Nigerian billionaire Femi Otedola has voiced strong support for Aliko Dangote, CEO of Dangote Refinery, amidst ongoing disputes with national oil regulators.
In a series of X posts (formerly Twitter) on Tuesday, Otedola urged the federal government to back industrialists like Dangote, similar to how other nations support their “local champions.”
Otedola highlighted Dangote’s significant contributions, noting that he has built “the largest single-train refinery in the world and the second-largest sugar refinery globally.” He also emphasized that Dangote is Nigeria’s highest taxpayer, underlining his critical role in the nation’s economy.
“Business titans like Dangote are essential in the early stages of a country’s industrial growth and must be encouraged and protected,” Otedola stated.
He drew parallels with historic figures in American industrialization, such as Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, who were instrumental in building the United States’ industrial landscape.
Otedola also mentioned how governments in India, South Africa, China, and other countries have provided necessary incentives to support their industrialists.
“In Nigeria, we have our own titans, and it is imperative that we recognize and support them. Aliko Dangote has broken every boundary in worldwide business and industry,” he said.
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He continued, “Dangote’s contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity.
Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress.”
The Dangote Refinery is currently under scrutiny by Nigeria’s oil regulatory bodies, notably the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Farouk Ahmed, head of NMDPRA, has accused the refinery and other local facilities of producing fuel with high sulfur levels, reaching up to 650 parts per million (ppm).
He also suggested that Dangote might be attempting to dominate the industry, which could threaten the country’s energy security.
In response to these allegations, Dangote has invited regulatory authorities to inspect his Lagos plant, expressing confidence that their products meet the highest quality standards in Nigeria.
To address concerns about monopolistic behavior, Dangote has also halted his plans to invest in Nigeria’s steel industry.