Shareholders condemn ‘unwarranted efforts’ to demarket Dangote Refinery

Nigerian shareholders have strongly defended Africa’s foremost industrialist, Aliko Dangote over the ongoing petroleum product supply controversies, while criticising the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for the deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals.

The shareholders under the aegis of the Pragmatic Shareholders Association of Nigeria (PSAN) in a statement signed by its National Coordinator, Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.

The NMDPRA boss Farouk Ahmed has faced the backlash after suggesting that the diesel produced by the $20 billion Dangote refinery is of inferior quality compared to imports into the country.

Bakare commended Dangote for his visionary approach to establishing one of Nigeria’s world’s largest refineries. She highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.

“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 added.

The shareholders group strongly condemned what they termed as “unwarranted efforts to demarket the refinery” by regulatory bodies. They cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.

“We must rally around Dangote Refinery,” Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.” She stressed the refinery’s potential to save Nigeria over 30 percent in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.

“As shareholders,” Bakare affirmed, “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 latest to join the growing list of Nigerians rallying support for Dangote in the ongoing standoff. Prominent figures and associations such as the President of the African Development Bank Group (AfDB), Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential candidate, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria have all voiced their support for Dangote Refinery.