Femi Ashekun/
Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has dismissed claims that his dominance across industries amounts to monopolistic practices, insisting that his success is rooted in vision, boldness, and being the first to seize opportunities others often overlook.
In a recent interview with Bloomberg, Dangote argued that describing first movers as monopolists would discourage the establishment of a manufacturing base and undermine nation-building. “If you are going to call first movers into business monopolists, then you will never establish a manufacturing base—or build a country,” he said.
The billionaire reflected on the immense challenges he faced while building the Dangote Refinery, regarded as the largest single-train facility in the world.
He revealed that the magnitude of the project forced him to take on roles that should have been handled by others, noting, “No one was equipped to support such a venture, so I became my own service provider at almost every stage. Honestly, if I knew what I was going to go through, I wouldn’t have tried it.”
The refinery, located in Lekki, Lagos, is a $20–23 billion investment and one of Africa’s most ambitious industrial projects. After years of delays and cost overruns, it processed 350,000 barrels per day by late 2024, ramped up to 500,000 barrels per day in January 2025, and is projected to reach its full capacity of 650,000 barrels per day—far exceeding Nigeria’s domestic fuel needs.
The facility has already positioned Nigeria as a net exporter of jet fuel, naphtha, and fuel oil, reducing dependence on imported refined products and altering global supply chains.
Yet the path to this achievement has been fraught with obstacles. The project struggled with doubled costs, unreliable crude supply from the Nigerian National Petroleum Company, and resistance from entrenched oil industry interests.
Dangote himself acknowledged the power of vested interests, remarking at a conference, “I didn’t know the mafia in oil, they are stronger than the mafia in drugs.” To meet demand, the refinery continues to import crude from the United States, Brazil, Libya, and Angola.
Despite its promise of energy self-sufficiency and industrial growth, the project has faced criticism for its environmental and social impact. Communities around Lekki have reported forced evictions, the destruction of ecosystems, and rising health risks, with environmental groups warning of heightened cancer risks due to pollution.
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*BUA’S UNWARRANTED ATTACK ON DANGOTE INDUSTRIES LIMITED*