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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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