Economic Sabotage Claims: Dangote Accuses NMDPRA Boss of Undue Wealth, Demands Probe as Petrol Price Drops
Story: written by Uzuh Rita December 15,2025
Chairman of the Dangote Group, Aliko Dangote, has alleged an organised scheme aimed at undermining Nigeria’s economy, accusing the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of questionable financial dealings and regulatory compromise.
Dangote raised concerns over Ahmed’s personal wealth, alleging that four of the regulator’s children attend elite secondary schools in Switzerland with tuition fees allegedly running into millions of dollars. He argued that such expenses are inconsistent with the legitimate earnings of a public official and raise serious concerns about conflicts of interest in the downstream petroleum sector.
“I am not asking for his sack, but for transparency and accountability. There must be a thorough investigation to determine whether his position has been abused against the interest of Nigerians. What we are witnessing is economic sabotage,” Dangote said.
He further claimed that as much as $5 million was allegedly paid in tuition fees alone, questioning how such costs could be justified when many Nigerian parents struggle to pay basic school fees. Dangote contrasted this with his own decision to educate his children in Nigeria.
The billionaire businessman challenged Ahmed to publicly refute the claims, vowing to release documentary evidence and pursue legal avenues if necessary. He called on the Code of Conduct Bureau or any relevant authority to investigate the matter.
Amid the controversy, Dangote announced relief for motorists, stating that the pump price of Premium Motor Spirit (PMS) would drop significantly from Tuesday. According to him, petrol will sell for no more than ₦740 per litre in Lagos, following a reduction in the refinery’s gantry price to ₦699 per litre.
He disclosed that MRS filling stations would be the first to reflect the new pricing and added that the refinery had reduced its minimum purchase volume from two million litres to 500,000 litres, enabling wider participation by independent marketers, including IPMAN members.
Efforts to reach Ahmed for comment as of the time of filing this report were unsuccessful.
Import Licence Controversy
Dangote also accused regulators of issuing excessive fuel import licences despite sufficient local refining capacity. He revealed that licences covering about 7.5 billion litres of PMS had allegedly been approved for the first quarter of 2026, a move he described as harmful to domestic refineries and local investment.
He warned that continuous import approvals are pushing modular refineries toward collapse and allowing powerful interests to dominate the sector. Dangote stressed that regulators must be independent and not influenced by traders, noting that 47 licences have been issued without any meaningful increase in refining capacity.
Responding to complaints from fuel importers over losses linked to price cuts, Dangote insisted that the refinery exists primarily to serve Nigerians, not to maximise profits. He added that Nigerians deserve better-quality, locally refined fuel at affordable prices.
Dangote reiterated that legacy, not profit, drives the refinery project and announced plans to list the refinery on the Nigerian Exchange to allow Nigerians to own shares.
He also revealed challenges with crude oil supply, stating that the refinery imports about 100 million barrels annually from the United States due to limited domestic supply, while local refiners are forced to buy Nigerian crude at premium prices.
Despite the challenges, Dangote pledged to deploy thousands of Compressed Natural Gas (CNG) trucks nationwide to stabilise fuel prices, declaring, “This refinery is for Nigerians, and I will not back down.”
