Why Fuel Importers Will Frustrate Dangote – Obasanjo

Amidst dispute between the NNPC and Dangote over fuel refinery, the former President Olusegun Obasanjo has said that those benefiting from the lucrative business of fuel importation are going to make efforts to frustrate the Dangote Petroleum Refinery.

,,,,Obasanjo stated this in the wake of allegations by the President of the Dangote Group, Alhaji Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20bn refinery.

This came as it was gathered on Monday that the multi-billion dollar refinery and other domestic refineries had yet to purchase crude oil in naira based….on the directive of President Bola Tinubu to the Nigerian National Petroleum Company Limited.

In an interview with Financial Times, the former President described the Dangote refinery as something that should encourage both Nigerians and non-Nigerians.

According to Obasanjo: “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.

“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated.”

Officials of the Dangote Group recently cried out that international oil companies were frustrating the refinery by refusing to,,,,sell crude or by selling to them at a premium up to $4 above the normal price.

____They also accused the Nigerian Midstream and Downstream Regulatory Authority of deliberately granting licences to individuals to import dirty fuel.

The regulator denied this, saying Dangote diesel was inferior when compared to the imported ones.

____The NMDPRA Chief Executive, Farouk Ahmed, also stated that the country would not stop fuel importation to avoid a monopoly by the Dangote Group.

Obasanjo, speaking further, disclosed that Nigeria made a deadly mistake by putting all its eggs in,,,,,what he called one basket of oil, ignoring gas and agriculture.

“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity

“We ignored agriculture, which should have been the centrepiece of our economic development,” Obasanjo stated.

______He recalled how he persuaded Shell to run the country’s refineries but the International Oil Company refused, saying there was too much corruption in the sector.

,,,,“When I was President, I invited Shell and I said, look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained.

,,,,“We have brought amateurs rather than bringing professionals. They said there’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess,” he explained.

On the promises that the refineries will be fixed, he asked, “How many times have they told us that? And at what price?

“Those problems, as far as the government refineries are concerned, have never gone away. They have even increased. So if you have a problem like that and that problem is,,,,not removed then you aren’t going anywhere.”

The former President also condemned the style adopted by President Bola Tinubu to remove fuel subsidies, stating that the present administration should have first considered the hardship the subsidy removal….could cause people and how to ameliorate the same.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” the former President stressed.

,,,,,,He said there must be investor confidence in Nigeria, adding, “You have to go from transactional economy to transformational economy.”

Obasanjo expressed concern over youths’ restiveness caused by unemployment, fearing that Nigeria might be sitting on a keg of gunpowder.

“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that….we will do the right thing before it’s too late,” Obasanjo warned.