Dangote says company blocked NNPC attempt to acquire more refinery shares

Africa’s richest businessman, Aliko Dangote, has said the Dangote Group rejected attempts by the Nigerian National Petroleum Company Limited to raise its stake in the Dangote Petroleum Refinery beyond the current 7.25 per cent.

Speaking during an interview with Nicolai Tangen of the Norwegian Sovereign Wealth Fund, Dangote said the refinery would eventually be listed publicly to allow wider participation by Nigerians.

“We are the ones that said no; we want to now spread it and have everybody be part of it,” he said while discussing concerns around policy inconsistency and business risks.

Dangote identified unstable government policies as a major challenge facing businesses in Nigeria.

“The other biggest risk is government inconsistencies in policies,” he noted, adding that civil unrest, though unlikely, also poses potential risks.

The industrialist further revealed plans to pay investors dividends in dollars due to the company’s export-driven operations.

“What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, or in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars,” Dangote said.

He listed several financial institutions that supported the refinery project, including Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, United Bank for Africa and Standard Chartered.

Dangote also spoke about selling his homes abroad to dedicate himself fully to building industries in Nigeria.

“When I decided to go into the industry, you know what I did? I sold all my properties in the US… I wanted to really sit in Nigeria and concentrate,” he said.

Explaining his business philosophy, he said his companies focus on producing goods Nigerians depend on daily while reducing imports through backward integration.

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