Aliko Dangote says he opposed moves by NNPC Limited to increase its stake in the $20 billion Dangote Petroleum Refinery, insisting the company’s strategy is to broaden ownership and attract more investors rather than concentrate control in one institution.

Africa’s richest man, Billionaire Aliko Dangote, has restated that his $20 billion refinery project in Lagos prevented him from buying into English Premier League club, Arsenal.

Aliko Dangote says he opposed moves by NNPC Limited to increase its stake in the $20 billion Dangote Petroleum Refinery, insisting the company’s strategy is to broaden ownership…

President of the group, Aliko Dangote, disclosed this during a recent interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund.

Mr Dangote said small groups profited from local product allocations under the subsidy regime and that subsidy payments alone reached nearly $10 billion annually.