Dangote Petroleum Refinery has issued a formal denial of reports suggesting that fuel products refined at its facility are being exported to Togo and subsequently re-imported into Nigeria.
The company’s management stated that such claims are unfounded, aiming to dispel rumors that have circulated regarding the logistics of its product distribution.
The allegations center on the port of Lomé in Togo, with critics suggesting that refined fuel is being routed through the neighboring country before re-entering the Nigerian market.
This narrative implies potential arbitrage or smuggling activities that could undermine the refinery’s stated goal of stabilizing domestic fuel supply and reducing Nigeria’s reliance on imports.
This development is significant for investors monitoring the refinery’s upcoming initial public offering.
The Nigerian Securities and Exchange Commission (SEC) has previously ordered capital market operators to cease promotional activities related to the proposed listing, citing regulatory scrutiny.