Africa’s richest man, Aliko Dangote, has cast doubt over the revival of Nigeria’s state-owned refineries despite over \$18 billion spent on turnaround maintenance.
Speaking during a visit by the Global CEO Africa group to his 650,000 bpd Dangote Refinery, he said the refineries in Port Harcourt, Warri, and Kaduna were practically obsolete. “Trying to modernise those refineries is like fixing a 40-year-old car with a modern engine; it won’t work,” he declared.
Dangote revealed he once bought the refineries in 2007, but political changes forced him to return them. He lamented that subsequent administrations continued to pour money into them without results.
Former President Obasanjo has also echoed similar concerns, claiming NNPC officials resisted the sale to preserve a corrupt system. Obasanjo warned the facilities may end up as scrap.
Dangote’s refinery, built from scratch, is already operational and poised to transform Nigeria’s petroleum landscape.
Analysts believe his statement reinforces long-standing concerns about government waste, corruption, and inefficiency in the oil sector, raising further questions about NNPC’s capacity and accountability.
