Former President Olusegun Obasanjo has said that those benefiting from the lucrative business of fuel importation are going to make efforts to frustrate the Dangote Petroleum Refinery.

Obasanjo stated this in the wake of allegations by the President of the Dangote Group, Alhaji Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20bn refinery.

This came as it was gathered on Monday that the multi-billion dollar refinery and other domestic refineries had yet to purchase crude oil in naira based on the directive of President Bola Tinubu to the Nigerian National Petroleum Company Limited.

In an interview with Financial Times, the former President described the Dangote refinery as something that should encourage both Nigerians and non-Nigerians.

“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.

“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” Obasanjo stated.

Officials of the Dangote Group recently cried out that international oil companies were frustrating the refinery by refusing to sell crude or by selling to them at a premium up to $4 above the normal price.

They also accused the Nigerian Midstream and Downstream Regulatory Authority of deliberately granting licences to individuals to import dirty fuel.

The regulator denied this, saying Dangote diesel was inferior when compared to the imported ones.

The NMDPRA Chief Executive, Farouk Ahmed, also stated that the country would not stop fuel importation to avoid a monopoly by the Dangote Group.

Obasanjo, speaking further, disclosed that Nigeria made a deadly mistake by putting all its eggs in what he called one basket of oil, ignoring gas and agriculture.

“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity

“We ignored agriculture, which should have been the centrepiece of our economic development,” Obasanjo stated.

He recalled how he persuaded Shell to run the country’s refineries but the International Oil Company refused, saying there was too much corruption in the sector.


“When I was President, I invited Shell and I said, look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained.

“We have brought amateurs rather than bringing professionals. They said there’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess,” he explained.

On the promises that the refineries will be fixed, he asked, “How many times have they told us that? And at what price?

“Those problems, as far as the government refineries are concerned, have never gone away. They have even increased. So if you have a problem like that and that problem is not removed then you aren’t going anywhere.”

The former President also condemned the style adopted by President Bola Tinubu to remove fuel subsidies, stating that the present administration should have first considered the hardship the subsidy removal could cause people and how to ameliorate the same.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” the former President stressed.

He said there must be investor confidence in Nigeria, adding, “You have to go from transactional economy to transformational economy.”

Obasanjo expressed concern over youths’ restiveness caused by unemployment, fearing that Nigeria might be sitting on a keg of gunpowder.

“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he warned.

Crude in naira

It was also gathered on Monday that the Dangote refinery and other local refineries in Nigeria had yet to start buying crude oil from NNPC in naira as directed by President Tinubu.

The Crude Oil Refiners Association of Nigeria said letters have been written to NNPC by individual refiners requesting crude, but there has been no response yet.

The Federal Executive Council recently adopted a proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in naira.

FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.

However, almost one week after the announcement, the refiners said they had not heard from the NNPC.

The Publicity Secretary of the Crude Oil Refiners Association of Nigeria, Eche Idoko, said the Nigerian Midstream and Downstream Petroleum Authority is expected to kickstart the process.

“We have not started buying crude from NNPC. Individual members have written to them (NNPC) already, and they have several requests from these refineries before them.

“Typically, we would expect our regulator, in this instance, the NMDPRA, to kick start the process by calling for a meeting of all parties to discuss the framework for such supply or have NNPC respond to the various letters to it by the refineries requesting for crude,” Idoko noted.

The CORAN spokesperson had earlier stated that the supply of crude oil to local refineries in naira would bring down the cost of petrol and strengthen the naira against the dollar.

Idoko commended Tinubu for listening to the voice of indigenous refiners but noted that an executive order should be issued on the new directive.

The crude oil refiners also sought a meeting with the economic team to work out a rate that would favour the Nigerian market.

“Yes, we will see a rebound in the pricing of fuel once the President’s order is implemented. Mind you, the pronouncement alone is not enough. It must be with a force of law, either by executive order or by incorporating it into a new guideline so that the crude producers will be bound to sell to us in naira,” Idoko stated.

