that during the COVID-19 pandemic, some international banks attempted to push his project into default on loans, which would have killed the project. However, with support from banks like Afreximbank, this did not happen.
According to PUNCH Online, Dangote has repaid $2.4 billion of the $5.5 billion borrowed for the refinery. He also announced plans to diversify into the steel sector, with an aim to use exclusively Nigerian-produced steel and achieve self-sufficiency.
The Dangote Refinery has recently rescheduled the start of its petrol sales to July 10-15, delaying from its initial June target due to “minor” logistical issues.