BLACK GOLD BULLETIN

  Aliko Dangote, Africa's richest person, has expressed willingness to transfer ownership of his $19 billion oil refinery to NNPC Limited, a state-owned energy company, amidst a fresh dispute with a key equity partner and ongoing regulatory issues in Nigeria .  Aliko Dangote  (Source: Bloomberg) The 650,000 barrel-per-day refinery, which began operations last year after a decade-long construction period, aims to reduce Nigeria's dependence on foreign fuel imports and conserve up to 30% of the country's foreign exchange expenditure. Initially estimated to cost around $9 billion, the project's final cost more than doubled to $19 billion. “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Mr Dangote said in an exclusive interview on Sunday. “We have been facing fuel crisis since ...

Dangote Refinery has countered allegations by the Nigerian Upstream and Downstream Petroleum Regulatory Authority (NMDPRA) that its refined products are of poor quality compared to imported ones. Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).  A letter from the regulatory agency reveals that it had actually approved Dangote Refinery's in-house laboratory for testing crude oil products, casting doubt on the validity of NMDPRA's earlier claims. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that Dangote Refinery's laboratory met accreditation requirements in a March 28, 2024 letter. However, this has sparked a public dispute over the quality of the refinery's products, despite the $19 billion facility's claims of meeting international standards. Aliko Dangote, President of Dangote Group, stated that the products refined at the Dangote Refinery, the world's...