How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote

Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has revealed how powerful interests in Nigeria’s oil sector allegedly fought to frustrate the construction of the $20 billion Dangote Petroleum Refinery.

Dangote alleged that influential fuel importers and entrenched players in the petroleum industry resisted the project because they feared it would disrupt the long-standing business of importing refined petroleum products into Nigeria.

Speaking during an interview with Nicolai Tangen, Chief Executive Officer of Norway’s sovereign wealth fund, Dangote explained that his decision to build the refinery was driven by decades of fuel scarcity and endless queues at filling stations across Nigeria.

According to the billionaire businessman, it was troubling that Nigerians often spent hours and even days trying to purchase petrol despite the country being one of Africa’s largest crude oil producers.

“We looked at oil. Africa produces oil, but many countries don’t refine it. They export crude and import refined products, which drains foreign reserves,” Dangote said.

“In Nigeria, we had fuel queues for more than 50 years. People queued for days during Christmas just to buy petrol in an oil-producing country. Government refineries were not functioning properly, so I decided to take the bold step of building a refinery.”

Dangote disclosed that the refinery project, which began in 2013, faced major obstacles from the onset, including delays in land acquisition and alleged sabotage from vested interests within the oil business.

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“Some of these obstacles were created by entrenched interests in the oil business — what you might call a mafia — trying to stop us from solving these problems. But we stayed focused,” he stated.

The industrialist explained that the scale of the refinery project forced his company to build several critical infrastructures from scratch because existing facilities in Nigeria could not support the project.

According to him, the company had to construct its own seaport to handle heavy industrial equipment, some weighing up to 3,000 tonnes.

Dangote also revealed that his company built roads, water systems and other support infrastructure for the refinery complex located in Lekki, Lagos State.

“When we started, the naira exchange rate was ₦156 to the dollar. At one point it went as high as ₦1,900, but we still continued,” he said.

He added that the refinery’s water treatment section alone occupies more than 30 hectares and processes about 440 million litres of treated water.

Dangote further disclosed that about 67,000 workers participated in the construction of the refinery, which is currently regarded as the world’s largest single-train refinery with a processing capacity of 650,000 barrels per day.

Reflecting on the project, the billionaire admitted that he initially underestimated the enormity of what his company was undertaking.

“Honestly, we were lucky we didn’t fully understand the enormity of what we were building at the beginning. If I had seen the full scale immediately, I might have chickened out,” he said.

“It was like swimming across the ocean. Once you’re in the middle, you can’t go back, so you keep moving forward.”

Dangote also praised several financial institutions that supported the refinery project despite widespread skepticism.

He specifically acknowledged the support of the African Export-Import Bank (Afreximbank), African Finance Corporation, Zenith Bank, Access Bank, United Bank for Africa, Standard Bank and Standard Chartered Bank.

The Dangote Refinery, which officially commenced operations in 2024, has begun supplying diesel, aviation fuel and petrol to Nigeria and other African markets.

Energy analysts believe the refinery could significantly reduce Nigeria’s dependence on imported fuel, save foreign exchange and position the country as a major exporter of refined petroleum products in Africa.

How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote

Subscribers Panic as Another Digital Investment Scheme Crashes

Another online investment platform, identified as “XM Future Music Group,” has reportedly collapsed, leaving many Nigerian subscribers stranded and unable to access their funds amid renewed fears over the spread of fraudulent digital investment schemes.

The platform, popularly known as “XM,” allegedly lured users with promises of returns of up to 100 per cent within 30 days through purported music streaming and online task activities.

Promoters claimed subscribers could earn substantial income by listening to music, completing simple digital engagements and participating in other online activities.

Reports indicate that investment packages ranged from N21,600 to as high as N93 million, with assurances of unusually large profits within a short period.

The scheme gained traction on social media after advertisements circulated online claiming that an investment of N21 million could yield returns of about N327 million in just one month.

