Gabon President courts Dangote with investment opportunities

President Brice Oligui Nguema of Gabon has extended an invitation to Africa’s richest man, Aliko Dangote, urging him to consider investment opportunities in Gabon.

Specifically, Dangote Industries Limited revealed that the invitation highlighted potential ventures in cement production and fertilizer manufacturing, focusing on urea and phosphate.

“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said in a statement.

“The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.

According to the statement, Dangote conversed with Nguema and other top government officials during the visit.

“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” Dangote Group said.

“President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments.

“He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation, technology transfer, and enhanced industrial capacity.”

The invitation from Gabon, an oil-rich nation, comes amid the rift between Dangote, oil marketers and top government officials.

Dangote had earlier disclosed how a cabal was blocking his moves to import crude, saying that had slowed down operations at his petroleum refinery.

But the situation took a worse turn when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) claimed that the Nigerian government was yet to license the Dangote Refinery to begin operations.

Farouk Ahmed, Chief Executive Officer (CEO) of NMDPRA, said this while speaking with State House correspondents, on Thursday.

According to Ahmed, the claims of ongoing efforts to scuttle the operations of Dangote refinery due to lack of supply of crude oil by International Oil Companies were not true, adding that the refinery was still at the pre-commissioning stage and has not been licensed yet.

He said, “There are lots of concerns about the supply of petroleum products nationwide and the claims by some media houses that we were trying to scuttle Dangote refinery; that is not so.

“Dangote refinery is still in the pre-commissioning stage. It has not been licensed yet. We have not licensed them yet.

“I think they are at about 45 percent completion. So we can not rely heavily on one refinery to feed the nation because Dangote is requesting that we should suspend or stop all importation of petroleum products, especially automotive gas oil (AGO) or jet kero and direct all marketers to the refinery.”

Ahmed maintained that the request would promote monopoly in the market and was not good for the nation in terms of energy security.

“So, in terms of quality, currently, the AGO quality in terms of sulfur in the lowest as far as a West African requirement of 50 ppm.

“Dangote Refinery, as well as some major refineries, like Walter Smith’s refinery, other refineries, they produce 650 to 1,200 ppm. So, in terms of quality, their quality is much, much inferior to the imported commodities,” he added.

But Dangote kicked back, saying his products were of international standard, emphasising that tests had been done to that effect.

He also wondered why he was under attack, saying a friend who counselled him against pumping billions of dollars into the Nigerian economy taunted him over the turn of events.

“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his action in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” the businessman said in an interview.

On Monday, Heneiken Lokpobiri, Nigerian Minister of State for Petroleum, invited Dangote and top officials in the oil sector to a meeting, with a view to resolve the crisis in the oil sector.