Africa’s richest man and President of Dangote Group, Aliko Dangote, has revealed that his $23 billion refinery project was the biggest risk of his life. In an exclusive interview with Forbes on Monday, the business mogul admitted that failure was not an option, as it would have cost him everything.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote stated.
A Risky but Historic Investment
The Dangote Refinery, which has a massive 650,000 barrels per day capacity, is Africa’s largest refinery. While it is now seen as a game-changer for Nigeria’s economy, Dangote admitted that the journey was full of uncertainties.
Despite the risks, he emphasized the importance of self-reliance in Nigeria and Africa, urging the continent to reduce dependence on foreign investors.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he said.
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The Fight Against Nigeria’s ‘Oil Mafia’
Dangote did not hold back in criticizing what he described as Nigeria’s powerful “oil mafia”, a network of influential players who he believes control the industry behind the scenes.
“The oil mafia are more deadly than the one in drugs because with the oil mafia, there are so many people that are involved,” he said.
“You might be wining and dining with them, but these are the guys that are really the masters of moving things around.”
Strong Relationship With President Tinubu
There have been speculations that Dangote has fallen out of favor with President Bola Tinubu, especially after an anti-corruption agency raided his office last year. However, the billionaire dismissed those claims, insisting that his relationship with Tinubu remains strong.
“We have an extremely, very good relationship. I’ve known him for a very long time,” he clarified.
Expanding Investments and Future Plans
Addressing rumors that he is shifting focus away from Nigeria after setting up a family office in Dubai, Dangote assured Nigerians that he remains committed to the country.
He highlighted upcoming projects, including:
- A $700 million investment to end sugar importation in Nigeria.
- A subsea pipeline to transport natural gas from the Niger Delta to Lagos.
- Expansion of the refinery’s fertilizer plant.
- Plans to take the Dangote Refinery public within the next two years.
Despite the challenges he has faced in his career, Dangote remains confident in his ability to succeed.
“I’ve been fighting battles all my life, and I have not lost one yet,” he declared.