Alhaji Aliko Dangote, President of the Dangote Group, has cast serious doubt on the future of Nigeria’s state-owned refineries in Port Harcourt, Warri, and Kaduna, questioning the effectiveness of the $18 billion reportedly spent on their turnaround maintenance.

Speaking on Thursday while hosting members of Global CEO Africa from the Lagos Business School during a tour of the Dangote Petroleum Refinery in Lekki, Lagos, Dangote suggested that under the current structure of the Nigerian National Petroleum Company Limited (NNPCL), the refineries are unlikely to ever operate efficiently again.

“The refineries that we bought before, which were owned by Nigeria, were doing about 22 per cent of PMS. We bought the refineries in January 2007 but had to return them to the government due to a change in leadership,” Dangote recalled.

He revealed that former President Umaru Musa Yar’Adua reversed the sale after being advised that the refineries would soon be revived.

“They said we were given the refineries as a parting gift. But up till today, they have spent about $18 billion on them, and they are still not working. I doubt very much if they will work,” he said.

Drawing a metaphor, Dangote likened the government’s efforts to revive the aging plants to retrofitting obsolete machinery.

“It’s like trying to modernise a car built 40 years ago. Technology has changed. Even if you change the engine, the body will not be able to take the shock of that new technology,” he explained.

Dangote’s remarks highlight growing skepticism around Nigeria’s decades-long refinery rehabilitation projects, which have failed to yield results despite massive public spending. His comments also underscore the significance of the $20 billion Dangote Refinery, which is expected to refine 650,000 barrels per day and reduce Nigeria’s dependence on fuel imports.

The statement adds to the national debate over the NNPCL’s performance, transparency in public investments, and the viability of state-led refinery operations.