Dangote Vows to Expose NMDPRA CEO’s ‘$5m School Fees’

By Love Ikuku-Oyedokun

Lagos, Nigeria – Aliko Dangote, President of Dangote Industries Limited, has called for an immediate investigation into the activities of Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accusing him of undermining Nigeria’s domestic refining capacity through alleged corrupt practices.

Cablenews24 reports that while speaking at a press conference at the Dangote Petroleum Refinery on Sunday, Africa’s richest man accused the NMDPRA leadership of colluding with international oil traders to flood Nigeria with imported fuel despite the availability of locally refined products.

“This is economic sabotage,” Dangote declared. “The NMDPRA keeps issuing import licences when we have enough refining capacity. Why?”

Dangote alleged that Farouk Ahmed lives far beyond his legitimate income, citing his children’s education in Switzerland as a red flag.

“Four of his children attend secondary schools in Switzerland, with tuition fees running into millions of dollars,” he claimed. “How many Nigerians can afford that? Even in Sokoto, his home state, parents struggle to pay ₦10,000 school fees.”

He challenged the NMDPRA boss to publicly account for his wealth, threatening to expose evidence of the alleged exorbitant school payments if denied.

“If he denies it, I will publish the receipts and even sue the schools to confirm the payments,” Dangote vowed.

Amid the controversy, Dangote announced a further reduction in the pump price of Premium Motor Spirit (PMS), projecting that petrol would sell for less than ₦740 per litre before Christmas.

“From Tuesday, MRS stations in Lagos will reflect our new gantry price of ₦699 per litre,” he said. “Other marketers will follow.”

He also reduced the refinery’s minimum purchase requirement from two million litres to 500,000 litres to allow smaller marketers, including IPMAN members, to access cheaper fuel directly.

Dangote expressed frustration over the NMDPRA’s issuance of 7.5 billion litres of PMS import permits for Q1 2026, despite Nigeria’s growing refining capacity.

“Modular refineries are dying because of this policy,” he lamented. “Why import when we can refine here?”

He accused some industry players of deliberately keeping fuel prices high by encouraging imports, only to later re-import Dangote’s exported products at inflated rates.

Dangote has therefore urged the Code of Conduct Bureau (CCB) and other anti-graft agencies to probe Farouk Ahmed’s finances and regulatory decisions.

“A trader should never be a regulator,” he warned. “The NMDPRA’s actions suggest a conflict of interest that harms Nigeria.”

He also called for transparency in crude oil pricing, alleging that local refiners are forced to buy Nigerian crude at a $4 per barrel premium from international oil companies.

Despite the challenges, Dangote revealed plans to list the refinery on the Nigerian Exchange, allowing Nigerians to buy shares and earn dollar-denominated dividends.

“This refinery is for Nigerians first,” he said. “If the public owns 55% and I keep 45%, I’m satisfied.”

The refinery currently imports 100 million barrels of crude annually from the U.S., a figure set to double after expansion due to insufficient local supply.

Dangote has however sent a strong message to fuel importers, stating that “they can continue to lose money, but Nigerians will benefit.”

“We didn’t build this refinery for profit alone,” he said. “It’s about legacy.”

He assured Nigerians of better-quality fuel from his refinery, contrasting it with “blended, substandard imports.”

The allegations have sparked calls for an urgent probe into the NMDPRA’s operations. As Dangote’s refinery pushes for market dominance, the battle between local refining and fuel imports intensifies, with Nigerian consumers caught in the middle.

“I will not give up on Nigeria,” Dangote declared. “This refinery will succeed, no matter the sabotage.”

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