Dangote Accuses NMDPRA of Sabotage, Calls for Probe as Petrol Price Set to Drop to ₦740

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has demanded a thorough investigation into the leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accusing its Chief Executive Officer, Engr. Farouk Ahmed, of actions he described as economic sabotage that undermine domestic refining.

Dangote made the allegation on Monday during a press conference at the Dangote Petroleum Refinery, where he accused the NMDPRA leadership of colluding with international traders and fuel importers by continuing to issue import licences for petroleum products despite Nigeria’s growing local refining capacity.

He further alleged that Engr. Ahmed was living beyond his legitimate means.

Despite his concerns, Dangote assured Nigerians that petrol prices would drop further, announcing that Premium Motor Spirit (PMS) would sell for no more than ₦740 per litre from Tuesday, starting in Lagos. He said the reduction followed the refinery’s decision to cut its gantry price to ₦699 per litre, with MRS filling stations expected to reflect the new price first.

Dangote expressed worry that Nigeria’s continued dependence on imported fuel was damaging local production and discouraging investment in domestic refining. He revealed that import licences amounting to about 7.5 billion litres of PMS had reportedly been issued for the first quarter of 2026, even with substantial local refining capacity available.

According to him, modular refineries are already struggling under existing policies and risk shutting down, while the ongoing issuance of import permits further weakens the downstream sector.

“I am not calling for his removal, but for a proper investigation. He should be required to account for his actions and demonstrate that he has not compromised his position to the detriment of Nigerians. What is happening amounts to economic sabotage,” Dangote said.
“The Code of Conduct Bureau, or any other body deemed appropriate by the government, can investigate the matter.”

He described the downstream petroleum sector as being under severe strain, alleging that entrenched interests were profiting from fuel imports at the expense of national development.

“There are powerful interests in the oil sector. It is troubling that African countries continue to import refined products despite long-standing calls for value addition and domestic refining. The volume of imports being allowed into the country is unethical and does a disservice to Nigeria,” he added.

Dangote stressed the need to separate regulatory oversight from commercial interests, warning that traders should not influence regulation.

“The downstream sector must not be destroyed by personal interests. A trader should never be a regulator. Forty-seven licences have been issued, yet no new refineries are being built because the environment is not conducive,” he said.

He maintained that Nigerians would ultimately benefit from local refining, even if fuel importers incur losses, adding that his company was working to ensure recent gantry price reductions are reflected at the retail level.

Dangote also disclosed that the refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres to allow more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate.

“So if you come to the refinery today, you will get PMS at ₦699 per litre,” he said.

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