Fashola Reveals Lagos Discounted Land to Secure Dangote’s $19bn Refinery

Former Lagos State Governor, Babatunde Fashola (SAN), has disclosed that his administration deliberately reduced the price of land allocated to the Dangote Group to ensure the company established its $19 billion refinery in the state.

Fashola said the decision, taken despite the state’s fixed land pricing policy, proved to be a strategic investment that paved the way for the 650,000-barrel-per-day Dangote Petroleum Refinery in the Lekki Free Zone.

Speaking at the Chartered Institute of Directors (CIoD) Nigeria Women Directors’ Biennial Conference in Lagos, Fashola said negotiations with the Dangote Group had stalled because the company considered the government’s asking price for the land too high.

He said the breakthrough came after the then Commissioner for Commerce and Industry, Mrs. Olusola Oworu, urged the State Executive Council to prioritise the long-term economic benefits of the project over immediate revenue from the land sale.

According to Fashola, Oworu argued that with thousands of hectares of undeveloped land in the Lekki Free Zone, offering a concession to an investor willing to commit about $19 billion to a refinery would attract more investments and significantly increase the value of surrounding land.

“That was a thinking decision. The whole council then looked at me, and I surrendered,” Fashola said, adding that the decision ensured Lagos retained the landmark project.

He said the experience underscored the importance of competence and strategic thinking in leadership, regardless of gender.

“Ineffectiveness is not a gender thing; it is a human thing,” he said.

Fashola added that the episode highlighted the value women bring to leadership when given the opportunity to influence critical decisions, urging organisations to focus on competence, preparation and impact.

Earlier, First Vice-President of CIoD Nigeria, Mrs. Amina Oyagbola, called for greater efforts to ensure women are not only represented on corporate boards but are also positioned to influence strategic decisions.

She noted that although more women now serve on boards, they remain underrepresented in board chairmanships and executive positions where key corporate decisions are made.

Also speaking, CIoD Nigeria President and Chairman of the Governing Council, Adetunji Oyebanji, said appointments to corporate boards should be based on competence, integrity and professional capability rather than traditional pathways that have historically limited women’s access to top leadership positions.