Energy: Nigerian Billionaire Aliko Dangote Goes Oil-Based

After cement, sugar, flour and fertilizers, the man whose fortune is estimated at 16.7 billion dollars (Bloomberg figure) should produce his first barrels by next July from two blocks bought in 2015 from Shell, Total and ENI, located on the Kalaekulu field in the Niger Delta. According to Devakumar Edwin, Dangote’s Chief Executive Officer, after an initial production phase of around 20,000 barrels/day, the conglomerate is targeting a 100,000 b/d ratio. The extracted crude will eventually be processed in the gigantic magnate refinery (capacity of 650,000 barrels/day), currently under construction on a marshy strip east of Lagos. Through this project, Aliko Dangote hopes to help reduce Nigeria’s dependence on imported fuel. The plant is expected to enter operational phase in mid-2021.