Turning back on refinery not option, $10bn fuel subsidy loot in Nigeria had to stop – Dangote

The President of Dangote Group, Aliko Dangote, has said turning backmost connected his refinery was not an enactment due to the fact that helium needed to rescue Nigeria from substance subsidy payments that amounted to $10 cardinal annually.

He made this disclosure successful an interrogation with Al Jazeera recently.

According to him, substance subsidy payments became a superior bottleneck for the Nigerian authorities until his 700,000-barrel-per-day refinery came to life.

He noted that helium had to combat the cartels successful Nigeria’s lipid assemblage “hard” to succeed.

Dangote said that contempt the triumph recorded by the refinery, the cartels are inactive fighting.

“Turning backmost was not an option, they were looting $10 cardinal each twelvemonth due to the fact that it was a subsidy. People were conscionable penning numbers, the authorities was engaged paying and sweating, but we came and disrupted everything.

“We fought them hard, they saw that we had succeeded, truthful present things person calmed down. Of course, we inactive person small flies that volition travel and effort to disturb us,” helium stated.

His comments travel arsenic the Dangote Refinery, connected September 14, opened its Initial Public Offering (IPO) astatine N525 per stock connected the Nigerian Exchange Limited, NGX.

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