SINS OF A BILLIONAIRE!  How Tinubu Stopped Dangote From Defrauding Nigeria To Fund Refinery By Lanre Olaleye 

From afar, Aliko Dangote cuts a perfect figure of a successful business man, a pride to Nigeria and the African continent at large. But close scrutiny have since revealed the dark and ugly side of the Chairman and CEO of the Dangote Group.

From an humble beginning in 1991, the Kano-born businessman had risen to become African weathiest man with a net worth of $1.2bn garnered from lucrative ventures into foodstuffs, including pasta, sugar, salt, and wheat; cement; haulage; and other concerns.

But like the proverbial shylock, Dangote took advantage of the high level of corruption riding the petroleum industry to perfect a grand scheme to build the oil refinery using funds provided by the Central Bank of Nigeria (CBN).

In a tripod-like plot, Dangote, according to findings had sought the cooperation of former President, Muhammadu Buhari to complete the refinery and thereafter grant him a crude oil operation license, a request which the former President expressly granted without due consultation with stakeholders in the oil industry. Buhari surreptitiously agreed to commission the refinery even when it was not fully completed with Presidents of five African countries in attendance.

He had projected that the Dangote Refinery could earn Nigeria foreign exchange savings of between $25bn and $30bn yearly, stressing that the impact of the savings would be directly reflected in Nigeria’s foreign exchange reserves by reducing the pressure on the country’s balance of payments.

Given the processing capacity of 650,000 BPD, the CBN governor said the refinery was more than able to meet all of Nigeria’s domestic fuel consumption, which is about 450,000 barrels per day, while the excess production will be available for export.

Aside this, The Snoop gathered that Tinubu also directed total refund of funds made available to Dangote in respect of the oil refinery. The new twist reportedly jolted Dangote and therefore began moves to endear himself to the new president.

In his bid to appease the new President, Dangote reportedly dragged his fellow billionaire, Bill Gates to Abuja in order to persuade Tinubu to rescind his decision to clampdown on Dangote and his dream project.

Sources at the Presidential Villa informed that the American waited five hours to see Tinubu but was kept at bay by presidential aides who pointedly told him the President was busy with other urgent state matters.

However, it took the spirited intervention of the National Security Adviser (NSA), Nuhu Ribadu who personally took Gates to President Tinubu. Inside sources said the meeting was very brief as Tinubu told his American guest to give him time to ponder over his request. But he seemed to have made up his mind on the clampdown of the funding of the refinery which is seen as being against public interest.

Moreso, Dangote had all along portend to be an honest businessman but those who know him too well attest to his dirty antics perpetrated to run opposition aground.

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Recently, BUA Group-owned by Ishaku Rabiu detailed several acts of sabotage inflicted on its company and it’s businesses by Dangote and his cronies. These are some of his subterfuge moves that has propelled him to become the largest producer of cement, sugar, fertilizer and other foodstuffs in Africa.

Sadly, the refinery project which was hurriedly commissioned in May is currently stalled due to lack of funds following the hardline of the new CBN governor, Yemi Cardozo to advance further funds. It is not yet known when and how the Kano-born businessman hopes to put his dream project back on steam.