- Femi Otedola hails Dangote Refinery as a game-changer for Nigeria's oil sector, marking a shift towards energy self-sufficiency.
- NNPC begins fuel purchases at Dangote Refinery at N898 per liter, addressing Nigerias persistent fuel shortages.
- Dangote Refinery to reduce fuel imports, disrupt fuel importers, and reshape Nigerias fuel supply chain.
Femi Otedola, one of Nigerias most influential businessmen and billionaire investor, has lauded the commencement of petrol distribution from Africas richest man, Aliko Dangotes 650,000 barrels-per-day refinery in Lagos, marking a significant shift in the countrys oil industry. The Dangote Oil Refinery, which started loading petrol into trucks on Sunday, Sept. 15, is seen as a breakthrough in Nigerias decades-long struggle with fuel imports and shortages.
Otedola, the Chairman of Geregu Power and First Bank of Nigeria Holdings Plc, expressed his optimism, hailing the development as a pivotal moment in Nigerias journey toward energy self-sufficiency. In a brief statement, he credited President Bola Ahmed Tinubu for facilitating the milestone. Kudos to President Tinubu for making this a reality! Fuel queues are now a thing of the past as Dangote Refinery starts loading PMS today, Otedola said.
NNPC begins fuel purchase at refineryThe refinery, which has been in development for over a decade, sold its petrol to the Nigerian National Petroleum Company Limited (NNPC) at a price of N898 ($0.546) per liter, according to NNPC Spokesperson Olufemi Soneye. The trucks began transporting fuel to various parts of the country, easing concerns over persistent fuel shortages. At least 70 trucks had been loaded by Sunday, with NNPC dismissing claims that it purchased the fuel at N760 ($0.462) per liter.
The NNPC had previously announced that over 300 trucks arrived at the refinery ahead of the Sunday loading, signaling the start of what Otedola described as the death blow to Nigerias fuel import cabal. This long-standing network of fuel importers has profited from the countrys dependence on imported petroleum products, despite Nigeria being one of the worlds top oil producers.
Femi Otedola hails Aliko Dangote's refinery triumphOtedola, who built much of his early fortune through Zenon Petroleum and Gas Limitedonce a dominant force in Nigerias downstream oil sector praised Dangotes achievement as a watershed moment . He argued that the refinerys launch represents the culmination of a 25-year effort to free Nigeria from its dependence on imported fuel. In a letter posted on his social media account, Otedola reflected on the journey he and Dangote embarked upon years ago to reform Nigerias energy market.
