AGS NEWS – Senior Advocate of Nigeria, Olisa Agbakoba, has advised the Nigerian National Petroleum Company Limited (NNPCL) against taking over the Dangote Refinery.

This follows businessman Aliko Dangote’s suggestion that NNPCL should buy the refinery if it would end allegations of monopolistic practices against him.

Dangote’s 650,000 barrels-per-day refinery has been at the center of controversy, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s Chief Executive, Farouk Ahmed, criticizing local refineries, including Dangote’s, for producing substandard fuels.

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Ahmed argued that relying solely on one refinery could jeopardize national energy security and market competition.

Reacting to these comments, Dangote offered to let the government take over his refinery to resolve the issue of monopoly accusations.

However, Agbakoba opposed this idea, questioning why the government should take over a private enterprise instead of fixing its own refineries.

Agbakoba emphasized that Nigeria needs to improve its infrastructure, including refineries, electricity, water supply, healthcare, education, and roads.

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He argued that fixing these issues would eliminate any perceived monopoly by Dangote.

Agbakoba also expressed support for Dangote and other local refineries, stating that their operations could significantly boost the nation’s refining capacity and reduce the need for fuel imports.

He recently urged President Bola Tinubu to overhaul the country’s energy sector and regulatory framework.