Dangote alleges sleaze at NMDPRA, calls for Investigation, prosecution of Farouk Ahmed

… Says petrol pump worth to fall under N740 per litre earlier than Christmas  

President and Chief Government of Dangote Industries Restricted, Aliko Dangote, has known as for an investigation and prosecution of the Chief Government Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, accusing him of financial sabotage, which he mentioned is undermining home refining in Nigeria.

Talking at a press convention on the Dangote Petroleum Refinery on Sunday, Dangote accused the management of the NMDPRA of colluding with worldwide merchants and oil importers to frustrate native refining by way of the continued issuance of import licences for petroleum merchandise.

Dangote alleged that Engr Ahmed was dwelling past his professional means, claiming that 4 of his kids attend secondary colleges in Switzerland at prices working into a number of million {dollars}. He mentioned such expenditure raised critical questions on potential conflicts of curiosity and the integrity of regulatory oversight within the downstream petroleum sector.

The Dangote Group chairman assured Nigerians that the pump worth of Premium Motor Spirit (PMS) would fall additional, stating that petrol would promote at not more than N740 per litre from Tuesday, starting in Lagos, attributable to his refinery’s discount of the gantry worth to N699 per litre. He mentioned MRS filling stations could be the primary to mirror the brand new pricing.

Expressing concern over the state of the downstream sector, Dangote mentioned Nigeria’s continued reliance on gas imports was harming native manufacturing and discouraging funding in home refining. He disclosed that import licences masking roughly 7.5 billion litres of PMS had reportedly been issued for the primary quarter of 2026, regardless of the supply of serious home refining capability.

In keeping with him, modular refineries are already struggling underneath the present coverage surroundings and getting ready to extinction, whereas the persistent issuance of import permits additional weakens the sector.

“I’m not calling for his removing, however for a correct investigation. He must be required to account for his actions and reveal that he has not compromised his place to the detriment of Nigerians. What is going on quantities to financial sabotage,” Dangote mentioned.

He additional alleged that Farouk paid as a lot as 5 million {dollars} in tuition charges for his kids’s secondary training in Switzerland, questioning what number of Nigerians may afford such prices.

“The Code of Conduct Bureau, or another physique deemed applicable by the federal government, can examine the matter. If he denies it, I cannot solely publish the tutoring he paid at these secondary colleges, however I will even take authorized steps to compel the colleges to reveal the funds made by Farouk. I despatched my very own kids to secondary colleges right here in Nigeria. What number of Nigerians can afford to pay 5 million {dollars} for secondary college tuition, not college training? In his house state of Sokoto, many mother and father are struggling to pay as little as N10,000 in class charges,” Dangote mentioned.

He described the downstream petroleum sector as being underneath extreme pressure, alleging the presence of entrenched pursuits that revenue from gas imports on the expense of nationwide growth.

“There are highly effective pursuits within the oil sector. It’s troubling that African nations proceed to import refined merchandise regardless of long-standing requires worth addition and home refining. The quantity of imports being allowed into the nation is unethical and does a disservice to Nigeria,” he added.

Dangote burdened the necessity for a transparent separation between regulatory oversight and business pursuits, warning that permitting merchants to affect regulation would undermine the integrity of the sector.

“The downstream sector should not be destroyed by private pursuits. A dealer ought to by no means be a regulator. Forty-seven licences have been issued, but no new refineries are being constructed as a result of the surroundings just isn’t conducive,” he mentioned.

He maintained that Nigerians would in the end profit from native refining, at the same time as gas importers incur losses. Dangote mentioned he wouldn’t relent in making certain that Nigerians get pleasure from the advantages of home refining, noting that the corporate was working across the clock to make sure that current reductions within the gantry worth had been totally mirrored on the retail degree.

From Tuesday, he mentioned, all MRS filling stations would start promoting PMS at costs not exceeding N740 per litre, beginning in Lagos. He added that the refinery had decreased its minimal buy requirement from two million litres to 500,000 litres to allow extra entrepreneurs, together with members of the Impartial Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN), to take part.

“So in the event you come to the refinery at this time, you’re going to get PMS at N699 per litre,” he mentioned.

Dangote disclosed that regardless of frustration and sabotage, the refinery would deploy its Compressed Pure Fuel (CNG) vehicles within the coming days and was ready to obtain further items past the preliminary 4,000 if required to maintain reasonably priced pricing nationwide.

Responding to complaints from oil importers that the current worth discount would end in losses, Dangote mentioned the refinery was established primarily for the advantage of Nigerians.

“Anybody who chooses to proceed importing regardless of the supply of domestically refined merchandise must be ready to face the implications,” he mentioned.

He additionally highlighted high quality variations, noting that merchandise provided by way of MRS and different offtakers from the refinery had been straight-run fuels, in contrast to blended merchandise imported from abroad markets.

“Nigerians have a alternative to purchase higher high quality gas at a extra reasonably priced worth or to purchase blended PMS at a better price. Importers can proceed to lose, as long as Nigerians profit,” he added.

Dangote mentioned the refinery was pushed extra by legacy than revenue, noting that he may have invested the 20 billion {dollars} elsewhere if monetary achieve had been his sole goal. He revealed plans to record the refinery on the Nigerian Alternate to permit Nigerians to personal shares within the facility.

“We would like each dwelling Nigerian to have the chance to profit, irrespective of how small their holding. If the market takes 55 per cent and I retain 45 per cent, I’m glad,” he mentioned.

He disclosed that discussions had been ongoing with the Securities and Alternate Fee (SEC) to allow Nigerians to buy shares in naira whereas receiving dividends in {dollars}.

Dangote accused the NMDPRA of misrepresenting the refinery’s capability by publishing offtake figures quite than precise manufacturing ranges.

“Now we have the capability to fulfill native demand, and now we have adequate refined merchandise in inventory. However to maintain costs excessive, imports are intentionally inspired,” he mentioned, including that makes an attempt had been being made to push the refinery into exporting merchandise just for them to be re-imported into Nigeria at increased costs.

“This refinery is for Nigerians first, and I’m not giving up,” he mentioned.

Dangote additionally disclosed that the refinery imports a median of 100 million barrels of crude oil yearly from the US, a determine anticipated to rise to 200 million barrels following enlargement, attributable to inadequate home crude provide. He added that the refinery additionally sources crude from Ghana and different nations, whereas exporting jet gas and gasoline to the US.

He additional alleged that home refiners are compelled to purchase Nigerian crude at premiums of as much as 4 {dollars} per barrel from the buying and selling arms of worldwide oil firms, putting them at a aggressive drawback.

He known as on the federal government to make sure crude oil taxes are assessed primarily based on precise transaction values, warning that the present system permits under-declaration and income losses.