aliko dangote refinery - Billionaire Aliko Dangote Chilling Revelation - "Says Oil Industry Mafia Stronger Than Drug Cartels" -It's easy to assume that everyone in Africa would champion the continent's self-reliance and support local production and manufacturing. However, reality paints a different picture. Aliko Dangote, founder of the Dangote Group, has exposed startling obstacles faced while constructing his $19 billion refinery project in Lagos. He accused powerful local and international criminal syndicates of trying to sabotage the ambitious endeavor. Speaking at the Afreximbank Annual Meetings, Dangote likened these challenges to fighting a formidable mafia, one he asserted is even more powerful than infamous drug cartels.
Africa's wealthiest industrial tycoon, renowned for his unyielding determination, recounted the relentless tactics deployed by these "oil mafia" organizations to thwart his refinery project.
Aliko Dangote compared oil cartels to a mafia stronger than drug cartels, determined to maintain control over the industry. He revealed that these groups used various tactics to try to stop his refinery project. Despite these challenges and attempts by some international banks to push his project into loan default during the COVID pandemic, support from banks like Afreximbank helped him persevere. Dangote, describing himself as a lifelong fighter, emphasized his resilience in overcoming these obstacles.
Dangote revealed he has already repaid $2.4 billion of the $5.5 billion borrowed for his ambitious Lagos-based refinery. He also announced plans to diversify into the steel sector, aiming to achieve self-sufficiency with Nigerian-produced steel.
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