Aliko Dangote, Africa’s richest man and chairman of Dangote Industries, has publicly accused Nigeria’s petroleum sector of being riddled with corruption and manipulation. He alleges that official fuel consumption statistics are significantly inflated, calling the industry a “mafia business” that facilitates the siphoning of public resources.
Dangote challenged the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) reported figure of 50 million liters of daily petrol consumption, arguing the real consumption is closer to 33 million liters. He contends that the exaggerated consumption numbers, particularly during times when fuel subsidies were paid, were used as a cover for fraudulent activities benefiting powerful interest groups.
Dangote described the petroleum sector as having an entrenched mafia stronger than those found in other industries, revealing his hesitance to initially enter the business due to these pervasive power networks. He compared the oil sector’s hidden dynamics to drug cartels, highlighting the challenges facing reforms.
Inflated consumption numbers have reportedly peaked at as much as 90 million liters daily in the past, far beyond what the vehicle population and infrastructure could support. This practice has allowed insiders to unjustly benefit at the government’s and public’s expense.
Despite the resistance, Dangote remains committed to transforming the sector, particularly through his landmark $20 billion refinery project which aims to reduce dependence on imported fuel and introduce greater transparency.
His revelations have reignited calls for accountability and reform in Nigeria’s oil industry, underlining the need for accurate data and systemic change to ensure sustainable economic development.