Refinery project ‘biggest risk of my life’ – Dangote
Africa’s richest man Aliko Dangote says the refinery project in Lagos is the biggest risk he has ever taken in life as part of his vision to set Africa on the path of industrialisation in order to create wealth and prosperity for the continent’s vast population.
Speaking exclusively with Forbes on Monday, Dangote opened up about the risk he faced completing the ambitious 650,000 barrels per day capacity refinery in Lagos at the cost of over $23 billion.
“I’ve been fighting battles all my life and I have not lost one yet.
“The oil mafia is more deadly than the one in drugs because, with the oil mafia, there are so many people that are involved. You might be wining and dining with them, but these are the guys that are the masters of moving things around.”
His comment is seen as a pointer to the struggles he had faced from the government and oil mafia since the project came on stream.
At an investment conference last year, Dangote also lamented about the oil mafia, saying, “I knew there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs.”
The business mogul said he would have been finished if the project had failed.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he said, and added that the journey to the completion of the refinery was fraught with uncertainties.
However, despite hurdles faced in financing the project, the regulatory challenges, and securing suppliers, Dangote said he is committed to providing a blueprint for industrialisation across Africa.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment”, he noted.
He added that Africa has been “a mere dumping ground for finished products,” and the refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil.”
This, he added, will create wealth and prosperity for its vast population.
According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his focus remains firmly on Nigeria.
He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.
Dangote is also working on other ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.
Looking ahead, he said he plans to take the refinery public within the next year or two.
“I’ve been fighting battles all my life and I have not lost one yet,” he said.
