Business
Dangote demands probe of NMDPRA Chief over alleged economic sabotage
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has urged 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 addressing 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 licenses for petroleum products was deliberately weakening Nigeria’s refining capacity.
The industrialist also 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 liter from Tuesday, beginning in Lagos.
He explained that 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.
Dangote expressed deep concern over the structure of Nigeria’s downstream petroleum industry, warning that the country’s continued dependence on imported fuel was stifling local production and discouraging investment in domestic refining.
He revealed that import licenses amounting to about 7.5 billion liters of PMS had reportedly been approved for the first quarter of 2026, despite the existence of substantial local refining capacity.
According to him, the policy environment has placed modular refineries under severe pressure, pushing many to the verge of collapse.
“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, adding that agencies such as the Code of Conduct Bureau could be tasked with conducting the probe.
He further described the downstream sector as being dominated by powerful interests that profit from fuel imports at the expense of national development.
Dangote lamented that many African countries, including Nigeria, continue to rely on imported refined products despite longstanding calls for value addition and local refining.
According to him, the volume of fuel imports being permitted into the country is unethical and undermines Nigeria’s economic interests.
Dangote stressed 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.
He maintained that Nigerians stand to benefit significantly from local refining, even as fuel importers bear losses.
Dangote reaffirmed his commitment to ensuring that citizens enjoy the full benefits of domestic refining, noting that the company is working tirelessly to ensure that recent gantry price reductions translate to lower pump prices nationwide.
From Tuesday, he said, MRS filling stations in Lagos would commence the sale of PMS at prices not exceeding N740 per litre.
He also disclosed that the refinery has reduced its minimum purchase requirement from two million litres to 500,000 litres, enabling more marketers, including members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, to access products directly.
“So, any marketer coming to the refinery today can lift PMS at N699 per litre,” Dangote added.
The Trade Union of Nigeria, TUC, has raised the alarm that the price of Premium Motor Spirit aka Petrol may climb to about N2,000 per litre if urgent measures are not taken to cushion the impact of rising global crude prices and the depreciating naira.
Speaking to newsmen on Thursday, April 9, the president of the TUC, Festus Osifo, called on the Federal Government to immediately deploy 60 percent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude feedstock supplies to the Dangote Refinery and other modular refineries, a move it says will slash pump prices of petrol, diesel, and jet fuel within two weeks
“Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.
The same way it is affecting transportation, it is also affecting manufacturing. The cost of diesel has also gone northward, meaning that the cost of production has increased. When production costs rise, the final price of goods on the shelves will also skyrocket.
If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again,” he stated.
Osifo outlined the proposal as an urgent intervention to cushion Nigerian workers from excruciating pain caused by petrol prices edging towards ₦2,000 per litre in some parts of the country
The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.
The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.
The statement read
“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.
The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.
This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.
Further details on implementation are expected to be communicated by the relevant government authorities in due course.”
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
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