Turning back on refinery not option, $10bn fuel subsidy loot in Nigeria had to stop – Dangote
The President of Dangote Group, Aliko Dangote, has said turning back on his refinery was not an option because he needed to rescue Nigeria from fuel subsidy payments that amounted to $10 billion annually. He made this disclosure in an interview with Al Jazeera recently. According to him, fuel subsidy payments became a serious bottleneck […] Turning back on refinery not option, $10bn fuel subsidy…
Dangote Group's President, Aliko Dangote, revealed in a recent interview with Al Jazeera that he would not turn back his refinery operations. This is because he needed to rescue Nigeria from the annual fuel subsidy payments of $10 billion. Dangote's 700,000-barrel-per-day refinery came online, which he stated was essential to alleviate the financial burden on the Nigerian government.
He described his fight against the cartels in Nigeria's oil sector as intense. Dangote acknowledged that despite his refinery's success, the cartels continue to resist. "Turning back was not an option, they were looting $10 billion every year because it was a subsidy," he said. The Dangote refinery opened its Initial Public Offering (IPO) on September 14 at N525 per share on the Nigerian Exchange Limited (NGX).
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