The ‘Foolish Man’ And His Mega Refinery Complex
BY BAYO ONANUGA
Some years ago, Aliko Dangote, Africa’s richest man invited media leaders to a luncheon at then Protea Hotel in Ikeja to mark his 55th birthday.
Some of his guests sat around him at the centre table. They chatted freely. Discussions about our country, the state of the economy soon veered into discussing the absurdity of our country, being a major crude exporter, and also a major importer of refined petroleum products.
Our colleague from a major business paper said the local conditions were unfavourable to any investor who wanted to build a refinery. He then made a remark that I believe he would live to regret: “Only a foolish man will build a refinery in Nigeria”.
Aliko who had listened to all our business and political pontifications, interjected: “I am that foolish man”. A pin drop silence enveloped the table as he dropped the unexpected news: “My company has just decided to build a refinery in the country. But we are doing it big”. Those were his exact words, as the multi-dollar billionaire told us he was willing to spend close to $9 billion on the project.
The media big man became speechless. The rest of us caught the contagion of being flummoxed as well, as Aliko expatiated on the project. He said it will be a petrochemical complex. As the project was still on the drawing board, he did not tell us it will be the biggest refinery in the world, capable of processing 650,000 barrels of crude daily. All the hint he gave was that it will be ‘big’. Our takeaway was that it will be big like Aliko’s involvement in cement, sugar, pasta and other businesses.
He didn’t say it will include a fertiliser plant and a power plant that can supply enough electricity to Nigeria’s South West, excluding Lagos.
Initially billed for Ogun State, the Dangote Petroleum Refinery surprisingly shifted location to Lagos, just opposite the creek separating the two states. Governor Dapo Abiodun may want to probe his predecessor, Ibikunle Amosun, why he allowed the complex to move to neighbouring Lagos.
The gigantic project, which cost $15 billion, is now sitting in all majesty in the Lekki Free Trade Zone in Ibeju-Lekki, covering a land area of approximately 2,635 hectares, seven times the size of Victoria Island.
The complex is the world’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant.
It comes with a 435 MW Power Plant, which will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara and Ekiti.
The refinery, according to its fact sheet, can meet 100% of the Nigerian requirement of all refined products, including Gasoline,Diesel, Kerosene, and Aviation Jet.
It will also be able to produce surplus of each of these products for export.
Designed for 100% Nigerian Crude, the refinery has flexibility to process other crudes. No wonder it is located near the sea shore.
Today President Muhammadu Buhari commissioned the gigantic petrochemical complex.
Just as we rejoice with Aliko Dangote and the Dangote Group family, we need to give kudos to the Buhari administration for ensuring that the complex comes to fruition, by ensuring that it was not starved of needed foreign exchange and taking a stake in it.
For Aliko, all is well that ends well. The complex will bring to an end our country’s many decades of shame, for being unable to refine its crude and having to depend on importation, wasting scarce forex.
The ‘foolish man’ of 11 years ago has demonstrated once again that he is a man of wisdom, a peerless shrewd investor who sees clearly the ‘bigger picture’, when his compatriots are bogged down by parochialism and immediate monetary gains.
Related posts
There is wisdom in foolishness sometimes, give it up for him.
Thanks for this update. If others will learn
Aliko has demonstrated that he is indeed the richest man in Africa. It’s insulting, being a Nigerian, with such affluence, his people be dragged into scared future, with no PMS to drive the economy. The resque missioner as he is, Dangote has bailed the country out of the catastrophic dare economic crisis. 80% of the cause of micro economic effects plaguing the economy today has been a lack of PMS and, or scarcity which forces the prices up, as transporters hicked their fares.
Amazing , If you can think it you can make it happen
A well written piece. Alhaji Aliko Dangote embodies the courage and tenacity that characterizes the Nigerian people…
Dangote is a blessing to Nigeria and to the entire black race. He is detribalise Nigeria, and with the interest of Nigeria at heart. He could have decided to keep his money in Swiss banks, like other wealthy and selfish Nigerians; but he chose to be a part of the solution to Nigeria’s age long problems. May God almighty continue to bless, protect and strengthen him.
Dangote has showed Nigeria government that they worth nothing.but to me I think this is abnormal and insane and a slap to Nigeria as a nation !
Nice piece. Hope other wealthy Nigerians and Africans should take a cue and invest their money in other sectors for the benefit of Nigerians regardless of status or region.
