Aliko Dangote, President of Dangote Group, has commended recent reforms at the Nigerian National Petroleum Company Limited (NNPC) while warning of deliberate efforts by certain oil marketers and traders to frustrate President Bola Tinubu’s economic restructuring agenda.
Speaking to journalists at the Presidential Villa in Abuja on Monday, Dangote clarified that his earlier reference to “cabals” within the oil sector was not aimed at the new leadership of NNPC but rather targeted at external players seeking to undermine national progress.
“The cabals I referred to are some major oil marketers and traders who were bent on frustrating the efforts of President Tinubu in revamping the nation’s economy,” Dangote stated.
His remarks follow recent public comments in which he highlighted the resistance facing the Dangote Refinery project from entrenched interests.
Dangote’s $20 billion refinery has faced operational headwinds since its commissioning.
The industrialist explained that despite these challenges support from the new NNPC leadership has been instrumental in addressing critical needs of the facility.
“I want to sincerely thank the President for appointing a capable team at NNPC. We have already started seeing a difference in the way the company is being run,” he said.
He specifically praised the appointments of Bayo Ojulari as Group Chief Executive Officer and Ahmadu Musa Kida as Non-Executive Chairman of NNPC Limited.
Dangote described the new leadership as technically sound and reform-oriented, aligned with the administration’s broader target of building a $1 trillion economy.
“The calibre of individuals at the helm, and their deliberate, reform-driven agenda, demonstrate a commitment to fostering a culture of performance and professionalism,” Dangote noted.
He added that the structural and operational reforms underway at NNPC signal a renewed emphasis on transparency, accountability, and efficiency, three pillars he believes are critical to repositioning the national oil company for long-term sustainability.
Industry stakeholders have closely watched the transition at NNPC following the government’s push to commercialize the state-owned enterprise.
The implementation of the Petroleum Industry Act (PIA) has driven significant governance and operational changes, with the new leadership expected to restore investor confidence and address persistent inefficiencies.
Dangote’s visit to the State House underscores the importance of public-private cooperation in Nigeria’s energy landscape. With the Dangote Refinery projected to significantly reduce the country’s reliance on imported refined petroleum products, alignment with NNPC’s strategic objectives remains vital.
Dangote reiterated the group’s long-term commitment to supporting Nigeria’s energy transition and industrial development.
“We are committed to supporting the collective vision of a prosperous and energy-secure Nigeria,” he said.
The Dangote Refinery, once operating at full capacity, is expected to refine 650,000 barrels of crude oil per day, positioning Nigeria as a net exporter of refined petroleum products and conserving foreign exchange reserves.
As the Tinubu administration intensifies economic reforms, the alignment between government policy direction and private sector execution will be key to achieving macroeconomic stability, energy security, and sustainable industrial growth.
