Over the weekend, Aliko Dangote, the president of Dangote Industries Limited (DIL), disclosed that his firm, the Dangote Petroleum Refinery, had more than N600 billion worth of Premium Motor Spirit (PMS), often known as gasoline, in storage to efficiently and adequately service Nigeria’s domestic demands.

The wealthiest person in Africa disputes the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) assertion from last week that just 50% of the oil can be obtained locally from nearby refineries.

Although Dangote has consistently claimed that this is incorrect, the Authority insisted that it has continued to provide import licenses to oil marketers in order to guarantee that there is never a statewide fuel shortage. In order to force the industry regulator to stop issuing endless fuel import licenses, Dangote is presently in court.

This is in line with the Zambian government’s declaration that it wants Dangote to engage in the nation’s energy industry.

Over the weekend, Dangote revealed that the oil refinery has more than half a billion liters of petroleum and more than N600 billion worth of products in its tanks during a tour of the refinery complex by a Zambian government delegation led by Mr. Makozo Chikote, the nation’s minister of energy.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.