$18 Billion Down the Drain! Dangote Declares NNPC Refineries May Never Work Again
Africa’s richest man, Aliko Dangote, has cast a shadow over Nigeria’s oil refining dreams, warning that the heavily funded refineries under the Nigerian National Petroleum Company (NNPC) may never function again. Speaking during a visit by a Global CEO delegation to the Dangote Refinery in Lagos, the industrialist described the state-owned refineries in Port Harcourt, Warri, and Kaduna as obsolete and beyond redemption despite billions sunk into their turnaround maintenance.
Dangote, whose $20 billion refinery now stands as the continent’s largest, likened the failed efforts to revamp the government-owned plants to fitting a new engine into a 40-year-old vehicle, saying the chassis simply cannot take it. He revealed that when his group acquired the refineries in 2007 under President Obasanjo, they were producing only 22 percent of their capacity. That deal was later revoked under President Yar’Adua, and the facilities have since become national liabilities.
The billionaire condemned the wasteful spending of over $18 billion on refineries that remain non-functional, expressing deep doubts over their revival. His remarks mirrored those of former President Obasanjo, who has repeatedly accused the NNPC of mismanagement and warned against relying on public ownership to operate critical infrastructure.
Despite repeated assurances from the government, including the promised restart of Port Harcourt Refinery in 2024, the plant was shut down again by mid-2025 for further repairs. The Warri and Kaduna facilities are still undergoing rehabilitation with no end in sight. As the nation continues to import petroleum products to meet local demand, Dangote’s refinery has emerged as a symbol of what private enterprise can achieve where public systems have failed.