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    Home»Business Review»Who Stole $18bn? Dangote Challenges NUPENG to Expose Refinery Looters
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    Who Stole $18bn? Dangote Challenges NUPENG to Expose Refinery Looters

    Femi AdeoyaBy Femi AdeoyaSeptember 13, 2025No Comments2 Mins Read
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    Who Stole $18bn? Dangote Challenges NUPENG to Expose Refinery Looters
    Who Stole $18bn? Dangote Challenges NUPENG to Expose Refinery Looters
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    The face-off between the Dangote Petroleum Refinery and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has escalated into a fiery war of words.

    On Friday, Dangote Refinery threw a heavy punch, demanding that the union explain to Nigerians what happened to the mind-blowing $18 billion allegedly poured into Nigeria’s comatose government-owned refineries without results.

    For decades, the refineries in Port Harcourt, Warri, and Kaduna have remained idle, swallowing trillions in “turnaround maintenance” projects that never turned anything around. Yet, the same union now crying foul about Dangote’s operations once resisted the 2007 privatisation of the same refineries, which included Dangote’s consortium as buyer.

    Dangote’s statement was scathing:

    “NUPENG should help Nigerians unravel the mystery of how $18bn vanished into so-called rehabilitation of refineries that never worked. Who pocketed the money? Who killed our refineries?”

    The company further reminded Nigerians that when the Port Harcourt and Kaduna refineries were once privatised in 2007, NUPENG led the protests that forced a reversal. Now, after billions wasted and zero production, the refineries remain dead.

    On accusations that it plans to monopolise fuel distribution, Dangote fired back, insisting its refinery operates under a deregulated market overseen by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

    “Talk of monopoly is false. The real monopoly was decades of government pumping billions into failed refineries while Nigerians suffered fuel scarcity.”

    This latest clash has ignited a storm of debate: Who is really holding Nigerians hostage—Dangote or those who buried the refineries in corruption?

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    Femi Adeoya
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    Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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