By: Ibrahim Aishat Ayomide
Date: 15 December 2025
Aliko Dangote, President and CEO of Dangote Industries Limited, has called for an inquiry into the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accusing them of economic sabotage that threatens local refining capabilities in Nigeria.
At a press conference held at the Dangote Petroleum Refinery, Dangote criticized NMDPRA’s leadership for allegedly colluding with international traders and oil importers to hinder domestic refining by continually issuing import licenses for petroleum products.
He assured Nigerians that the price of Premium Motor Spirit (PMS) would decrease, announcing that petrol would not exceed N740 per litre from tomorrow in Lagos, following a reduction of the gantry price to N699 per litre by his refinery. He indicated that MRS filling stations would be the first to display the new price.
Concerned about the state of the downstream sector, Dangote emphasized that Nigeria’s dependence on fuel imports is detrimental to local production and discourages investment in domestic refining. He noted that approximately 7.5 billion litres of PMS import licenses are set to be issued in the first quarter of 2026, despite the country’s ample domestic refining capacity.
Dangote stated that modular refineries are already struggling in the current policy landscape and are on the verge of extinction, with the ongoing issuance of import permits further jeopardizing the sector.
“I am not calling for Farouk Ahmed’s removal, but I want a thorough investigation. He needs to clarify his actions and show that he has not compromised his position to the detriment of Nigerians. This situation amounts to economic sabotage,” Dangote asserted.
He suggested that the Code of Conduct Bureau, or another appropriate authority, should investigate the matter. He also mentioned that if falsehoods are presented, he would take legal actions to expose the truth behind Ahmed’s financial circumstances, highlighting the stark contrasts in education costs faced by different Nigerians.
Dangote identified entrenched interests within the petroleum sector that profit from fuel imports to the detriment of national development, stressing that African countries should not be importing refined products despite calls for domestic refining.
He warned that the integrity of the sector would be compromised if commercial interests influenced regulatory oversight, stating, “The downstream sector must not be undermined by personal interests. A trader should not be a regulator.”
He emphasized the importance of local refining, stating that although fuel importers may incur losses, Nigerians would ultimately benefit. He confirmed that the refinery is committed to ensuring that price reductions are passed on to consumers.
From tomorrow, MRS filling stations will sell petrol for no more than N740 per litre, starting in Lagos, with the refinery lowering its minimum purchase requirements to facilitate participation from more marketers, including members of IPMAN.
Despite hindered operations, Dangote announced that the refinery plans to deploy Compressed Natural Gas (CNG) trucks soon and is open to acquiring more if necessary to maintain affordable pricing nationwide.
In response to concerns from oil importers regarding the financial effects of reduced prices, Dangote reiterated that the refinery’s primary purpose is to benefit Nigerians, stating, “Anyone who chooses to keep importing despite locally refined products should be ready for the consequences.”
He also highlighted that the fuels supplied from his refinery are of a higher quality compared to blended products sourced from abroad, providing Nigerians with options for better quality fuel at competitive prices.
Dangote explained that the refinery represents more than just a financial investment for him; he expressed a desire for locals to have the chance to own shares in the facility and shared plans to list on the Nigerian Exchange.
“We want every Nigerian to benefit, no matter how small their stake,” he said, mentioning ongoing discussions with the Securities and Exchange Commission (SEC) to allow share purchases in naira while dividends would be paid in dollars.
He accused the NMDPRA of misrepresenting the refinery’s capacity by focusing on offtake figures instead of actual production levels, claiming that the refinery is capable of meeting local demand and has enough refined products available.
Dangote further reported that the refinery imports around 100 million barrels of crude oil annually from the United States, a number expected to increase due to expansion plans. He pointed to challenges domestic refiners face from high crude prices charged by international oil companies and called for reforms in taxation to prevent revenue losses.
Petrol Prices Set to Reach N740 per Litre, Allegations of Regulatory Sabotage by Dangote
