Business
Analyst Accuses Dangote of Emotional Blackmail Over Fuel Supply Issues
Financial analyst Tosin Adeoti has accused Aliko Dangote, the Chairman of Dangote Refinery, of using emotional blackmail to manipulate public opinion.
This accusation comes in the wake of Dangote Refinery’s announcement that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low local demand from Nigerian marketers.
Edwin Devakumar, Vice President of Oil and Gas at Dangote Industries Limited, revealed that only 3 to 5 percent of petrol marketers are currently willing to purchase fuel from the refinery.
Adeoti, however, suggests that Dangote’s strategy may be to invoke emotional appeals to garner support and potentially push for regulatory measures similar to those enacted for his other products.
Adeoti challenged Dangote to disclose the price of petrol from his refinery so that it can be compared to the landing cost of imported fuel, which stands at N1,117 per litre.
In a Facebook post, Adeoti argued that if Dangote’s petrol were competitively priced, marketers would be more inclined to purchase it.
He questioned why Dangote’s refinery price remains undisclosed and suggested that if Dangote’s product was genuinely cheaper, marketers would have no reason to reject it.
He further proposed that if Dangote faced resistance from marketers, he should consider establishing his own fuel stations or partnering with existing ones to sell directly to consumers.
According to Adeoti, Dangote’s current approach seems more focused on blaming external factors rather than addressing potential inefficiencies or pricing issues within his refinery.
Adeoti criticized what he perceives as Dangote’s attempt to garner public sympathy by portraying himself as a victim of sabotage.
He argued that such tactics may sway public opinion but do not necessarily align with the best interests of Nigerians, who might be more skeptical if presented with all the relevant facts.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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