UNBELIEVABLE! Dangote Reportedly Lied To Tinubu Over 500 Million Fuel Storage Claims; See Details
Billionaire Aliko Dangote reportedly misled Nigerian President Bola Ahmed Tinubu about his fuel storage capacity, claiming he had 500 million liters of fuel ready, according to sources who attended a recent meeting between Dangote and Tinubu. The situation has raised concerns over fuel pricing, monopolistic control, and pressures on the Nigerian National Petroleum Company (NNPC).
Dangote is currently charging ₦990 per liter at his refinery, with a minimum purchase requirement of 1 million liters and a mandatory advance payment. For larger transactions, such as purchases by vessel, buyers must purchase a minimum of 15, 000 metric tonnes (around 20 million liters) at ₦971 per liter. Additionally, chartering a vessel, port fees, and discharge costs add approximately ₦60 per liter, resulting in a total landing cost of ₦1, 031 per liter for private depot owners. This high cost has made it difficult for private depots to compete with Dangote’ s refinery pricing, leading some to consider shutting down their depots entirely.
Femi Otedola, a notable business figure, reportedly advised private depot owners to consider selling their facilities as scrap, highlighting the current challenges in Nigeria’ s fuel market. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has also struggled, as they cannot afford the ₦990 million required for a minimum purchase of 1 million liters.
Dangote’ s focus appears to be on securing NNPC as a primary buyer, with plans for NNPC to distribute to other fuel marketers. At the meeting, Dangote allegedly suggested that President Tinubu compel NNPC to buy fuel from his refinery. However, Tinubu responded that NNPC would only buy if the price was competitive, stressing that Dangote should treat NNPC as he would other oil companies like Total and 11 PLC.
There are now plans to push for the removal of NNPC’ s current management if they do not comply with these demands. Reportedly, a Kano- based engineer, Rabiu Suleiman, is being considered as a potential replacement for NNPC’ s management.
