Professor Joy Ezeilo Warns Against Potential Monopoly in Oil Industry, Urges Government to Encourage Competition

Professor Joy Ngozi Ezeilo, SAN, a former UN Special Rapporteur on Human Trafficking, has voiced concerns that Aliko Dangote, Africa's richest man, appears to be exerting regulatory influence in the oil and gas industry—a move she argues may be aimed at creating a monopoly that could lead to increased exploitation of Nigerians.

Ezeilo's comments, posted on her X handle on Tuesday, suggest that Dangote's emphasis on inferior petroleum products from competitors should not be leveraged as a means to stifle competition. She remarked, “I don’t understand why Africa’s richest man is acting as a regulator in the oil and gas market. This seems like an attempt to establish a monopoly, which could worsen Nigerians’ exploitation. Concerns about the NNPCL, independent oil marketers, and allegations of substandard petroleum products from competitors have been raised.”

Ezeilo further noted that Nigerians are already facing economic hardship and require affordable fuel rather than comparisons with fuel costs in Saudi Arabia. She urged the government to consider issuing more licenses and supporting other industry players, similar to the support received by Dangote Refinery. “This could lead to more modular refineries, lower fuel prices, and help curb inflation and the food crisis,” she stated.