Olisa Agbakoba, a Senior Advocate of Nigeria, has issued a stern warning to the Nigerian National Petroleum Company Limited (NNPC) against taking over the Dangote Refinery. His comments come in response to recent statements by Aliko Dangote, suggesting that the NNPC could buy his refinery to dispel accusations of monopoly.
Dangote’s 650,000 barrels per day refinery has been at the centre of a heated debate, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority Chief Executive, Farouk Ahmed, criticising the quality of fuel produced by Dangote and other local refineries. Ahmed argued, “We cannot rely heavily on one refinery to feed the nation because Dangote is requesting that we suspend or stop the importation of all petroleum products, especially AGO, and direct all marketers to the refinery. That is not good for the nation in terms of energy security. That is not good for the market because of monopoly.”
In a surprising move, Dangote responded by stating his willingness to sell the refinery to the government. “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s okay. If they buy me out, at least, their so-called monopolist would be out of the way,” he said.
However, Agbakoba countered this proposition in a brief statement on Monday, questioning the rationale behind a government takeover. “Why take over what a private individual built? Why can’t the Federal Government fix its refineries all these years?” he asked. Agbakoba argued that the notion of allowing an efficient businessman to ‘hold the country to ransom’ is unfounded when there are viable alternatives.
Agbakoba stressed that the solution lies in the government addressing fundamental issues in the country. “The simple alternative for us all is this – Let Nigeria work. Let there be light. Let there be food. Let there be water. Let there be jobs. Let there be money, schools, healthcare, roads and others,” he emphasized. He argued that fixing the country’s own refineries would negate any perceived monopoly by Dangote.
Supporting the contribution of local refineries, Agbakoba declared, “If all our refineries are working, there won’t be anything called a Dangote Refinery monopoly.” He added that he stands with Dangote and other local refinery operators, as their operations are crucial to boosting Nigeria’s refining capacity and ending fuel importation.
Agbakoba also recently urged President Bola Tinubu to overhaul the country’s energy sector and regulatory framework, highlighting the need for comprehensive reforms to address the nation’s longstanding challenges.