Femi Ashekun/
President Bola Tinubu has revealed that two of Nigeria’s most influential global investors, Hakeem Bello-Osagie and Bayo Ogunlesi, are in advanced discussions to channel massive resources into Nigeria’s oil and gas sector, with indications pointing toward a refinery project that could rival the $20 billion Dangote Refinery.
Tinubu disclosed this after a meeting with the duo in Lagos on Monday, describing them as “our sons of the soil and Nigerians in the diaspora” whose credibility and global networks would help reposition the country’s energy sector.
“We agreed on the urgency of unlocking large-scale investments in upstream oil and gas and critical infrastructure to drive Nigeria’s long-term growth,” the president said. “Nigeria remains ready to partner with credible global investors to deliver energy security and modern infrastructure that powers prosperity across Africa.”
The move comes amid repeated setbacks at the Dangote Refinery, which has faced operational bottlenecks since its commissioning.
The latest disruption followed the shutdown of the plant as oil workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) enforced industrial action, stalling production and raising fresh questions about the facility’s stability.
Against this backdrop, the entry of Bello-Osagie and Ogunlesi signals what many industry players see as a credible alternative.
Bello-Osagie, a former chairman of United Bank for Africa and founder of Metis Capital Partners, is one of Nigeria’s most seasoned investors with interests spanning telecommunications, energy, and finance.
Ogunlesi, chairman of Global Infrastructure Partners and lead director at BlackRock, manages one of the world’s largest infrastructure funds with multi-billion-dollar stakes in airports, energy facilities, and transportation assets across continents.
Analysts note that their combined pedigree and access to international capital could unlock a project that not only rivals Dangote’s refinery but also reshapes Nigeria’s refining capacity.
With Tinubu’s reforms promising a more enabling business environment, their potential investment could provide the stability the oil sector has long sought.
“Our administration’s reforms are creating a better enabling environment whilst opening new frontiers for sustainable financing, global capital, and transformative projects,” Tinubu stressed. “We are determined to make Nigeria Africa’s premier investment destination.”
The development has already sparked speculation that Nigeria could soon host another world-class refinery to ease the nation’s reliance on fuel imports, reduce frequent supply disruptions, and offer a competitive edge to Dangote’s troubled operations.
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Dangote Refinery troubled operations, as inferred in the reports is not due to operational capacity issues and ineffectiveness of the company, but rather, a calculating attempt to render the refinery ineffective by vested interests.
Thank you sir for saying my mind
That is the Nigerian mentality. Where have they been? Dangote don open road.God is with Dangote,Nigerians are with him. No shaking
Who is this writer 🤔
Did I see something like stability of Dangote Refinery, and kiniko kiniko just now now now.
Surely God dey for Dangote!
A statement of fact.
A most welcome development. The prices of goods and services in the country, need to be pushed downwards to lessen the economic hardship on the citizens and to reduce inflation. The best way to do that is to significantly reduce the prices of petroleum Products through the establishment of more refineries. This will give monopolist Dangote Refinery, the needed competition to drive prices down. A country like Nigeria, with abundant crude oil, and if it is able to have adequate refining capacity, will be to crash the pump price of petrol for instance to less than than #300 per litre.
Dangote has repeatedly demonstrated resilience, and there is little doubt that he will work through the current challenges and ultimately emerge victorious.
It is also clear that vested interests and saboteurs will seize every opportunity to disparage a man who has single-handedly undertaken a task that an entire nation failed to accomplish after decades of pumping oil. God is with Dangote, and his mission will succeed.
What the writer fails to recognize is that international markets will judge Nigeria based on the success or failure of visionaries like Dangote. A $20 billion investment and the thousands of jobs created deserve recognition, not the petty jealousy and misguided rhetoric being paraded as calls for “much-needed competition.” Such arguments are baseless and counterproductive.
The writer sounds like dangote is struggling to operate efficiently. However, I don’t believe it is. All I see, are people who are also interested in the oil and gas sector. Competitive economy is good for nation growth, employment and product prices. Mr writer live dangote alone and announce their interest.
Useless investors and their investment. Now you want to rival dangote. Were you on another planet when the man started his investment. Bello Osagie and Ogunlesi, cant you channel your investments on something else. Dangote don suffer for Our Union Hand and now you wanna add yours. Painful! No wonder the man is now investing in other countries. Yeye billionaires. Nonsense.
I think we should concentrate on the message and its import. The fact is that Nigeria is about to attract more investors into the oil and gas midstream which is a good thing. We can do more for the sake of our economy not necessarily to rival Dangote. If we can produce refined products more economically, we will export and earn forex. Let’s forget rivalry and look at the economic benefits. One refinary will not kill the other. We need to expand economic opportunities