President of Dangote Industries Limited, Aliko Dangote, has called for a formal probe of NMDPRA Chief Executive Officer, Farouk Ahmed, over allegations of economic sabotage and conflict of interest.
Dangote made the call on Monday during a press conference at the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos. He accused the downstream regulator of undermining local refining through continued issuance of fuel import licences.
According to him, the regulator’s actions favour fuel importers and international traders. He said this practice discourages domestic investment and weakens Nigeria’s refining sector.
Dangote also urged authorities to investigate Ahmed’s personal finances. He questioned the source of $5 million allegedly paid as secondary school fees in Switzerland for four of Ahmed’s children.
“I am not calling for his removal,” Dangote said. “I am asking for a proper investigation. What is happening amounts to economic sabotage.”
Import Licences, Pricing and Refinery Measures
Dangote disclosed that import licences covering about 7.5 billion litres of petrol were reportedly issued for the first quarter of 2026, despite existing domestic refining capacity.
He warned that modular refineries were already under pressure. He said continued import approvals could push them out of business.
Dangote assured Nigerians of further price relief. He said petrol would sell at no more than ₦740 per litre from Tuesday, starting in Lagos. The reduction follows the refinery’s gantry price cut to ₦699 per litre.
He said MRS filling stations would be the first to implement the new price.
To widen access, the refinery reduced its minimum purchase requirement from two million litres to 500,000 litres. This change allows more marketers, including IPMAN members, to buy directly.
Dangote added that the refinery would deploy Compressed Natural Gas (CNG) trucks nationwide. He said the company was ready to expand beyond the initial 4,000 trucks if needed.
Industry Impact and Regulatory Response
Dangote criticised what he described as entrenched interests benefiting from fuel imports. He said the practice hurts national development.
“The downstream sector must not be controlled by personal interests,” he said. “A trader should never be a regulator.”
He noted that 47 licences had been issued, yet no new refineries were being built. He blamed an unfriendly operating environment.
Dangote said locally refined fuel benefits Nigerians, even if importers incur losses. He added that refinery products supplied through MRS and other off-takers are straight-run fuels, unlike blended imports.
On ownership, Dangote confirmed plans to list the refinery on the Nigerian Exchange. He said talks with the Securities and Exchange Commission (SEC) were ongoing. Nigerians, he said, would buy shares in naira and receive dividends in dollars.
Dangote disclosed that the refinery imports about 100 million barrels of crude oil annually from the United States. He said the volume could rise to 200 million barrels after expansion due to limited domestic supply. The refinery also sources crude from Ghana and other countries and exports jet fuel and gasoline to the United States.
He further alleged that domestic refiners buy Nigerian crude at premiums of up to $4 per barrel from international oil companies’ trading arms.
When contacted, NMDPRA spokesman George Ene-Ita declined to comment, saying, “No comment.”