Former Lagos State Governor, Babatunde Fashola (SAN), has disclosed that his administration reduced the cost of land allocated to the Dangote Group to ensure the company established its multi-billion-dollar refinery in Lagos.
Fashola said the decision, though it meant sacrificing immediate revenue, became 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, the former governor explained that negotiations with the Dangote Group had stalled after the company considered the state’s asking price for the land too expensive.
He credited the breakthrough to the then Commissioner for Commerce and Industry, Olusola Oworu, who advised the State Executive Council to prioritise the long-term economic benefits of the investment over the immediate proceeds from the land sale.
According to Fashola, Oworu argued that granting a concession to a company willing to invest about $19 billion in a refinery would attract more investors to the Lekki Free Zone and significantly increase the value of surrounding land.
He said the Executive Council accepted the recommendation, a move that eventually secured the landmark project for Lagos.
Fashola described the experience as evidence that sound leadership is driven by competence, vision and strategic thinking rather than gender, noting that Oworu’s intervention played a decisive role in shaping one of the state’s biggest investment successes.
He urged organisations to create more opportunities for women to contribute meaningfully to critical decision-making, stressing that leadership should be based on ability and impact.
At the conference, other speakers also called for greater inclusion of women in top corporate leadership roles.
They urged organisations to move beyond increasing female representation on boards and ensure women are actively involved in shaping strategic decisions, with appointments based on competence, integrity and professional excellence.
