In the heart of Lekki, Lagos, Nigeria, stands a testament to resilience and determination—the 650,000 barrels per day (bpd) Dangote Refinery. But this colossal project faced formidable adversaries: global and local oil mafias, alongside international banking interests. Aliko Dangote, the visionary industrialist behind the refinery, recently revealed the epic struggle during an interview with CNN’s Eleni Giokas at the Afreximbank Annual General Meeting in Nassau, The Bahamas.
The Unforeseen Battle
Dangote candidly admitted that he initially underestimated the power of the oil mafia. He likened their influence to that of the drug mafia, but it was during the refinery’s construction that he realized their true formidability. These shadowy networks, entrenched in the oil industry, sought to thwart his ambitious project.
The Naysayers and the Lucky Break
“People believed we were crazy,” Dangote recalled. The skeptics dismissed the idea of a private refinery of this magnitude. Yet, Dangote’s determination prevailed. Those who attempted to sabotage the project were less concerned because they assumed it would fail. But Dangote’s fighting spirit prevailed, and he expressed gratitude to the bankers who didn’t panic.
Afreximbank: The Unsung Hero
Amidst the challenges, one institution played a pivotal role: Afreximbank—the African Export-Import Bank. Dangote emphasized that without Afreximbank’s unwavering support, the refinery would not have materialized. President Benedict Oramah’s belief in the project surpassed even some of Dangote’s own staff. Afreximbank understood the language of industrialization, the nuances of African development, and the urgency of progress.
Herbert Wigwe and the Food on the Table
Herbert Wigwe, the late CEO of Access Bank, also stood by Dangote’s side. Together with Afreximbank, they defied conventional wisdom. Dangote acknowledged that other banks had abandoned the project during the uncertainties of the Covid era. But now, as the refinery nears completion, they return—like guests to a feast where the food is already cooked.
Saudi Arabia’s Cautionary Tale
Dangote’s journey took him to Saudi Arabia, where Dr. Farley, the former minister of energy, offered unsolicited advice. “Don’t build the refinery,” Dr. Farley cautioned. “Major corporations or sovereign countries handle such projects.” Dangote’s response? “We’ve already started.” The encounter left him both resolute and wary.
The $5.5 Billion Gamble
To fund the refinery, Dangote borrowed a staggering $5.5 billion. Yet, even with the funds secured, international banks posed obstacles. Their skepticism during the pandemic didn’t deter him. The vision of a self-reliant Nigeria, powered by its own refinery, kept him moving forward.
Aliko Dangote’s journey is a testament to courage, persistence, and the belief that the impossible can be achieved. As the Dangote Refinery nears completion, it stands as a beacon of hope for Nigeria’s industrial future—a triumph over oil mafias and financial odds.
