Report Reveals The Powerful Tinubu’s Ally That Helped Dangote To Get Lifeline

President Bola Tinubu issued an executive order on Monday directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other indigenous refineries in naira instead of dollars.

This decision, announced by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, aims to stabilize fuel prices and the naira-dollar exchange rate.

The directive, discussed and adopted by the Federal Executive Council, follows a meeting between President Tinubu and Aliko Dangote, facilitated by Tinubu’s powerful Lebanese ally, Gilbert Chagoury, according to a report by SaharaReporters. The meeting aimed to resolve differences between Dangote and the government.

The NNPC order requires that refined products from these refineries be sold to marketers for local consumption in naira. This move is seen as an effort to mitigate the economic impact of high energy costs due to petroleum imports, despite Nigeria’s three neglected refineries.

Sources indicate that Dangote’s relationship with the government had deteriorated, partly due to his lack of financial support for Tinubu during the 2023 elections. Seeking to mend relations, Dangote engaged Chagoury- a very strong ally of Tinubu- as a mediator.

Gilbert Chagoury, a significant influence on Tinubu, played a key role in facilitating the meeting to resolve the issues between Dangote and the government. Chagoury’s close ties with Tinubu have been highlighted in various instances, including Tinubu’s use of Chagoury’s private jet for international travel.

In 2023, Tinubu awarded Nigeria’s largest road construction project to Hitech Construction Company, linked to Chagoury. The $11bn Lagos-Calabar coastal highway, running through nine states, underscores the strong connections between Tinubu’s inner circle and Chagoury’s enterprises. Tinubu’s son, Seyi Tinubu, is said to be on the company’s board.