Africa’s richest man, Aliko Dangote, has criticized the Nigerian National Petroleum Company Limited (NNPCL), saying its refineries are incapable of producing high-value premium motor spirit (PMS).

Speaking in a recent interview, Dangote stated that the NNPCL refineries cannot compete with his 650,000-barrel-per-day refinery. He explained that the market demand in Nigeria is largely for gasoline, and his refinery is structured to meet that need.

“When we produce, we have 54% gasoline. NNPC, if they try, will achieve only 18%. They will end up producing low-value fuel oil, which is not needed today, so it will be a loss. The more they operate, the more money they lose,” Dangote said.

He further stressed that profitability is key to sustaining investments in the oil and gas sector. Without revenue, according to him, there would be no new investments, leaving the industry at risk of depending on just one supplier.

Dangote’s comments come at a time when the Port Harcourt, Warri, and Kaduna refineries remain shut down for maintenance and review. Despite calls for privatization, NNPCL’s Group CEO, Bayo Ojulari, recently ruled out selling any of Nigeria’s refineries.

The billionaire industrialist also explained why he has stayed away from direct fuel distribution, saying he wanted to avoid being accused of monopolizing the sector. This comes amid a recent clash with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), which accused Dangote of attempting to dominate fuel distribution after his new rollout scheme. Dangote has since dismissed the allegations.

With his massive refinery already changing the dynamics of Nigeria’s energy sector, Dangote’s latest remarks highlight the deep challenges facing government-owned refineries.