How policy reversal stopped me from acquiring refinery in 2006
Africa’s richest man, Aliko Dangote, has narrated how he couldn’t acquired Brownfield Refineries under the Federal Government’s Privatization Programme in 2006.
Dangote disclosed this on Monday during the commissioning of the world’s largest single-train refinery, Dangote Refinery and Petrochemicals, in Lagos.
He noted that his payment for the Brownfield refineries was returned because the policy was reversed by the government.
“Initially, we sought to enter the industry by acquiring brownfield Refineries under the Federal Government’s Privatization Programme in 2006/7. Regrettably, the privatization Policy was reversed, and our payment returned,” he said.
He said this motivated him to re-think our Market-entry strategy and Business Model.
“We subsequently committed to enter the Market boldly with a vision to invest in a greenfield Refinery that will transform the Industry in Nigeria and Africa.
“We decided on a plant designed with the State-of-the art technology and at a scale in capacity that will be a “game-changer” in Africa and the global market,” he added.
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