Africa’s richest man, Alhaji Aliko Dangote is deepening his investments in Nigeria’s oil and gas sector.
Apart from planning to build the biggest petrochemical plant in sub-Saharan Africa, the business giant has bidded to acquire a juicy oil well operated by leading oil company Shell.
According to agency reports, Dangote is planning to acquire a stake in a Nigerian gas field owned by Anglo-Dutch multinational energy company, Shell.
In a report by Africa Intelligence (Africa Intel), Dangote Industries submitted the highest bid for Shell’s stake in Oil Mining Lease (OML) 18 at an auction organised last year in the Niger Delta region.
The financial details of the bid and the exact stake Dangote is looking to acquire are undisclosed.
Dangote, who made his $24 billion fortune manufacturing cement, sugar and flour, has recently ramped up his efforts to boost his investments in Nigeria’s booming oil sector.
While his largest and most publicised investment in the energy sector is a planned $9 billion private oil refinery in Nigeria, Dangote also owns minority stakes in a handful of oil exploration concerns, including 9.0 percent stake in Block 1 in the Joint Development Zone (JDZ) between Nigeria and Sao Tome, where Chevron is the operator. He also owns 10 percent stake of Block 3 in the JDZ, according to Africa Intel.
Credit: NigerianCurrent