Africa’s richest man and President of Dangote Group, Aliko Dangote, has described his $23 billion refinery project as the biggest risk of his life, admitting that failure was not an option.
In an exclusive interview with Forbes on Monday, February 17, 2025, Dangote reflected on the immense challenges surrounding the refinery’s development, stating that its success was a matter of survival.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he said.
The Dangote Refinery, with a capacity of 650,000 barrels per day, is Africa’s largest and was built to reduce the continent’s dependence on imported petroleum products. Dangote emphasized the need for Africa to become self-reliant in refining its fuel, rather than being a “dumping ground” for finished products.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he stated.
Dangote also criticized the influence of what he called Nigeria’s “oil mafia,” a network he claims holds significant power in the industry.
“The oil mafia is more deadly than the one in drugs because so many people are involved,” he said. “You might be wining and dining with them, but these are the guys who really control things.”
Addressing speculations about his relationship with President Bola Tinubu following last year’s anti-corruption raid on his office, Dangote dismissed any claims of a fallout.
“We have an extremely good relationship. I’ve known him for a very long time,” he said.
Looking ahead, Dangote revealed plans for major projects, including a subsea pipeline to transport natural gas from the Niger Delta to Lagos, the expansion of the refinery’s fertilizer plant, and taking the refinery public within the next two years.
“I’ve been fighting battles all my life, and I have not lost one yet,” he declared.
