Ayodele Olalere
Femi Otedola, the billionaire friend of the African richest man, Aliko Dangote has warned against alleged moves by some powerful government officials to cripple the Dangote refinery.
Otedola, who wrote on his social media platform on Tuesday described Dangote as a ‘jewel of industrialization’ saying that the refinery is a massive project that should not be allowed to die.
Otedola’s post was in response to that of the President of the African Development Bank, Akinwunmi Adesina, who drummed support for Dangote amid the crisis the refinery is going through.
Adesina stated that criticizing Dangote’s business practices is harmful to Nigeria’s economic development.
The ADB President had also said Dangote’s refinery is a big player in the oil sector which can only be matched by other players coming into the industry and not ‘smaller players.’ He has also condemned the tag of ‘monopolist’ labelled on Dangote.
“No smart investor would make a $19.5 billion investment and want it to be undermined by importers,” Adesina stated.
He emphasizes the long-standing reliance on imported refined products as a “self-defeating default mode” that hinders domestic production. Let the importers set up local refineries and compete by refining in Nigeria,” Adesina argued.
He also warned: “We must not be myopic. This whole disparaging of Dangote is uncalled for. Who will want to come and invest in a country that disparages and undermines its own largest investor?”
