President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has called on the Federal Government to investigate and prosecute the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, over allegations of economic sabotage and actions he claims are undermining domestic refining in Nigeria.
Dangote made the call while speaking with journalists at the Dangote Petroleum Refinery, where he accused the leadership of the NMDPRA of working in concert with international oil traders and fuel importers to frustrate local refining efforts.
He alleged that the continuous approval of import licences for petroleum products was deliberately weakening Nigeria’s refining capacity.
The industrialist further claimed that the NMDPRA chief was living beyond his legitimate income, further raising concerns about the integrity of regulatory oversight in the downstream petroleum sector.
Despite his criticisms, Dangote reassured Nigerians that petrol prices would continue to decline, announcing that the pump price of Premium Motor Spirit, PMS, would not exceed N740 per litre from Tuesday, beginning in Lagos.
He said the reduction follows the refinery’s decision to cut its gantry price to N699 per litre, with MRS filling stations expected to be the first to reflect the new pricing.
“I am not asking for his removal, but for a transparent investigation. He should be made to explain his actions and prove that his office has not been compromised.
“What we are witnessing amounts to economic sabotage,” Dangote said.
Dangote emphasised the importance of clearly separating regulatory responsibilities from commercial activities, warning that allowing traders to influence regulatory decisions would erode confidence in the sector.
“The downstream industry must not be sacrificed to personal interests. A trader should never act as a regulator. Dozens of licences have been issued, yet no new refineries are emerging because the operating environment is hostile,” he said.
