By Abiodun JIMOH
Dangote Petroleum Refinery and Petrochemicals has strongly cautioned Pinnacle Oil and Gas Limited against using deregulation as a basis to import substandard petroleum products, stating that such actions undermine national interests and compromise the health and safety of citizens. The refinery’s warning was in response to recent comments by Robert Dickerman, CEO of Pinnacle Oil, who argued that a “deregulated commodity market” permits such practices.
Dangote disagreed, stating that deregulation should not be misinterpreted as permission to introduce off-spec products into the market. Emphasizing its commitment to Nigeria’s sustainable economic growth, Dangote argued that profiteering at the expense of public welfare is unacceptable.
The company pointed to recent examples from the United States, where government action has protected national industries. It highlighted decisions like President Biden’s opposition to U.S. Steel’s sale to a foreign firm, restrictions on Chinese cranes in U.S. ports, and high tariffs on certain imports, all aimed at securing domestic industries and prioritizing long-term national interests.
“It is perplexing that Dickerman, with his extensive experience in the U.S., would advocate for importing and blending petroleum products in Nigeria under the guise of deregulation and free market principles. Not only did he deceitfully request an extension of our pipeline to their tank farms for this purpose, but he also aimed to profit by blending our high-quality product with their imports for sale in Nigeria. We firmly rejected this because it would betray Nigerians’ trust,” Dangote stated.
The refinery also questioned Pinnacle’s recent leasing of its tank farms to a company lacking retail operations in the country. With the tank farms located just 500 meters from Dangote’s own refinery, it raised concerns about potential risks to the local energy sector and criticized the strategy as one that could potentially threaten Nigeria’s efforts for industrial self-reliance.
Dangote urged the government, business community, and citizens to defend the nation’s economic independence and avoid creating a market that allows foreign influences to subvert national interests. The refinery underscored the dangers of allowing Nigeria to remain a dumping ground for substandard products, a situation that has long hampered local industry growth.
“For nearly three decades, vested interests have sabotaged attempts to build a self-sustaining refining industry in Nigeria. This cycle must end so that our energy sector can truly benefit our people,” Dangote added.
The company further expressed its support for healthy competition in the energy market and looked forward to the reopening of Nigeria’s four state-owned refineries as promised by NNPC Limited. This milestone, according to Dangote, will not only counter unfounded monopoly claims but also reinforce Nigeria’s position as a petroleum refining hub within Africa.
“We are committed to a self-reliant energy sector in Nigeria and welcome any competition that enhances innovation and quality. However, we will not support the continuous importation and blending of petroleum products that harm our national economy,” the company concluded.
