Aliko Dangote, Chairman of Dangote Industries Limited, has leveled explosive corruption allegations against Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). During a press conference on Sunday at the Dangote Refinery, the billionaire claimed that Ahmed spent $5 million of public funds over six years on secondary school education for four of his children in Switzerland. Dangote argued that such an expenditure is vastly inconsistent with the earnings of a public official and called for an immediate federal investigation, even threatening to sue the Swiss schools to force disclosure of payment records if the allegations are denied.
Beyond personal corruption, Dangote accused the NMDPRA leadership of active economic sabotage by colluding with international oil traders to undermine local refining. He alleged that the agency has continued to issue “reckless” import licenses for 7.5 billion liters of petroleum products for the first quarter of 2026, despite the refinery’s capacity to meet national demand. According to Dangote, these entrenched interests profit from fuel imports at the expense of Nigeria’s development, essentially functioning as a “mafia” that is larger and more dangerous than drug cartels.
Despite the alleged regulatory hurdles, Dangote announced a significant reduction in the pump price of petrol, stating it would fall to no more than N740 per liter starting Tuesday, initially at MRS filling stations in Lagos. This drop follows the refinery’s decision to cut its gantry price to N699 per liter to enable more affordable access for Nigerians. The mogul emphasized that local refining offers better quality “straight-run” fuel compared to the blended products imported from abroad, forcing importers to choose between accepting losses or ceasing operations.
The billionaire also highlighted the stark contrast between the regulator’s alleged lifestyle and the economic reality in Nigeria, specifically noting that many families in Ahmed’s home state of Sokoto struggle to afford school fees of just N100,000. While Dangote clarified that he is not calling for Ahmed’s immediate dismissal, he insisted that the CEO must be held accountable and cleared through a transparent probe by the Code of Conduct Bureau. He vowed to use his resources to ensure that the integrity of the petroleum sector is restored and that personal interests no longer dictate national energy policy.
In a direct challenge to the current system, Dangote revealed that he has reduced the minimum purchase requirement from two million liters to 500,000 liters to encourage smaller independent marketers to participate. He remains optimistic that the increased participation and the refinery’s deployment of Compressed Natural Gas (CNG) trucks will further drive down prices across the country.
