Dangote Refinery: Mahdi Shehu says Africa’s richest man would have chosen Arsenal over $20bn ‘nightmare’ project

Public affairs analyst Mahdi Shehu has claimed that Aliko Dangote, Africa’s richest man, would not have invested in his $20 billion refinery project in Nigeria had he foreseen the challenges it would face.

In a post shared on X, Shehu likened Dangote’s refinery struggles to Chinua Achebe’s reflections on literature, suggesting that if the billionaire were to admit a regret, it would be building the refinery in Nigeria.

Shehu argued that Dangote’s experience highlights the hostile investment climate in Nigeria, recalling the drawn-out battle with the Nigerian National Petroleum Company Limited (NNPCL) before the refinery secured its licence.

“NNPCL blackmailed and insulted him with dangerous, stringent terms. He even went public, challenging them to buy him out,” Shehu wrote.

He also cited the recent standoff between the refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of overreach.

“They pretended to be shareholders when they are nothing more than parasites and intruders in a well-structured company,” he added, noting that negotiations ended “90% in favour of the union against an investor who risked $20 billion.”

‘Arsenal would have been easier’

Shehu suggested that Dangote’s abandoned plan to buy Arsenal Football Club for $4.5 billion would have been a far less strenuous investment, offering global prestige without the risks of sabotage or blackmail.

“Had Dangote gone ahead to buy Arsenal, he would have been more at ease, reaping less strenuous returns and fame, with nobody blackmailing and sabotaging him,” he said.

According to Shehu, the treatment of Dangote should serve as a cautionary tale for both local and foreign investors considering Nigeria.

“Next time around, Dangote must factor in parasitic unionism, likely blackmail out of envy, and political instability before risking investing in Africa,” he warned.

He concluded: “Had Dangote known, he would have acted differently.”