Saturday, August 2, 2025

The Truth Banishes Fear!

The Identities of the Cabals Against My $20bn Refinery — Dangote Clarifies

The New Diplomat
Writer

Ad

The Hidden Signals in Oil Markets

Asia’s oil demand is growing faster than major agencies forecast, led by India and Southeast Asia’s emerging economies. China is rapidly restructuring its supplier base, favoring Brazil while cutting ties with U.S. energy. Kazakhstan’s refining expansion and chronic overproduction raise major questions about its future in OPEC+. I’ve been following the oil market closely this…

Oil Falls Below $70 as Sentiment Sours

A poor U.S. jobs report led to a broader sell-off on Friday, with leading stock indices falling from record highs. Friday, August 1st, 2025 Buoyed by Trump’s Russia threats and news of Indian state refiners curbing purchases of Russian crude, crude oil futures have been trending above $70 per barrel throughout the week, settling on…

Ad

By Kolawole Ojebisi

The President of Dangote Group, Aliko Dangote, has made clarifications concerning his claim that some influential Nigerians, who he recently referred to as “cabals”, are working desperately against the smooth operations of his $20bn refinery.

While giving a hint of the identities of the “cabals”, the billionaire businessman stressed that they’re major marketers and traders, and not the new leadership of the Nigerian National Petroleum Company Limited as being speculated in some quarters.

Dangote stated this in a statement issued on Tuesday.

He revealed that the cabals he was referring to “are some major oil marketers and traders who were bent on frustrating the efforts of President Tinubu in revamping the nation’s economy.”

Recall that Dangote had pointed out earlier that some individuals who “for a very, very long time” have “made a lot of money from” government-subsidised oil imports into Nigeria, were the ones trying to sabotage the 650,000 barrels per day oil refinery situated in Lekki, Lagos.

“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 per cent sure I will win at the end of the day,” he was quoted as saying.

He maintained that Tinubu has assembled a “capable leadership team” at the NNPC, highlighting the appointments of Mr Bayo Ojulari as the Group Chief Executive Officer and Mr Ahmadu Kida as the Non-Executive Chairman.

According to Dangote, the new team under the leadership of Ojulari and Kida, reflects the President’s strategic intent to drive reform and innovation across the energy sector.

“We are confident that this team will address systemic challenges, align with the President’s vision of a $1tn economy, and reposition NNPC Limited for operational excellence and long-term sustainability,” he said.

“The calibre of individuals at the helm, and their deliberate, reform-driven agenda, demonstrate a commitment to fostering a culture of performance and professionalism,” he added.

Dangote’s clarifications were made following speculations trailing his remarks over the weekend that he is still fighting for the survival of his refinery, and that he is determined to fight the cabals in the oil sector to a standstill,

The statement triggered speculations that he is not favourably disposed to the sack of former GCEO of the NNPCL and a fellow Northener, Melee Kyari.

Dangote, however, said his statement was not in any way connected to the new leadership of the NNPC, noting that the new leadership in the NNPCL, has been so far supportive in terms of meeting the company’s needs.

Ad

X whatsapp