Dangote Refinery has explained that the company’s Chairman, Aliko Dangote, accepted the Federal Government’s offer to sell and buy crude oil in naira despite the possibility of financial losses.
Dangote Industries Limited Vice Chairman, Devakumar Edwin, disclosed this on Thursday during a Twitter Space session organised by Nairametrics.
He said, "Mr Dangote intervened and said, 'We will accept this because the country is in desperate need of foreign currency and the value of the naira is depreciating day by day.'
We understand that by the time we sell our products and exchange them for dollars, the exchange rate may have worsened, so we will incur losses. »
"I am willing to accept this loss for the good of the country. It doesn't matter, this country is in a bad state. Someone has to take the risk, so I'm willing to deal with the loss, no matter how big or small it is."
ICMNEWS recalled that President Bola Tinubu had ordered the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil from the Dangote refinery in local currency.
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