Aliko Dangote, Chairman of Dangote Group, has dismissed accusations that he is running a monopoly in Nigeria’s oil refining sector, insisting that the opportunity to invest was available to everyone, including foreign investors.
He made the remarks during an interview with Al Jazeera.
His comments come shortly after the Dangote Petroleum Refinery IPO opened on September 14, 2026, offering 4.1 billion ordinary shares at N525 per share to raise N2.15 trillion.
The public offer is expected to attract a broad mix of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds, and members of the Nigerian diaspora.
Dangote maintained that his success in refining was the result of taking investment risks that others chose not to take.
Dangote compared his approach to business with that of a footballer who remains focused on the game despite distractions from the crowd.
He said criticism would not stop him from pursuing his vision for Africa’s economic development.
He argued that government policies were designed for entire industries rather than specific companies and challenged critics to provide evidence that his businesses had received exclusive treatment.
Using another sporting analogy, Dangote said his success reflected a willingness to participate in opportunities that others either ignored or were not prepared to pursue.
According to him, many critics are questioning outcomes rather than the decisions that led to them.
Dangote specifically addressed criticism directed at the Dangote Petroleum Refinery, noting that the Nigerian government issued licences to multiple companies to establish refineries.
He said other operators pursued modular refinery projects based on their financial capacity, while his company opted for a large-scale investment strategy.
The Federal Government previously disclosed that it had issued 23 refinery licences to establish facilities following the enactment of the Petroleum Industry Act (PIA).
Regulators have indicated that the outlook for fuel supply remains positive.
The figures underscore the government’s efforts to encourage broader participation in the refining sector, supporting Dangote’s argument that opportunities were not restricted to a single investor.
Beyond petroleum refining, Dangote has outlined ambitious expansion plans across other sectors.
He recently disclosed that his fertiliser business is expected to become the largest in the world and is scheduled for an IPO in 2028.
These projects form part of Dangote’s broader strategy to scale industrial operations across Africa, which he described as “big ticket items” aimed at accelerating the continent’s economic development through long-term investment.
