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Kemi Olaitan in Ibadan

The Group Managing Director of Sujimoto, Dr. Sijibomi Ogundele, has revisited the doubts and criticisms that surrounded the construction of the Dangote Refinery, saying the project demonstrates how experience and expertise can sometimes underestimate the possibilities of bold entrepreneurship.

Ogundele, in a statement he described as a reflection on the journey of Africa’s richest man, Alhaji Aliko Dangote, noted that several accomplished professionals had questioned the feasibility of the refinery, citing its enormous cost, technical complexity, foreign exchange challenges, crude supply concerns and Nigeria’s history of failed refinery projects.

According to him, Dangote’s decision to venture into petroleum refining was particularly audacious given his previous experiences in other sectors, including textiles and telecommunications.

He recalled that professionals in the oil and gas industry, banking and investment circles had, in private conversations, expressed doubts that the refinery would be completed, with some reportedly suggesting that Dangote had gone beyond his limits by venturing into refining.

Ogundele said his first visit to the Dangote Refinery in Ibeju-Lekki about five years ago significantly changed his perception of what was possible in African enterprise.

“I went to see the enormity of a project and returned questioning the size of my own ambition,” he said, adding that the experience subsequently influenced Sujimoto’s approach to ambitious real estate projects.

He stressed that successful entrepreneurs should not ignore professional expertise but should use it to strengthen their vision.

“The purpose of expertise is to strengthen a great vision, not automatically reduce it to the boundaries of precedent,” Ogundele stated.

He also recalled attending the commissioning of the Dangote Refinery on May 22, 2023, where, according to him, he encountered some professionals who had previously expressed doubts about the project.

Ogundele said the completion of the refinery reminded him of the challenges Sujimoto faced while delivering Lucrezia in Banana Island amid rising construction costs, naira depreciation and other economic pressures.

He noted that the Dangote Refinery subsequently had to prove itself beyond commissioning through actual production, crude supply, pricing and commercial performance.

Ogundele pointed to the refinery’s reported processing capacity of about 700,000 barrels per day in 2026, as well as reported first-half revenue exceeding $13 billion and net profit of $1.82 billion, compared with a $476 million loss in 2025.

He further referenced plans to expand the refinery’s capacity towards 1.4 million barrels per day by 2029 and the proposed ₦2.15 trillion public offering of Dangote Petroleum Refinery shares.

Reflecting on the criticisms that preceded the refinery’s completion, Ogundele used the phrase “Aliko Dangote has failed woefully” ironically, arguing that Dangote had “failed” to become the cautionary tale some critics had anticipated.

According to him, the lesson from Dangote’s journey is not that professional criticism is unnecessary, but that entrepreneurs should distinguish between identifying risks and declaring an ambition impossible.

“His critics were often right about the risks, right about the cost and right about how difficult the journey could become,” he said.

“Their error was not in seeing the mountain; it was in believing that seeing the mountain gave them the authority to pronounce the climber’s fate.”

Ogundele urged entrepreneurs to listen to experts, learn from failures and subject ambitious projects to rigorous scrutiny, while retaining ownership of their ultimate vision.

“Experience should illuminate the road; it should never dictate the destination,” he added.