President Bola Tinubu on Monday gave an executive order to the Nigerian National Petroleum Company (NNPC) Limited to sell crude to Dangote Refinery and other upcoming indigenous refineries in naira, the country’s currency.
This was announced by the Special Adviser to the President on Information and Publicity, Bayo Onanuga on X, explaining that the order is aimed at achieving stability of the pump price of refined fuel and the dollar-naira exchange rate.
Bayo said the directive was discussed and adopted by the Federal Executive Council on Monday.
SaharaReporters exclusively learnt that the lifeline given Africa’s wealthiest individual, Aliko Dangote followed his meeting with President Tinubu on Saturday to resolve their differences. Sources told SaharaReporters that the meeting was facilitated by Tinubu’s Lebanese ally, Gilbert Chagouri, who was also present at the meeting.
“On Saturday, Tinubu held a meeting with Dangote with Chagoury there, and they resolved the issues. Tinubu sorted Dangote’s issues,” a government source said.
Dangote, a Nigerian businessman and industrialist, is the founder, chairman, and CEO of the Dangote Group.
Dangote Refinery is a subsidiary of Dangote Group.
SaharaReporters reported last Thursday that Dangote had sought the mediation of Chagouri to resolve his deteriorating relationship with the President and address challenges in the oil industry.
This move came as the bond between one of Africa’s most influential leaders and its richest man faced increasing tension, amid Nigeria’s struggles with soaring inflation.
SaharaReporters also reported that the root of the issue could be linked to Dangote’s failure to provide financial support to President Tinubu during the 2023 elections, unlike his contributions to other candidates.
The development was followed by a recent public spat between Dangote and President Tinubu’s appointees in the oil sector, which had garnered global attention and raised concerns.
SaharaReporters recently reported on the escalating public feud between Dangote and President Tinubu’s appointees in the oil sector, which had sparked public concern.
Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), raised concerns about the consistency and standardisation of Dangote’s refinery output.
Ahmed alleged that the quality of Dangote Refinery’s products was subpar compared to imported alternatives, citing the refinery’s lack of necessary licensing and its incomplete status.
He said, “I think we have about 45% completion. We cannot rely heavily on one refinery to feed the nation because Dangote is requesting that we suspend or stop imports, especially of AGO and DPK, and direct all marketers to his refinery.”
Dangote responded to Farouk Ahmed’s comments, revealing that he had abandoned plans to invest in Nigeria’s steel sector to avoid accusations of monopolisation.
Dangote expressed his willingness to sell his refinery to the Nigerian National Petroleum Company Limited (NNPCL), demonstrating his commitment to the country’s growth. He had earlier voiced concerns about the refinery’s inability to access Nigerian crude oil, citing frustration from International Oil Companies (IOCs).
Amidst the exchange, Nigeria’s economic outlook continues to worsen due to high energy costs resulting from petroleum product importation, despite the country having three neglected refineries that have fallen into disrepair, to the detriment of the Nigerian people.
According to sources, the ongoing exchange of accusations suggested that Dangote had fallen out of favour with the current government. According to sources who spoke to SaharaReporters, the root of the issue could be linked to Dangote’s failure to provide financial support to President Tinubu during the 2023 elections, unlike his contributions to other candidates.
Recognising the potential risks to his investments and wealth, Dangote reportedly sought to mend relations by engaging Gilbert Chagoury, a close associate of President Tinubu, as a mediator.
This move was initiated to rectify the situation and avoid further complications.
An inside source revealed that Dangote and Junior Chagoury awaited the return of Gilbert Chagoury, the influential associate of President Tinubu, to Nigeria last Wednesday before requesting an urgent meeting with the President.
Gilbert, widely regarded as one of the most influential figures within and outside the government, is believed to possess significant sway over the President’s decisions.
“His reputation suggests that he can secure virtually anything from President Tinubu, making him a pivotal figure in the ongoing efforts to resolve the issues between Dangote and the government,” the inside source told SaharaReporters last week.
In June, SaharaReporters reported that President Tinubu departed Lagos for South Africa to attend the inauguration of the country’s President, Cyril Ramaphosa in a private jet belonging to his Lebanese ally, Gilbert Chagoury.
The Nigerian President landed at Waterkloof Air Force Base on the outskirts of Pretoria, South Africa’s administrative capital.
Video and pictures released by the South African presidential media team showed Tinubu disembarked from a Dassault Falcon 8X aircraft.
However, SaharaReporters gathered that the private jet marked 9H-GRC was owned by Chagoury Group, a conglomerate owned by Gilbert Chagoury, a known business partner of the Nigerian President.
A further check by SaharaReporters on an aircraft registration database revealed that the private jet and others owned by the group were operated by Hyperion Aviation.
The Dassault Falcon 8X was first operated by Aviation SA before it was transferred to Amjet Executive.
The aircraft was also briefly registered under Chagoury Group for some days before its operation was moved to Hyperion Aviation.
Hyperion is an air charter company operating business jets, headquartered in Malta.
Born in Nigeria to Lebanese immigrants, the businessman flourished in the 1990s through his close association with the late dictator, Sani Abacha by receiving development deals and oil franchises.
After Abacha’s death in 1998, the Nigerian government hired lawyers to track funds stolen through associates of the late dictator.
The trail led to bank accounts all over the world, some under Gilbert Chagoury’s control.
In 2000, the Lebanese businessman was convicted by a Swiss court for laundering some of the funds Abacha looted from Nigeria.
He agreed to pay a fine of about 1 million Swiss francs (about $600,000) at that time to get his Swiss conviction expunged and handed back $66 million to the Nigerian government but denied knowing the funds were stolen.
In 2023, President Tinubu awarded the country’s largest road construction project to Hitech Construction Company, a firm linked to Gilbert Chagoury, a close associate of the President.
Notably, Seyi Tinubu, the President’s son, holds a position on the company’s board, highlighting the close ties between the President’s inner circle and the company that received the lucrative contract.
The 700km Lagos-Calabar coastal highway will run through nine states and was put at a cost of $11bn.
