Aso Rock Visit: What I told Tinubu – Dangote

President of Dangote Group, Aliko Dangote, has opened up on the discussion with President Bola Ahmed Tinubu at the Presidential Villa, Abuja, on Tuesday. Dangote met with President Tinubu with other members of the Crude oil and Refine Products sales in Local Currency implementation committee. Also at the meeting was the Minister of Finance and […]

President of Dangote Group, Aliko Dangote, has opened up on the discussion with President Bola Ahmed Tinubu at the Presidential Villa, Abuja, on Tuesday.

Dangote met with President Tinubu with other members of the Crude oil and Refine Products sales in Local Currency implementation committee.

Also at the meeting was the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

Others who attended the meeting include the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari; the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.

Also attending are the Authority’s Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Farouk Ahmed; the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.

Speaking with reporters after the meeting, Dangote said he told President Tinubu that his refinery is capable of providing fuel for local production which he estimated to be between 30-32 million liters per day.

The Africa richest man also said, “We can supply whatever is being consumed, what I estimated as our consumption is about 30-32 million litters that one we can even start producing that one by next week, that is not really an issue because as we speak today. We have 500 million liters in our tanks. With that even if there is no production anywhere or no import that will take the country more than 12 days.

“We are very ready, we are more than ready and I am also putting my name on the line by telling Mr President that we will be able to supply the market 30 million per day and we are rumping up, so we are ready.”

He said if importation and production were to stop today, Dangote Refinery has the capacity to take care of local consumption for the next 12 days.

“On the streets what you have to understand is that we are producers, I have a refinery, and I am not in the business of retail, if I am in the business of retail you can hold me responsible, but what I am saying is that the retailers should please come forward and pick. If They don’t come forward and pick, what do you want me to do.

“So I am expecting that the NNPCL and the marketers should stop importing, they should come and collect what they need. I don’t know if you understand what it means to keep half of billion liters in our tanks, it is costing me money. Everyday if I am to collect money i can charge 32 percent in interest. That is what I am losing, If they come and collect then you will not see any queue in the filling stations.”

On his part, the Minister of Finance said, the meeting was to review the implementation of the sale of crude in naira, adding that the implementation committee and the sub committee have worked assiduously with all stakeholders, the regulators, NNDPRA, NUPRC, NIMASA, NNPC, NPA the Navy and a host host of other stakeholders to ensure that this important initiative is implemented.

He affirmed that the implementation is already ongoing, saying that “with private sector refining of crude oil, we now have raw materials, not just for agriculture, but for industry, For chemicals, for paints, for building materials for textiles, and of course, this is Mr. President’s strategy and his policy of making conditions right for the private sector to invest, create jobs and grow the economy.”