Dangote exposes alleged collusion to sabotage economy, challenges NMDPRA’s Ahmed to explain wealth or face prosecution

Aliko Dangote, president and chief executive of Dangote Industries Limited, has called for the investigation and prosecution of Farouk Ahmed, chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accusing the regulatory head of economic sabotage that threatens to undermine Nigeria’s domestic refining capacity.

Speaking at a press conference held at the Dangote Petroleum Refinery on Sunday, the billionaire industrialist launched a scathing attack on the regulatory authority’s leadership, alleging systematic collusion between NMDPRA officials and international traders designed to frustrate local refining operations through the continued issuance of import licences for petroleum products.

Dangote made serious allegations about Ahmed’s personal finances, claiming that four of the NMDPRA chief’s children attend ultra-expensive secondary schools in Switzerland at costs running into several million dollars.

The industrialist suggested that such expenditure raises fundamental questions about potential conflicts of interest and the integrity of regulatory oversight in the downstream petroleum sector.

“I am not calling for his removal, but for a proper investigation. He should be required to account for his actions and demonstrate that he has not compromised his position to the detriment of Nigerians. What is happening amounts to economic sabotage,” Dangote stated.

The Dangote Group chairman went further, alleging that Ahmed paid as much as $5 million in tuition fees for his children’s secondary education in Switzerland, an amount he suggested was beyond the legitimate earnings of a public servant.

Drawing a stark contrast with his own choices, Dangote noted, “I sent my own children to secondary schools here in Nigeria. How many Nigerians can afford to pay $5 million for secondary school tuition, not university education? In his home state of Sokoto, many parents are struggling to pay as little as N10,000 in school fees.”

Dangote challenged Ahmed to deny the allegations, promising to provide documentary evidence if necessary.

“The Code of Conduct Bureau, or any other body deemed appropriate by the government, can investigate the matter. If he denies it, I will not only publish the tuition he paid at those secondary schools, but I will also take legal steps to compel the schools to disclose the payments made by Farouk,” he declared.

Petrol price drop

Amidst the controversy, Dangote announced positive news for Nigerian motorists, assuring that the pump price of Premium Motor Spirit (PMS) would fall significantly from Tuesday.

The refinery owner stated that petrol would sell at no more than N740 per litre, beginning in Lagos, following his refinery’s reduction of the gantry price to N699 per litre.

He indicated that MRS filling stations would be the first retail outlets to reflect the new pricing structure.

“So if you come to the refinery today, you will get PMS at N699 per litre,” Dangote confirmed, adding that the refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres to enable more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate in the distribution chain.

Efforts to reach Ahmed as at the time of writing this publication proved abortive.

Import license controversy

Central to Dangote’s accusations is the alleged issuance of excessive import licences despite the availability of substantial domestic refining capacity.

He disclosed that import licences covering approximately 7.5 billion litres of PMS had reportedly been issued for the first quarter of 2026, a development he described as detrimental to local production and investment in domestic refining.

According to the industrialist, the current policy environment has placed modular refineries on the brink of extinction, with the persistent issuance of import permits further weakening the sector’s viability.

“There are powerful interests in the oil sector. It is troubling that African countries continue to import refined products despite long-standing calls for value addition and domestic refining. The volume of imports being allowed into the country is unethical and does a disservice to Nigeria,” he stated.

Dangote emphasised the need for clear separation between regulatory oversight and commercial interests, warning that allowing traders to influence regulation would compromise sector integrity.

“The downstream sector must not be destroyed by personal interests. A trader should never be a regulator. Forty-seven  licences have been issued, yet no new refineries are being built because the environment is not conducive,” he observed.

Addressing concerns from oil importers about potential losses resulting from the price reduction, Dangote insisted that the refinery was established primarily for the benefit of Nigerians rather than profit maximisation.

“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he warned.

The refinery owner highlighted quality differences between his facility’s output and imported products, noting that supplies through MRS and other offtakers were straight-run fuels, unlike blended products from overseas markets.

“Nigerians have a choice to buy better quality fuel at a more affordable price or to buy blended PMS at a higher rate. Importers can continue to lose, so long as Nigerians benefit,” he added.

Dangote revealed that legacy, rather than profit, drives the refinery’s operations, noting he could have invested the 20 billion dollars elsewhere if financial gain were his sole objective.

He announced plans to list the refinery on the Nigerian Exchange, allowing ordinary Nigerians to own shares in the facility.

“We want every living Nigerian to have the opportunity to benefit, no matter how small their holding. If the market takes 55 per cent and I retain 45 per cent, I am satisfied,” he said.

The industrialist also disclosed ongoing challenges in crude oil procurement, revealing that the refinery imports an average of 100 million barrels of crude oil annually from the United States, a figure expected to rise to 200 million barrels following expansion, due to insufficient domestic crude supply.

He added that the refinery also sources crude from Ghana and other countries while exporting jet fuel and gasoline to the United States.

Dangote alleged that domestic refiners face competitive disadvantages, being forced to buy Nigerian crude at premiums of up to four dollars per barrel from the trading arms of international oil companies.

He called on the government to ensure crude oil taxes are assessed based on actual transaction values, warning that the current system allows under-declaration and revenue losses.

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Despite frustration and what he termed sabotage, Dangote disclosed that the refinery would deploy its Compressed Natural Gas (CNG) trucks in coming days and stood prepared to procure additional units beyond the initial 4,000 if required to sustain affordable pricing nationwide. “This refinery is for Nigerians first, and I am not giving up,” he declared defiantly.

Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy.

He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions.

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