Subscribers were also reportedly required to pay an additional “work deposit” after an initial trial stage before gaining full access to the platform’s operations.

Trouble, however, began after several users complained of failed withdrawal attempts over the past 24 hours, triggering panic among participants.

Some subscribers further alleged that support groups connected to the platform were suddenly deleted, while its website and communication channels became inaccessible — developments commonly associated with the collapse of suspected Ponzi-style operations.

In an apparent attempt to gain public trust, promoters of the scheme had circulated documents claiming the business was registered in Colorado, United States.

Financial experts have repeatedly warned Nigerians against investing in platforms that promise unrealistic returns without clear regulation, transparency or verifiable business models.

The latest development has again highlighted growing concerns over the increasing number of unregulated online investment schemes targeting Nigerians with promises of quick wealth and extraordinary profits.

ASPMDA Targets Bigger Role in Nigeria’s Automotive Future, vows tougher sanctions against fake parts dealers

The President of the Auto Spare Parts and Machinery Dealers Association, ASPMDA, Ngozi Emechebe, has called for a stronger partnership with the Federal Government to reposition Nigeria’s automotive industry, deepen local production and tackle the menace of counterfeit spare parts.
Speaking with journalists on the sidelines of the West Africa Automotive Show in Lagos, Emechebe said ASPMDA was transforming from a conventional trading cluster into a modern automotive business hub capable of supporting Nigeria’s industrialisation drive.
He said the association was ready to work closely with government agencies and key stakeholders to advance its “Keep Nigeria Moving” vision and strengthen the country’s automotive value chain.
According to him, ASPMDA has evolved significantly from its early days of informal trading into a structured organisation operating from a world-class facility designed to support large-scale automotive commerce and industry collaboration.
“All the time I have been coming to this fair, I have been dreaming of how to launch ASPMDA into the centre of this country,” he said.
“ASPMDA is a highly organised trading association. We have moved from street trading and now we have beautiful, world-class premises.”
Emechebe disclosed that discussions were already ongoing with the National Automotive Design and Development Council, NADDC, on possible areas of collaboration aimed at accelerating automotive development in Nigeria.
He explained that the proposed partnership would focus on creating policies, institutional support and business-friendly initiatives that would improve the operations of spare parts dealers and other local automotive businesses.
“We need government support and partnership. We have a part to play in Nigeria’s automotive development agenda,” he said.
The ASPMDA president also commended the Federal Government’s vehicle financing initiatives targeted at Nigerian youths, describing them as a positive step towards expanding mobility and encouraging participation in the automotive ecosystem.
On the persistent challenge of fake and substandard spare parts, Emechebe said the association had intensified efforts to sanitise the market through stricter enforcement measures and closer collaboration with regulatory authorities.
He revealed that ASPMDA had already allocated office spaces within its complex to agencies responsible for monitoring product standards and combating counterfeit goods.
“We want to make it a cultural matter so that when you violate it, you know where you are headed,” he said.
“If you bring in your product, defend it to the end consumer and stand by it. Adulteration is not allowed.”
Although he declined to disclose the exact penalties for offenders, Emechebe warned that severe sanctions awaited anyone found dealing in counterfeit products within the market.
He also advocated increased local manufacturing of automotive components, insisting that Nigerian-made parts could outperform imported alternatives if produced according to standards tailored to local operating conditions.
“Local production is even better than foreign production,” he said.
“Whatever you want from a person, you must give it a standard Nigerians will see and buy — standards that fit Nigeria.”
Emechebe further disclosed that some ASPMDA members were already involved in the production of automotive components, adding that broader manufacturing partnerships could be explored as the industry expands.
However, he cautioned against poorly managed joint ventures, warning that many business partnerships collapse due to weak management structures and lack of accountability.
The West Africa Automotive Show attracted regulators, manufacturers, dealers and other stakeholders from across the region to discuss emerging opportunities, policy direction and challenges confronting the automotive industry in West Africa.