President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has called for a full investigation into the activities of the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, over allegations of corruption and economic sabotage.
Dangote made the call on Sunday while speaking at a press conference held at the Dangote Petroleum Refinery. He accused the NMDPRA leadership of frustrating local refining through the continued issuance of petroleum import licences, allegedly in collaboration with international traders and fuel importers.
The billionaire businessman alleged that Farouk Ahmed was living far above his legitimate means, claiming that four of his children were educated in Swiss secondary schools at a cost of about five million dollars over six years. According to Dangote, such spending raises serious concerns about conflicts of interest and the integrity of regulatory oversight in Nigeria’s downstream petroleum sector.
He stressed that he was not calling for Ahmed’s removal but insisted that the law should be allowed to take its course through a transparent investigation by the Code of Conduct Bureau or any other relevant agency. Dangote added that if the allegation is denied, he is prepared to take legal action to compel the schools involved to disclose the tuition payments.
Dangote contrasted the situation with his personal choice of educating his own children in Nigerian secondary schools, questioning how public officials could afford such foreign education costs when many Nigerians struggle to pay basic school fees.
Beyond the allegations, Dangote assured Nigerians that petrol prices would continue to fall. He announced that the pump price of Premium Motor Spirit (PMS) would not exceed N740 per litre from Tuesday, starting in Lagos, following the refinery’s reduction of the gantry price to N699 per litre. He said MRS filling stations would be the first to implement the new pricing.
He explained that the refinery was working round the clock to ensure that price reductions at the gantry level are fully reflected at retail outlets nationwide. Dangote also disclosed that the refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres to allow more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate.
Dangote further alleged that the continued approval of fuel import licences, despite available local refining capacity, was harming domestic refineries, including modular operators who are now struggling to survive. He warned that allowing traders to influence regulation would further damage the sector and discourage investment.
Reaffirming his commitment to Nigerians, Dangote said the refinery was established primarily for national benefit, not profit, and pledged to ensure affordable, high-quality fuel supply. He also revealed plans to list the refinery on the Nigerian Exchange to allow Nigerians to own shares, adding that discussions were ongoing to enable share purchases in naira with dividends paid in dollars.
“This refinery is for Nigerians first, and I am not giving up,” he said.
