Chairman of Dangote Group, Aliko Dangote, has revealed that concerns over being branded a monopoly prevented him from acquiring Mobil, Africa Petroleum (AP), and Oando’s petroleum distribution companies.
Dangote made the disclosure during a recent media briefing while addressing the ongoing rift between his company and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG).
According to him, during the early stages of his 650,000 barrels-per-day refinery project, the plan was to focus strictly on production and avoid the retail end of the business.
“We didn’t want to go into retail. It was during the time we were building this refinery that they sold Mobil, AP, and Oando. We could have bought them — the three of them didn’t cost N500 million.
“If we knew this was going to happen, maybe we would have done it the other way. But we didn’t want to be called a monopoly; that’s why we left that side. Restrict ourselves to production, they will become our customers, and we will have a nice party together,” he explained.
Dangote, however, warned that he is prepared to confront competitors in Nigeria’s downstream oil sector if challenged.
“But if they are looking for fights, I have been fighting all my life,” he declared.
His remarks come amid heightened tensions with NUPENG, which has accused Dangote Refinery of anti-labour practices over its new fuel distribution scheme. Dangote has strongly denied the allegations.
Despite opposition from some downstream stakeholders, the Dangote Refinery on Monday officially rolled out its nationwide fuel distribution scheme.
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