Dangote refinery and other domestic refiners have been complaining about the difficulties associated with accessing crude oil for their plants. Recently, the management of Dangote Group insisted that the IOCs were still frustrating crude supply to the 650,000-capacity refinery.

In a statement, the group alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude will continue to increase because the trading arms offer cargoes at $2 to $4 per barrel, above NUPRC official price.

The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.

A senior official at the Dangote refinery, who pleaded not to be named due to lack of authorisation to speak on the matter, confirmed that the plant had yet to start buying crude in naira from NNPC.

The spokesperson of NNPC, Olufemi Soneye, did not respond to enquiries on the matter when contacted by our correspondent.

Source: https://punchng.com/Why-fuel-importers-will-frustrate-Dangote-Obasanjo

Nigeria is not a serious country. Weak president and weak institution.

adenigga:

Obasanjo, speaking further, disclosed that Nigeria made a deadly mistake by putting all its eggs in what he called one basket of oil, ignoring gas and agriculture.
-----
“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity. We ignored agriculture, which should have been the centrepiece of our economic development,” Obasanjo stated.
-----
“When I was President, I invited Shell and I said, look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained.
-----
“How many times have they told us that? And at what price?
-----
“Those problems, as far as the government refineries are concerned, have never gone away. They have even increased. So if you have a problem like that and that problem is not removed then you aren’t going anywhere.”

See how Baba Iyabo dey talk like say the rot and mess we are experiencing today didn't start with him.

He's talking about Nigeria putting all her eggs in one basket. Lol. What did he do to diversify our economy as a military head of state and the first and a two-term president after 1999? The man even pushed a third term agenda.

Didn't everyone of them since 1960 abandon agriculture and chase after oil money?

"I believe we made a very, very deadly mistake" - No sir, I believe YOU made a very, very deadly mistake.

When you invited Shell and they told you about the corruption ruining our refineries, sir, what did you do with the power given to you by the people to crush the cabal and rot in our oil industry? You were president for 8 years, what did you do to put the interest of the people as priority? What efforts did you make to change the trajectory of the NNPC for the benefit of the common Nigerians?

What was OBJ's stride in our gas sector? What policies and reforms did he introduce to the gas industry? What were his implementations? Didn't he flare our gas too?

OBJ is saying shit, with all due respect. This is the person some idiots are rallying around because the man they hate so much became president.

Tinubu's bad policies implementions aside, at least for the first time since 1960, we have a brave president who has the political will, muscle, and clout to repurpose our economy. And if he and the APC had allowed GEJ the weakling remove the subsidy in 2011, we would have moved past this pain - Tinubu has a share of this blame too.

There's no going back from here, inshallah. The economy must be rejigged, no matter how pain and strenuous the process may be. History will remember Tinubu for not taking the easy route of padding our economy.

Edit: Some idiots are quoting me to say trash. The truth is bitter, so deal with it. Some were saying shit about good economy under OBJ. Lol, even a retard could run our economy like he did because of the oil boom. Go and check how much Nigeria earned with crude oil sales between 1999 and 2006. Then compare with next successive governments.

The crazy oil money during that time was one of the reason they all abandoned other critical areas of the economy for oil. They took the easy way and we are suffering it today. They didn't foresee that the oil mania will end, or perhaps, they saw but didn't care because they knew they won't be the ones to deal with the problem. Nigerians just don't think, that's the issue. So far any 10 IQ president can subsidize their PMS and dollars, they think all is well and won't give a f*uck about their own future or that of the next generation.

All you want is government handouts in the form subsidies then you later cry that the country is retrogressing in economic and infrastructural development. One idiot even asked me to mention one third world country that isn't subsidizing their citizens. Oponu, must Nigeria remain a third world country for life, even after 60 years since independence? This is the kind of imbeciles that sell all they have and secure loans to japa to sane countries where nothing is free. Ode!

