Dangote Refinery playing emotional blackmail, Nigerians swallowing it – Financial expert

Financial analyst, Tosin Adeoti has accused Aliko Dangote, the Group Chairman of Dangote Refinery, of playing emotional blackmail.

The statement comes after Dangote Refinery said that it will be forced to export 95-97 percent of its Premium Motor Spirit (petrol) because of low patronage by marketers in Nigeria.

According to the Vice President, Oil and Gas at Dangote Industries Limited, Edwin Devakumar, the only 3 to 5 percent of petrol marketers were willing to buy its petrol.

However, the financial expert alleged Aliko’s strategy has been to cry to Nigerians about some cabals sabotaging his Dangote Refinery so that bans can be enacted just like with his other products.

Adeoti said he should tell Nigerians the price of his Dangote Refinery’s petrol so that marketers can compare it with imported fuel which stands at the landing cost of N1,117/litre.

In a post on his Facebook page on Friday, the financial expert suggested that marketers won’t refuse to buy from Dangote Refinery when it’s selling a cheaper product, adding that it doesn’t makes business sense.

The post read: “Alhaji is playing this emotional blackmail thing and Nigerians are just swallowing it.

“These marketers have written to the president that they have lots of old stock that they bought at higher prices they need to import and sell. So, they ask why they are been forced to exclusively buy from Dangote.

“If you’re selling a cheaper product that makes business sense, how will marketers refuse to buy from you?

“Landing cost of imported fuel is N1117/litre. Let Dangote tell us his own price of petrol and let’s compare. What is he afraid of?

“And even if they refuse, for whatever reason, why not open your own stations, or go into partnership with major petrol stations and sell to the people directly?

“Importation is the only competition Dangote has to improve efficiency.

“But no, the one and only strategy is to cry to Nigerians about some cabals sabotaging the refinery so that bans can be enacted like we have with his other products.

“Nigerians will kuku believe anything if you couch it in patriotic terms even if it’s not in their best interests.”