President of the Dangote Group, Alhaji Aliko Dangote, has expressed skepticism about the possibility of the government-owned Port Harcourt, Warri, and Kaduna refineries ever returning to operation, despite reportedly consuming around $18 billion under the management of the Nigerian National Petroleum Company Limited (NNPCL).
Speaking during a visit by Global CEO Africa delegates from Lagos Business School to the Dangote Petroleum Refinery in Lekki, Lagos, Dangote contrasted his 650,000-barrel-capacity facility with the underperforming state assets. He revealed that over 50% of the output from his refinery is dedicated to Premium Motor Spirit (petrol), compared to just 22% from government facilities.
Dangote also revisited the aborted attempt to acquire the refineries in 2007. He disclosed that the deal was reversed shortly after President Umar Yar’Adua took office, following claims that the previous administration under Olusegun Obasanjo sold the refineries below their value as a farewell gesture.