The country using 96% of our revenue to service loan; shouldn't that be a concern for any right thinking citizen? Instead of asking past governments how and why we got to this point, the average Nigeria won't so far you give them subsidies as if they are orphans. And before you say dogshit, OBJ didn't have to borrow because of massive oil revenue. We started borrowing after the oil boom was over. And mind you, we shouldn't have borrowed to the extent where almost all our revenue is used to service loans if OBJ diversified our economy from the start with the massive influx of income Nigeria earned during his time. He should have been the person to lay our economic blueprint and like I've said, he took the easy route and avoided the hard work.

What happens to your business when 100% of the money you make per month is used to repay loans and the situation is even worse that you are still sourcing for more loans to make your business stay afloat? If you can't answer that, keep shut whenever the Nigeria economy is being discussed.

We are a nation with a f*cking 200M population that can't feed herself, zero agriculture, terrible gas economy, no other viable economy sector, zero manufacturing or production; just subsidies, vibes and inshallah plus crazy level of importation, and you, OBJ, is now complaining that our youths are redundant. Thunder fire you, sir.

Clash of two business interests, but I pray Dangote wins and crush the parasitic importers into extinction.

In quest for gain, influence and expansion.

Now that Tinubu and his family business unit Oando have built a blending plant at Malta Lets see the will operate side by side with Dangote, local Ronu Muslims will still atack OBJ on this

Are these NNPC cabals bigger than Nigeria that they can't be checkmated

strange world seeing obsanjo talking in abstract blaming other Nigerians for the problems he contributed. Was he not acting like God bf why has he become a wailer. all i can say is God bless Goodluck ebele Jonathan.

Watching in 3D

For real

Toh


Obasanjo don talk am again! No be today we dey see this kind matter.

Mm

I have said it over and over again. Both FG and Dangote have blame in all of these

But I want Dangote to win. That refinery will help our economy. Let's leave politics aside.

Again

It takes time for.polivies to.manifest.

Ok

Tinubu is the one importing fuel from Malta and paying subsidy to himself.
He's the one frustrating dangote.
I don't like both of them but, let the truth be told.

agulion:
Now that Tinubu and his family business unit Oando have built a blending plant at Malta Lets see the will operate side by side with Dangote, local Ronu Muslims will still atack OBJ on this

You people and your stupid and unintelligent conspiracy theories.


Buhari is jubrin of sudans scums!

Make food just come down...an hungry man no want know all ds stories

Dangote refinery won't see day light. The mistake he made was, he didn't allow Tinubu to commission it. He should have wait for Tinubu to do so.

Typically, we would expect our regulator, in this instance, the NMDPRA, to kick start the process by calling for a meeting of all parties to discuss the framework for such supply or have NNPC respond to the various letters to it by the refineries requesting for crude,” Idoko noted.

You expect the useless regulator that prefers importation to us refining here to call a meeting for products to be sold to you in Naira? De play!

The same NNPCL is taking Utapate crude out to spain and announcing it to everyone, but they don't listen to the president.


OBJ should just leave us alone. Once they're out of office, they begin to have solutions to our problem.


This is 2024, we're still flaring gas. It's sad to be in this part of the world.

EponObi:


See how Baba Iyabo dey talk like say the rot and mess we are experiencing today didn't start with him.

He's talking about Nigeria putting all her eggs in one basket. Lol. What did he do to diversify our economy as a military head of state and the first and a two-term president after 1999? The man even pushed a third term agenda.

Didn't everyone of them since 1960 abandoned agriculture and chased after oil money?

"I believe we made a very, very deadly mistake" - No sir, I believe YOU made a very, very deadly mistake.

When you invited Shell and they told you about the corruption ruining our refineries, sir, what did you do with the power given to you by the people to crush the cabal and rot in our oil industry? You were president for 8 years, what did you do to put the interest of the people as priority? What efforts did you make to change the trajectory of the NNPC for the benefit of the common Nigerians?

OBJ is saying shit, with all due respect. This is the person some idiots are rallying around because the man they hate so much became president.

Tinubu's bad policies implementions aside, at least for the first time since 1960, we have a brave president who has the political will, muscle, and clout to repurpose our economy. And if the APC had allowed the GEJ the weakling remove the subsidy in 2011, we would have moved past this pain.

