Defending Africa’s wealthiest man, Aliko Dangote, shareholders represented by the Pragmatic Shareholders Association of Nigeria have criticized the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, for what they see as a deliberate attempt to undermine Dangote Petroleum Refinery and Petrochemicals.
Emphasizing the importance of unity, the group called for Nigeria and its people to stand behind Dangote Refinery.
In a statement issued on Wednesday by National Coordinator Bisi Bakare, the PSAN expressed disappointment over recent allegations made by the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.
The NMDPRA chief has recently faced backlash for suggesting that the diesel produced by Dangote Refinery is of lesser quality compared to imports into the country.
Bakare praised Dangote for his forward-thinking in establishing one of the world’s leading refineries in Nigeria.
She highlighted Dangote’s dedication to national progress, emphasizing his patriotism and steadfastness through significant investments like the refinery.
“Dangote has prioritized local business investments, which have made substantial contributions to economic growth through tax payments, extensive job creation, and consistent shareholder returns,” she added.
The shareholder group strongly disapproved of what they labeled as “unjustified attempts to undermine the refinery” by regulatory bodies.
They warned that such actions could discourage both local and international investors and undermine government initiatives to stabilize fuel prices and ensure availability.
“Let us unify our support for Dangote Refinery,” Bakare encouraged.
She highlighted the refinery’s potential to save Nigeria “over 30% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.”
Bakare further stated, “As shareholders, we stand firm in our endorsement of Alhaji Aliko Dangote’s vision to strengthen the nation’s economy and create more opportunities for our citizens.”
PSAN has now joined the ranks of Nigerians showing support for Dangote amidst the ongoing criticism.
The statement acknowledged that distinguished individuals and groups including the President of the African Development Bank Group, Akinwumi Adesina; business magnate Femi Otedola; federal legislators; former Vice President and 2023 presidential hopeful of the Peoples Democratic Party, Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential aspirant, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; and the Manufacturers Association of Nigeria have all voiced their backing for Dangote Refinery.