Femi Ashekun/
Aliko Dangote, President and CEO of Dangote Industries Limited, has publicly accused the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, of corruption, claiming that the NMDPRA chief is living beyond his means by paying up to $5 million in school fees for his four children in Switzerland.
Speaking at a press conference at the Dangote Petroleum Refinery on Sunday, Dangote also called for a full investigation and prosecution of Ahmed, accusing him of colluding with international traders and oil importers to hinder local refining by issuing import licences for petroleum products despite Nigeria’s growing refining capacity.
“I am not calling for his removal, but for a proper investigation,” Dangote stated. “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 went on to reveal that Ahmed’s children attend secondary schools in Switzerland, with tuition fees running into millions of dollars. He added that one of the children also recently graduated from Harvard University.
“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 said, emphasising the stark contrast in living standards.
In a bold move, Dangote promised to reduce the cost of petrol starting from Tuesday, with the pump price of Premium Motor Spirit (PMS) to drop to no more than N740 per litre in Lagos.
“From Tuesday, all MRS filling stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” he confirmed.
This price reduction is driven by the Dangote Refinery’s adjustment to its gantry price to N699 per litre.
Dangote added that the refinery had also 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 access affordable fuel.
Dangote also warned against the current trend of fuel imports, stating that the issuance of import licences for 7.5 billion litres of PMS for Q1 2026 undermines local production and discourages investment in domestic refining.
“The downstream sector is under severe strain. Modular refineries are already struggling, and the issuance of import permits only weakens the sector,” Dangote explained.
The Dangote Group chairman, however, affirmed that Nigeria would benefit from local refining, despite attempts to sabotage the industry.
“If traders want to continue importing fuel despite the availability of locally refined products, they should be prepared to face the consequences,” he stated.
He further explained that products from his refinery, such as straight-run fuels, offered superior quality compared to the blended fuels imported from overseas.
On the issue of corruption within the sector, Dangote took aim at the NMDPRA, alleging that the authority misrepresents refinery production figures to keep prices artificially high.
He said, “We have the capacity to meet local demand, but to keep prices high, imports are deliberately encouraged.”
In an effort to address the broader financial accessibility of the refinery, Dangote disclosed plans to list the refinery on the Nigerian Exchange, allowing Nigerians to purchase shares and benefit from the facility.
“We want every living Nigerian to have the opportunity to benefit, no matter how small their holding,” Dangote concluded.
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