The oil industry mafia is bigger than the drug cartel – Dangote

Dangote Refinery owner and Africa’s richest man, Aliko Dangote, has spoken candidly about the challenges of operating in Nigeria’s oil industry, highlighting the controlling influence of some cartels.

According to him, the mafia in the oil industry is bigger than the drug cartel.

Dangote made this statement during an interview with Bloomberg on Monday.

According to him, “I didn’t know that the mafia in the oil industry is stronger than the drug cartel; it’s a big cartel. I will say this everywhere.“

He added that the mafia in the oil industry has the ability to control fuel prices in the country just for their own gain or to prevent unwanted competition.

The businessman, however, said Dangote Refinery could outsmart them because the company accepts the local currency (naira) but they cannot.

Meanwhile, the federal government and the Dangote refinery have signed an agreement for the supply of 12 million barrels of crude oil to the plant in October.

Aliko Dangote, the CEO of Dangote Refinery, confirmed this information during an interview with Bloomberg TV in the United States.

He explained that the supply of crude oil is part of an ongoing agreement with the federal government, which aims to enable the refinery to process crude oil domestically and produce gasoline, diesel and kerosene for the local market.

Naija News understands that this arrangement is part of the “Crude Oil for Naira” initiative, which represents a strategic partnership between the Dangote Group and the Nigerian government.

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