Dear Editor,
For those who don’t know who Aliko Dangote is, he is the Nigerian businessman who gave his country an oil refinery with his vison, intelligence & perseverance. Dangote since 2013 realised his oil producing country was selling raw crude which brought in pittance in reference to Nigeria’s potential, so he embarked on pursuing a refinery.
He realised that with oil, timber, cocoa, and mineral ore, the real money was in refining these resources which the developed world controlled reaping the lion’s share of massive profits from the 3rd world. When Dangote announced his plans for a refinery in Nigeria, he was told by foreign entities, it was a bad idea.
This alone made him more resolute since he knew whenever foreign entities give advice to 3rd world countries, it was for them to make money, not the country, if the country gets scraps, and pittance from their advice then so be it. So, Dangote began his quest researching, seeking investors, partners, contractors, foreign, and local expertise, government permits, refinery equipment, and all the components his refinery would require to start building it.
Amid pollical turmoil in Nigeria influenced by foreign interest to hamper Dangote’s dream of a refinery, he stood resolute and would not be denied, since 2024 Dangote’s Refinery has been producing refined aircraft fuel, gasoline, diesel, and other refined petroleum products selling to countries all over the world. Dangote’s company will soon be listed on the stock exchange, and is expected to sell shares from its initial public offering (IPO) close to 40 billion US$, so Nigerians will be able to purchase shares in their own refinery.
Business analysts have forecasted the value of Dangote’s refinery to rival the top ones in the world due to Iran’s retaliatory strikes on refineries in the Middle East after the destructive strikes on Iran own refineries. In addition to this, there has been bizarre fires, and production hampering incidents at oil refineries globally, in the last 60 days alone, there has been 11 such incidents to 7 refineries in the U.S., India, Mexico, Ecuador, and Australia.
Dangote proved if one does the right thing, one can get rich from their country’s resources without corrupt deals, since those who corrupt you would be your masters having you giving away your country’s wealth for a pittance by holding threatening sanctions, and criminal charges over you. The question is not whether Guyana must build a refinery since this government is incapable of such projects, if they do embark on one it becomes riddled with shenanigans plus being bloated with overrun costs. The Wales Gas Plant, a less complex venture than a refinery, is already being proven to be an expensive bungling disaster with limited information available. If all the information comes forth, most likely it will be proven to be national financial tragedy. It is not Dangote’s refinery that is applicable to Guyana, but his principle that citizens of countries must decide the deals where their resources are concerned rather than foreign entities.
Yet there is a different attitude to managing Guyana’s wealth contrasting Dangote’s, where Guyana’s leaders like stubborn obstinate mules refuse to budge on changes to contracts to benefit Guyanese citing sanctity of contract even as this was in their election campaign, and manifesto promise. The only time changes come is when the foreign entities require change, and such changes happen even if parliament must sit to facilitate such changes.
This refusal to budge is even being defended as aligning to international standards, making Guyana a country on a different planet, since no other country on earth makes deals on their resources like Guyana. APNU now makes the excuse that they didn’t know about oil when they signed the contract, really APNU? Didn’t you know you had to consult with an oil management firm or a team of experts or even Bharat Jagdeo who knew everything about oil as opposition prior to signing? How could you miss something this important while representing a country as the government? Finally, APNU speaks of renegotiation, they have probably realised the slightest of paths they have to State House is to speak of renegotiation of contracts to attract independent voters.
So, kudos to APNU, now APNU must now bring up the relinquishment of the 20% of the oil blocks back to Guyana which is now due. APNU must now say the original contract was based on 3 billion barrels of oil, any amount over that, and any other oil finds outside the contract parameters requires a new profit-sharing agreement to stop the sanctity of contract argument. APNU must stop taking blame for signing the contract, since nine agreements had to be signed prior to production, the PPP signed 7, APNU signed 2.
APNU waived taxes while PPP waived unlimited parent company guarantee insurance for oil spills, translation, 11 documents signed for the oil operations making it 11 for Exxon/Partners for Guyana. APNU must also say they would have limited the flaring from the oil operating eliminating the current unbearable heat in Guyana.
In the end, Guyanese must share some of the blame for what transpires in this country, this newspaper is reluctant to blame Guyanese, so maybe we should blame Tanzanians or other countries citizens instead. Guyanese who intend to stay in Guyana or the diaspora coming home to resettle should note, the management of the resource wealth in Guyana is taking a dangerous turn. Normally, sensible countries with a variety of resources pursue some and preserve some due to market turbulence.
Unfortunately, ALL of Guyana’s resources are going from Guyana simultaneously, so all be gone together now that Uranium has now joined the farewell party behind oil, gold, bauxite, timber, diamonds, manganese, etc. For Guyanese to survive going forward, they better put a stop to the plundering of Guyana has already gone too far with the country on the brink, so Guyanese better find their Dangote or continuing misery will be bestowed upon them.