There's no going back from here, inshallah. The economy must be rejigged, no matter how pain and strenuous tbe process may be. History will remember Tinubu for not taking the easy route of padding our economy.

This one escaped from yabaleft.

Umm. Nigeria problem is bigger than what we are just seeing from the public. Alot of secret dealings going on.

The nnpc boss is bigger and more powerful than Tinubu. The Man is untouchable.

victorDanladi:

You people and your stupid and unintelligent conspiracy theories.


Buhari is jubrin is sedans scams!

olaiya2007:
Are these NNPC cabals bigger than Nigeria that they can't be checkmated

Tinubu is the NNPC cabal, have you asked yourself why he has refused to sack Mele Kyari?

That's because Kyari is doing a very good job for him in the NNPC...

So I laugh each time people are shouting NNPC cabal and not focusing on Tinubu

Obasanjo always speaks truth to power! His insights into the fuel importation mafia show just how much our economy is at risk. We need to rally behind the Dangote refinery; it’s a step toward self-sufficiency. Let’s hope the government listens and takes decisive action before it’s too late!

Well said

EponObi:


See how Baba Iyabo dey talk like say the rot and mess we are experiencing today didn't start with him.

He's talking about Nigeria putting all her eggs in one basket. Lol. What did he do to diversify our economy as a military head of state and the first and a two-term president after 1999? The man even pushed a third term agenda.

Didn't everyone of them since 1960 abandoned agriculture and chased after oil money?

"I believe we made a very, very deadly mistake" - No sir, I believe YOU made a very, very deadly mistake.

When you invited Shell and they told you about the corruption ruining our refineries, sir, what did you do with the power given to you by the people to crush the cabal and rot in our oil industry? You were president for 8 years, what did you do to put the interest of the people as priority? What efforts did you make to change the trajectory of the NNPC for the benefit of the common Nigerians?

OBJ is saying shit, with all due respect. This is the person some idiots are rallying around because the man they hate so much became president.

Tinubu's bad policies implementions aside, at least for the first time since 1960, we have a brave president who has the political will, muscle, and clout to repurpose our economy. And if the APC had allowed the GEJ the weakling remove the subsidy in 2011, we would have moved past this pain.

There's no going back from here, inshallah. The economy must be rejigged, no matter how pain and strenuous tbe process may be. History will remember Tinubu for not taking the easy route of padding our economy.

You must be a nitwit. The question is how old are you with these your vivid stupidity man.

Go and Look at President's with Economic reforms and you will see OBj and Yara'dua there.

They are talking about leaders with Economic structure depth and sound reasoning and you're talking about Presidential will?

Can't you see that you're stupid.

EponObi:


There's no going back from here, inshallah. The economy must be rejigged, no matter how pain and strenuous tbe process may be. History will remember Tinubu for not taking the easy route of padding our economy.

Pls can you refer us to one single third world country where subsidy removal and currency devaluation has led to prosperity or even failed to ensure starvation and economic decline.

Not two, not three, not four, just one.

Thank you.

Crude in naira

It was also gathered on Monday that the Dangote refinery and other local refineries in Nigeria had yet to start buying crude oil from NNPC in naira as directed by President Tinubu.

The Crude Oil Refiners Association of Nigeria said letters have been written to NNPC by individual refiners requesting crude, but there has been no response yet.

The Federal Executive Council recently adopted a proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in naira.

FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.

However, almost one week after the announcement, the refiners said they had not heard from the NNPC.

So NNPC is yet to supply crude to the local refineries?

What the hell is wrong with this cabal for heaven’s sake?! 😡

Praxis758:
Clash of two business interests, but I pray Dangote wins and crush the parasitic importers into extinction.

In quest for gain, influence and expansion.

Tinubu' body language is just saying the contrary!

Obasanjo always dropping wisdom like it’s hot! Fuel importers need to wake up and smell the coffee. Dangote's vision is clear, but these distractions will not help Nigeria's progress. Let's support the real change makers!