Dangote dismisses monopoly claims, says refining opportunity was open to all

Aliko Dangote, Chairman of Dangote Group, has dismissed accusations that he is running a monopoly in Nigeria’s oil refining sector, insisting that the opportunity to invest was available to everyone, including foreign investors.

He made the remarks during an interview with Al Jazeera.

His comments come shortly after the Dangote Petroleum Refinery IPO opened on September 14, 2026, offering 4.1 billion ordinary shares at N525 per share to raise N2.15 trillion.

The public offer is expected to attract a broad mix of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds, and members of the Nigerian diaspora.

Dangote maintained that his success in refining was the result of taking investment risks that others chose not to take.

Dangote challenges monopoly allegations

Dangote compared his approach to business with that of a footballer who remains focused on the game despite distractions from the crowd.

He said criticism would not stop him from pursuing his vision for Africa’s economic development.

• “Have you ever seen a footballer looking at the audience? He has to continue looking at the ball. If I’m Messi, for example, I’m kicking the ball and I’m looking at the audience looking or hailing me, I will miss the ball.”
• “Those people, no matter what you do, you won’t make everybody happy. So if I’m going to make my continent great, and people want to call me monopoly for no reason, so be it.”
• “I challenge anybody to come and prove me wrong. There is nothing that government give us and say, this is only for Dangote.”
• “Government will create a policy around a sector. And that policy, they blow a whistle and say, yes, this is it.”

He argued that government policies were designed for entire industries rather than specific companies and challenged critics to provide evidence that his businesses had received exclusive treatment.

Why Dangote says others missed the opportunity

Using another sporting analogy, Dangote said his success reflected a willingness to participate in opportunities that others either ignored or were not prepared to pursue.

According to him, many critics are questioning outcomes rather than the decisions that led to them.

• “If they’re sitting on the bench, I’m on the track.”
• “There’s 100 meters race. Some people, they’re on the bench. I’m on the track. And I agreed to run that race.”
• “Government gave 34 licenses. Are we all going to wait till everybody’s ready? No.”
• “Some of them are building modular refineries, 5,000 tonnes per day. But that’s what they can afford.”

Dangote specifically addressed criticism directed at the Dangote Petroleum Refinery, noting that the Nigerian government issued licences to multiple companies to establish refineries.

He said other operators pursued modular refinery projects based on their financial capacity, while his company opted for a large-scale investment strategy.

Refinery licences expand Nigeria’s capacity

The Federal Government previously disclosed that it had issued 23 refinery licences to establish facilities following the enactment of the Petroleum Industry Act (PIA).

• The development forms part of broader efforts to increase domestic refining capacity and strengthen fuel supply across the country.
• The licences are expected to contribute more than 850,000 barrels per stream day to Nigeria’s refining capacity upon completion.
• Total refining capacity is projected to rise beyond the current 1,125,000 barrels per stream day.
• Premium Motor Spirit (PMS) supply increased from 1.3 billion litres in 2024 to 3.8 billion litres in 2025.

Regulators have indicated that the outlook for fuel supply remains positive.

The figures underscore the government’s efforts to encourage broader participation in the refining sector, supporting Dangote’s argument that opportunities were not restricted to a single investor.

Dangote targets global expansion plans

Beyond petroleum refining, Dangote has outlined ambitious expansion plans across other sectors.

He recently disclosed that his fertiliser business is expected to become the largest in the world and is scheduled for an IPO in 2028.

• Dangote Petroleum Refinery and Petrochemicals FZE plans to list its shares on the New York Stock Exchange.
• The company intends to double crude-processing capacity to 1.4 million barrels per day.
• The expansion is targeted for completion by the first quarter of 2029.

These projects form part of Dangote’s broader strategy to scale industrial operations across Africa, which he described as “big ticket items” aimed at accelerating the continent’s economic development through long-term investment.