In response to ongoing disputes over the supply of petroleum products, shareholders have vigorously defended Africa’s most successful industrialist, Aliko Dangote. At the same time, they have criticised Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for his purposeful attempt to demarket Dangote Petroleum Refinery & Petrochemicals.
Thank you for visiting The Vestigator, don't forget to share!
In a statement signed by its National Coordinator, Mrs. Bisi Bakare, the shareholders acting through the Pragmatic Shareholders Association of Nigeria (PSAN) voiced their dismay over the recent accusations made by the petroleum regulatory body concerning the quality of diesel produced by Dangote Petroleum Refinery. Farouk Ahmed, the head of the NMDPRA, has come under fire for implying that the diesel generated at the $20 billion Dangote refinery is of lower quality than what is imported into the nation.
Bakare praised Dangote for his innovative strategy in building one of the biggest refineries in the world in Nigeria. She emphasised Dangote’s resolve and patriotism by highlighting his significant investments, such as the refinery, and his dedication to the country’s progress. “Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders,” she stated.
What the shareholders group called “unwarranted efforts to demarket the refinery” by regulatory agencies were sharply denounced.
They issued a warning, stating that such measures may discourage foreign and local investment and jeopardise government initiatives to guarantee fuel availability and stabilise prices. “We must rally around Dangote Refinery,” said Mrs. Bakare, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.”
She emphasised how the refinery might help Nigeria greatly with its foreign exchange problems by saving over 30% of the foreign exchange that is now spent on offshore refining. “As shareholders,” Mrs. Bakare stated, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”
PSAN is the most recent addition to the expanding group of Nigerians endorsing Dangote in the ongoing impasse. The Dangote Refinery has received support from a number of notable individuals and organisations, including federal lawmakers, billionaire businessman Femi Otedola, former vice president and Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar, former governor of Anambra state and Labour Party presidential candidate Peter Obi, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), and the Manufacturers Association of Nigeria.
