Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
A former Governor of Lagos State, Mr. Babatunde Fashola, has revealed that his administration deliberately discounted the price of land allocated to the Dangote Group to ensure that the multi-billion-dollar refinery project remained in Lagos, prioritising long-term investment over immediate revenue generation. Fashola made the disclosure during his keynote address at the Chartered Institute of Directors (CIoD) Nigeria Women Directors' Biennial Conference, held earlier this week at the National Arts Theatre in Lagos.
Fashola said the decision enabled Lagos to retain the refinery project after negotiations over the land price stalled. According to him, Lagos operated a fixed-rate pricing system for land under its various allocation schemes, but the Dangote Group considered the asking price too high, prompting discussions within the state government over whether to proceed with the allocation. The breakthrough came after then Commissioner for Commerce and Industry, Mrs. Olusola Oworu, urged the state government to look beyond immediate revenue from land sales, arguing that attracting a transformational investment was more valuable than insisting on the land's full price.
Recalling the deliberations at the State Executive Council, Fashola quoted Oworu as saying that with thousands of hectares in the Lekki Free Zone still awaiting development, it was economically wiser to offer a concession to an investor willing to commit about $19 billion to build a refinery. She argued that once such a landmark investment took off, it would attract other investors and significantly enhance the value of the remaining land. "That was a thinking decision. The whole council then looked at me, and I surrendered," Fashola said, noting that the intervention altered the course of the discussions and ensured that Lagos retained the project.
The decision proved to be a strategic investment that ultimately paved the way for what has become the 650,000-barrel-per-day Dangote Petroleum Refinery in the Lekki Free Zone. Fashola said the experience demonstrated that effective leadership should be judged by competence and strategic thinking rather than gender, adding, "Ineffectiveness is not a gender thing; it is a human thing." He cited the episode as an illustration of the value women bring to leadership when allowed to influence critical decisions, stressing that organisations should place greater emphasis on competence, preparation and impact.
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