“I Went To See The Enormity Of A Project And Returned Questioning The Size Of My Own Ambition,”-Sujimoto Boss Hails Dangote Refinery’s Business Resilience

The Group Managing Director of Sujimoto, Dr Sijibomi Ogundele, has explained how the Dangote refinery proved doubters wrong despite predictions that the project would not be completed.

Ogundele stated this while speaking with journalists in Ibadan, the Oyo State capital, on Saturday.

According to him, several accomplished professionals had questioned the feasibility of the refinery at inception, citing its cost and complexity.

“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,” he said.

He noted that Alhaji Aliko Dangote’s decision to venture into petroleum refining was particularly audacious given his previous experiences in other sectors, including textiles and telecommunications.

Ogundele said professionals in oil and gas, banking and investment circles had, in private conversations, expressed doubts that the refinery would be completed, adding that some even said that Dangote had gone beyond his limits by venturing into refining.

Recounting his first visit to the refinery in Ibeju-Lekki about five years ago, Ogundele said the scale of the project 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.

On the value of expert advice, Ogundele said entrepreneurs should not ignore 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,” he stated.

He recalled attending the commissioning of the refinery on May 22, 2023, where he encountered some professionals who had previously expressed doubts about the project.

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

He noted that beyond commissioning, the refinery had to prove itself through actual production, crude supply, pricing and commercial performance. He cited its reported processing capacity of about 700,000 barrels per day in 2026, first-half revenue exceeding $13bn and net profit of $1.82bn, compared with a $476m loss in 2025.

He also referenced plans to expand capacity towards 1.4 million barrels per day by 2029 and the proposed N2.15tn public offering of Dangote Petroleum Refinery shares.

Ogundele said the phrase “Aliko Dangote has failed woefully” was used ironically to show that Dangote failed to become the cautionary tale critics anticipated. He said the lesson was not to dismiss professional criticism but to know the difference 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.”

He urged entrepreneurs to listen to experts, learn from failures and subject ambitious projects to rigorous scrutiny, while retaining ownership of their vision. “Experience should illuminate the road; it should never dictate the destination,” he added.

Source: Punch

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