Defending Africa’s wealthiest individual, Aliko Dangote, shareholders from the Pragmatic Shareholders Association of Nigeria have criticized Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, for his alleged efforts to discredit Dangote Petroleum Refinery and Petrochemicals.
Emphasizing the importance of unity among Nigerians, the group urged for widespread support for Dangote Refinery.
Expressing disappointment in recent allegations made by the petroleum regulatory agency about the quality of diesel produced by Dangote Petroleum Refinery, PSAN’s National Coordinator, Bisi Bakare, released a statement on Wednesday.
Recently, the NMDPRA leader faced backlash for suggesting that the diesel from Dangote Refinery was of lower quality compared to imported fuel.
Bakare praised Dangote for his forward-thinking approach in establishing one of the world’s top refineries in Nigeria.
She highlighted Dangote’s dedication to national progress, underscoring his patriotism and determined spirit shown through substantial investments like the refinery.
“Dangote has prioritized local business investments, significantly contributing to economic growth via tax contributions, extensive job opportunities, and consistent returns for shareholders,” she remarked.
The shareholders strongly denounced what they perceived as unjust attempts to undermine the refinery by regulatory bodies.
They warned that such actions might discourage both local and international investors, hampering government initiatives to stabilize fuel prices and ensure adequate supply.
“We must come together in support of Dangote Refinery,” urged Bakare.
She highlighted the refinery’s potential to save Nigeria “at least 30% in foreign exchange spent on overseas refining, which could substantially ease the country’s foreign exchange challenges.”
Bakare added, “As shareholders, we stand firm in our backing of Alhaji Aliko Dangote’s vision to strengthen the nation’s economy and create more opportunities for our citizens.”
PSAN has joined other Nigerians in rallying behind Dangote amidst the current situation.
The statement observed that notable figures and groups such as Akinwumi Adesina, President of the African Development Bank Group; entrepreneur Femi Otedola; federal legislators; former Vice President and 2023 presidential hopeful of the Peoples Democratic Party, Atiku Abubakar; ex-Anambra 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 expressed their support for Dangote Refinery.