Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has revealed why he chose not to acquire leading petroleum distribution companies despite the opportunity.
Speaking during a recent media briefing amid the company’s clash with the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), Dangote disclosed that fear of being tagged a monopoly stopped him from buying Mobil, Africa Petroleum (AP), and Oando’s downstream operations.
“At the time we were building the refinery, they sold Mobil, AP, and Oando. We could have bought them; the three of them didn’t cost N500 million,” he said.
“But we didn’t want to be called a monopoly. That’s why we restricted ourselves to production. They would have become our customers, and we would have had a nice party together.”
Dangote further hinted that he is prepared to face opposition in the downstream sector.
“But if they are looking for fights, I have been fighting all my life,” he added.
This comes as tension escalates between Dangote Group and NUPENG over unionisation disputes. NUPENG has accused the refinery of anti-labour practices in its fuel distribution scheme, a claim the Refinery has strongly denied.
Despite the controversy, the Refinery on Monday commenced nationwide distribution of petroleum products, pushing forward with its plans to disrupt the market.
