The President of the Dangote Group, Aliko Dangote, has stated that backing down on the construction of his mega refinery was never an option, driven by his determination to rescue Nigeria from an annual $10 billion fuel subsidy drain.

Speaking in a recent interview with Al Jazeera, Dangote explained that billions were previously lost to opaque subsidy payments before his 650,000-barrel-per-day facility became operational. He noted that the project faced intense resistance from powerful oil cartels.

“Turning back was not an option, they were looting $10 billion every year because it was a subsidy. People were just writing numbers, the government was busy paying and sweating, but we came and disrupted everything,” Dangote said.

He added that despite successfully establishing the refinery and overcoming major hurdles, opposition from entrenched interests persists, though on a smaller scale.

The remarks follow the official launch of the Dangote Refinery’s Initial Public Offering (IPO) on September 14, traded at 525 Naira per share on the Nigerian Exchange Limited (NGX).