May the good Lord continue to bless him. He has shown how much he loves his mother land. If only we have others like him Nigeria will not be what it is today. Thank you Oga Dangote.
The idea of this project is laudable but can we hold on a little and ponder things over. Where will fossil fuel be in another 10,20 or 30 years in annals of energy generation and usage? The world is not celebrating this refinery bcos the advanced ones are exploring clean alternative energy sources like solar. Like the third world country that we are, when the advanced countries are exploring space and developing electric cars, we are applauding refinery technology that will soon become ancient
Even if the idea won’t stand the test of time. Within a period of less than 10 years he might have already made his profit back from this refinery and benefited enough resources to invest into other sectors like the solar and electric cars you are talking about
The only thing that surprises me in Nigeria is that; can’t the government repair our fallen refineries if really they want to??? Or they all have what they are benefitting from this oil exportation and importation marathon. Funny
Even both space exploration and electric cars will soon become ancient.
With the Dangote Refinery on ground today, Nigeria has made a very highly qualitative jump in the field of development. This is a solid step forward.
God bless Dangote and all those who participated in the full realisation of this dream, beginning from those who just wished him well to you who are happy that Dangote Refinery now exists in Nigeria. Congratulation to all.
I give him kudos for achieving this milestone and generational project.
There should be a ripple effect of this Dangote feat for posterity. I look forward to those his peers who got their wealth fairly and not fraudulently taking up similar pressing but impactful businesses and developmental interventions Government should provide enabling environment and partnership for such.
The next big project is to solve Nigeria’s electricity generation problem. Who care dare?
…….who can dare?
Kudos to Aliko dangote. A man of wisdom. My question is that, how will this product affect Nigeria positively?. Will there be decrease in the price of petrol?. If not, we are still backwards..
Dangote deserve all the accolades, I hope his business model of inducing monopoly through government will allow other refinery see the light of day? Congratulations to him, his companies and our nation.
It will definitely impact positively not only to the community where it is sited and the state but the country as well as other west African countries. Be it employment, revenue to the government etc.
Thanks for believing in Nigeria to make it a better place for dreams to be achieved
Congratulations to Alhaji Dangote and the group for this additional milestone. But one is worried about MONOPOLY. Will what happened to cement repeat itself?. Time will tell.
Could this be the reason why Buhari was made President and voted in 2nd time? Or did Dangote just took advantage of the opportunity that Buhari’s administration offered?
Nice piece, it always said never tells your plan but show them the results Aliko dangote is a true visionary man who believe in industrialization not capitalism I prayed the project materialize and work for the benefit of the nation Nigeria and not otherwise.
Congratulations to the Alhaji Aliko Dangote, Dangote Groups of Companies and my fellow Nigerian people for the Greatest achievement in petrochemical,fertiliser and power sectors. Thanks for your Mega project to we Nigerian.
At the end I will use this opportunity to call for our billionaires to continue believing in our beloved County Nigeria 🇳🇬.
Finally, Alhaji Aliko Dangote we also need your support in education sector also sir, thank you.
Wow!!!
Nice Piece!!!
If everybody can be like this Man, Nigeria would have been better.
Hopefully this creates an everlasting domino’s effect of greatness, peace, prosperity, and strength. We have lagged behind the rest of the world for far too long. It’s due time we rise up and became mighty enough to save our people from this centuries long depravity and humiliation.
Kudos to Dangote and his group. Good write-up; but research has shown that Dangote’s refinery is the 7th largest and not the 1st in the world!
How I wish 5 other Dangotes will emerge with other developmental projects that can impact positively on all Nigerian, while the government focus on national integration and displine to set the country on part of progress.
A man of Grace exhibits distinction in his endeavours . If we have at least 10 of this kind in Nigeria .we will be better than the USA & UK.
A man of Grace exhibits distinction in his endeavours . If we have at least 10 of this kind in Nigeria .we will be better than the USA & UK.
If the fuel will be cheap not like his cement that is cheap in other African countries and cost in his own country Nigeria
I was fuming with anger with the headline. The foolish man Dangote. What a big idea swipe. Great journalism and kudos to the man for being our saving grace. Bye bye to fuel subsidy and scarcity.
But why will Dangote cement very cheap in other African countries, but very expensive in his home country. I hope his fuel price will not bring us pains and agony
In fact I can’t imagine why such people are not interested to lead Nigeria as President. He is not only rich but also very humane and confident. I celebrate him as a true and clean Nigerian. Well done Aliko.