Aliko Dangote, President of Dangote Industries Limited, has accused Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), of corruption and economic sabotage, calling for his investigation and prosecution by the Code of Conduct Bureau or other appropriate bodies.
Speaking at a press conference on Sunday at the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, Dangote alleged that Ahmed paid $5 million for the secondary school education of four of his children in Switzerland over six years, raising questions about the regulator’s source of funds and potential conflicts of interest in the downstream petroleum sector. He emphasized that such expenditure is inconsistent with a public official’s legitimate earnings, especially amid widespread poverty in Nigeria.
Dangote detailed the allegations, stating, “I’ve had people actually complaining about a regulator who put his children in secondary school, and that secondary school education, which is six years, four of them cost Nigeria $5 million.” He contrasted this with his own experience, adding, “My children went to a Nigerian secondary school. They didn’t go outside Nigeria to attend secondary school… I don’t know why the authority chief executive, Mallam Farouk, has four of his children that he educated in Switzerland at the cost of $5 million for their secondary school education alone, not university.”
Dangote threatened legal action if Ahmed denies the claims, saying, “If he denies it, I will not only publish what he paid as tuition in those secondary schools, but I will also take legal steps to compel the schools to disclose the payments made by Farouk… He should give us the universities they went to and spent four years. How much he has paid.” He clarified he seeks accountability, not immediate dismissal: “No, I don’t want Farouk to be sacked. But I want Farouk to be investigated and then also let the legal process take its toll… Let him clear that he has not compromised his various positions in government at the cost of Nigerians, when a lot of people in Sokoto can’t even go to school because of 100,000 naira.”
Dangote accused NMDPRA leadership of colluding with international oil traders and importers to undermine local refining by issuing import licenses for about 7.5 billion liters of petrol for the first quarter of 2026, despite sufficient domestic capacity. He lamented, “What is happening amounts to economic sabotage,” and warned that modular refineries are on the brink of extinction due to this policy environment, adding, “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.”
Dangote further alleged misrepresentation of his refinery’s output, with NMDPRA publishing offtake figures instead of production levels to justify imports and keep prices high: “We have the capacity to meet local demand, and we have sufficient refined products in stock. But to keep prices high, imports are deliberately encouraged.”
Amid the feud, Dangote announced further reductions in petrol prices, assuring that Premium Motor Spirit (PMS) would sell for no more than N740 per litre starting Tuesday in Lagos at MRS stations, following a gantry price drop to N699 per litre. He noted the refinery lowered its minimum purchase from two million to 500,000 litres to include more marketers like IPMAN members, stating, “So if you come to the refinery today, you will get PMS at N699 per litre… We will enforce the low price. We will make sure of that.”
Dangote highlighted superior quality of straight-run local fuel over imported blends, declaring, “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… This refinery is for Nigerians first, and I am not giving up.”
NMDPRA has not responded to requests for comment on these latest allegations, though it previously dismissed similar July claims as a smear campaign. Dangote also revealed plans to list refinery shares on the Nigerian Exchange, allowing purchases in naira with dollar dividends, and criticized crude supply issues forcing imports from the US and elsewhere at premiums.
