Lagos — Aliko Dangote, President of the Dangote Group, has revealed that he risked losing all of his assets if the $19 billion Dangote Refinery had not succeeded. The disclosure was made at a press conference marking the first anniversary of petrol production from the refinery.
Dangote described the project as incredibly risky, pointing out that many warned him the scale was too ambitious and that only sovereign states usually carry out such large infrastructure undertakings. He said lenders had made it clear that failure would result in them calling in guarantees—meaning forfeiture of major assets.
Despite the risks, Dangote said the refinery has already delivered major benefits. He noted that domestic fuel supply has improved, import dependency has reduced, and that export of petrol has begun, signaling Nigeria’s shrinking reliance on external fuel sources.
He also mentioned reductions in petrol price in several states (notably in the South West, Abuja, Delta, Rivers, Edo, and Kwara) since the refinery commenced operations, and disclosed that over 1.1 billion litres of Premium Motor Spirit (PMS) have been exported between June and early September 2025.
