How Policy Reversal Prevented Me From Acquiring Refinery In 2006 — Dangote

Aliko Dangote, the richest man in Africa, has described how, in 2006, he was unable to purchase Brownfield Refineries under the Federal Government’s Privatization Program.

This was revealed by Dangote on Monday in Lagos, at the commissioning of the largest single-train refinery in the world.

He mentioned that because the government had changed the policy, his money for the Brownfield refinery had been refunded.

“Initially, we sought to enter the industry by acquiring brownfield Refineries under the Federal Government’s Privatization Programme in 2006/7. Regrettably, the privatization Policy was reversed, and our payment returned,” he said.

He said this motivated him to re-think our Market-entry strategy and Business Model.

“We subsequently committed to enter the Market boldly with a vision to invest in a greenfield Refinery that will transform the Industry in Nigeria and Africa.

“We decided on a plant designed with the State-of-the art technology and at a scale in capacity that will be a “game-changer” in Africa and the global market,” he added.