How policy reversal stopped me from acquiring refinery in 2006

Date:

Aliko Dangote

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.

Facebook Comments Box
Alimah Abdulsalam
Alimah Abdulsalam
I'm Alimat Abdulsalam Niyilolawa, a journalist/ Content creator. I've developed skills in reporting and journalism and I’m excited to connect with likeminded individuals.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Latest

More like this
Related

Oba Ladoja to Return July 28 After Honouring Tradition of Mourning

  The Olubadan-designate, ObaRashidi Ladoja, has deferred his return to...

Injury Doubt Hangs Over Onumonu Ahead of Zambia Clash

Montpellier forward Ifeoma Onumonu is a major doubt for...

2027 is not for Tired Leaders, Tinubu, Atiku Told to Quit 2027 Race for Younger Nigerians

A chieftain of the Labour Party (LP) and former...

Ned Nwoko Mourns Buhari, Hails His Resolve and Service

  Senator Ned Nwoko (APC–Delta North) has expressed his condolences...

Ogun communities cry out over land grabbing, alleged police complicity

    Sagamu Communities Petition PCC Over Alleged Police Harassment, Land...

Kwara Water Corporation Task Force Intensifies Revenue Drive, Warns Defaulters

As part of efforts to plug revenue leakages and...

KWASU Students Escape Unhurt as Bus Catches Fire

At least 18 students of Kwara State University (KWASU),...

Why I Rejected PDP’s 2023 Presidential Choice — Ortom

Former Benue State Governor Samuel Ortom has revealed that...
Join Us On WhatsApp
Join Us On WhatsApp