Human rights activist Deji Adeyanju has alleged that businessman Aliko Dangote is plotting to dominate Nigeria’s petroleum industry, a move he claims could have devastating consequences for the country.
Adeyanju alleged that the Dangote Refinery raised the pump price of fuel by more than 100 percent, attributing the increase to the ongoing conflict in Iran and heightened tensions in the Gulf region.
In a statement titled ‘Sudden fuel price increment: Dangote evil monopoly destroying Nigeria’, Adeyanju questioned the justification for the hike, noting that the refinery sources its crude oil locally within Nigeria.
He further pointed out that the Federal Government had previously approved an arrangement allowing the Nigerian National Petroleum Company to sell crude oil to the Dangote Refinery in naira, a policy aimed at stabilizing supply and insulating local pricing from foreign exchange pressures.
According to Adeyanju, the refined petroleum products currently being distributed were processed before the recent escalation of hostilities in the Gulf, raising concerns about why consumers should bear additional costs linked to international developments that did not directly impact existing stock.
The activist also expressed concern over what he described as the refinery’s near-monopoly position in the downstream sector, arguing that limited competition may be contributing to unchecked pricing decisions.
He accused the company of profiting from geopolitical instability at the expense of Nigerian citizens already facing economic hardship.
Adeyanju said: “Aliko Dangote has hiked the pump price of fuel by over 100%, due to the war in Iran. Yet, the Dangote Refinery purchases crude oil domestically from Nigeria, and the President even approved that the Nigerian National Petroleum Company (NNPC) sell crude oil to the Dangote Refinery in naira.
“What I find even more troubling is the fact that the products currently being supplied were refined long before the recent escalation of hostilities in the Gulf region.
“Why then should Nigerians bear the burden of a price increase tied to events that did not affect the cost of already-refined stock?
“Sadly, because the refinery operates in a near-monopoly position, the government appears either unwilling or unable to call it to order.
“This amounts to unprecedented wickedness, as the Dangote Refinery appears to be profiting from the misfortune of war at the expense of already impoverished Nigerian citizens.”
