Business

Petrol Battlefield: ICPC Plans NMDPRA Boss Probe After Dangote Petition

Published

2 months ago

December 17, 2025

The Nigerian oil and gas sector has been thrown into fresh controversy as the Independent Corrupt Practices and Other Related Offences Commission has declared that it will investigate a petition lodged against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, by the Chairman of Dangote Group, Aliko Dangote.

Dangote, in a petition submitted on December 16, 2025, through his lawyer, Ogwu Onoja (SAN), called on the ICPC to investigate, prosecute, and potentially arrest Ahmed over allegations of corruption and financial impropriety. The petition claims that Ahmed spent more than $7m on the education of his four children in Switzerland, reportedly paid upfront for a six-year period, without any lawful source of income to justify such expenditure.

“That Engr Farouk Ahmed has grossly abused his office contrary to the extant provisions of the Code of Conduct for Public Officers and, by so doing, enmeshed himself in monumental corruption and unlawful spending of public funds running into millions of dollars.

“That Engr. Farouk Ahmed spent, without evidence of lawful means of income, a humongous sum of over $7m of public funds on the education of his four children in different schools in Switzerland for a period of six years upfront,” the petition stated.

Dangote named the children and the Swiss schools they attend, providing the alleged amounts paid for each to enable verification by the ICPC. He further accused Ahmed of diverting public funds for personal gain through the instrumentality of the NMDPRA, an action the billionaire businessman claims has fuelled public outrage and recent protests by civil society groups.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement are gross acts of corrupt practices for which your Commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” Dangote said.

Dangote added that successful prosecution under the law could result in a five-year prison sentence without the option of a fine. He alleged that Ahmed had enriched himself with taxpayers’ money meant for public use, diverting it for private purposes, which he said undermined public trust in Nigeria’s petroleum sector.

Reacting to the petition, the ICPC spokesperson, John Odey, confirmed its receipt. He said, “The ICPC wishes to confirm that it received a formal petition today, Tuesday, December 16, 2025, from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”

A coalition of 40 lawyers under the aegis of Lawyers in Defence of Democracy and Anti-Corruption has condemned the corruption allegations leveled against Ahmed as baseless, describing Dangote’s claims as a malicious media trial aimed at unjustly portraying Ahmed as guilty without due process.

Addressing a press conference in Abuja, Emeka Okafor, National Coordinator, and Barrister Mohammed Bello, Secretary, said the allegations, including claims of $5m spent on Ahmed’s children’s education in Switzerland, were reckless fabrications unsupported by facts or evidence.

Okafor emphasised that the NMDPRA boss’s regulatory efforts were in the national interest, aimed at dismantling monopolistic practices and promoting investor participation in the petroleum sector.

“This is a clear attempt at a media conviction of a public officer who has not been investigated, charged, or found guilty by any competent authority,” Okafor said.

The lawyers warned that such tactics could discourage local and foreign investors, particularly at a time when President Bola Tinubu’s Renewed Hope Agenda is focused on economic revitalisation. They stressed that any grievances should be addressed through lawful institutional channels rather than media campaigns.

“If indeed there were genuine concerns, the proper course of action would have been to submit a petition to relevant anti-corruption agencies for investigation, not a trial by media,” said Barrister Bello.

Students, CSOs react

The National Association of Nigerian Students also decried what it described as a media smear campaign against Ahmed. In a statement signed jointly by Samson Ajasa and Mr Humphrey Jonathan, NANS stressed that NMDPRA is a statutory regulatory body that must never be coerced, intimidated, or blackmailed to serve individual or corporate interests.

NANS noted that while it had supported the Dangote Refinery during operational challenges, it drew a firm line against character assassination and reputational attacks against credible public servants.

“The recent actions and allegations directed at Farouk Ahmed, a man of proven integrity, professionalism, and service to the nation, are totally unacceptable to Nigerian students and civil society groups,” the statement read.

NANS called on Dangote Refinery to engage regulatory bodies and government institutions through established legal and administrative frameworks instead of media campaigns that could undermine public confidence and national stability.

The students’ association commended Ahmed and the NMDPRA for transparency in publishing regulatory reports and urged collaboration between regulators and investors to support national development.

Over 50 civil society organisations also dismissed Dangote’s allegations as false, unfounded, and unsupported by evidence. Speaking on behalf of the coalition, Comrade Ibrahim Bello, National Coordinator of the Centre for Fiscal Transparency and Public Integrity, said the organisations had conducted internal reviews and found no basis for the corruption claims against Ahmed.

They described the allegations as a calculated attempt to discredit NMDPRA’s leadership over its anti-monopoly stance in Nigeria’s midstream and downstream petroleum sector.

PETROAN backs Farouk

The Petroleum Products Retail Outlets Owners Association of Nigeria criticised Dangote’s public allegations against Ahmed, declaring strong support for the NMDPRA leadership.

In a statement signed by Dr Joseph Obele, National Public Relations Officer, PETROAN called on President Tinubu to intervene in what it described as a deepening cold war in the downstream sector, warning that public attacks on regulators could damage investor confidence.

Dr Billy Gillis-Harry, PETROAN National President, said, “The ongoing allegations and verbal attacks directed at the leadership of the NMDPRA by the President of Dangote Group are capable of discouraging potential foreign investors and eroding confidence in Nigeria’s regulatory institutions.”

PETROAN passed a vote of confidence in Ahmed’s management, citing the authority’s reforms, regulatory clarity, and improvements in operational efficiency, transparency, and competition in the downstream sector. The association condemned Dangote’s negative public statements about Nigeria’s national refineries, warning that such comments could undermine investor confidence.

The retailers’ body also stressed that public announcements of petrol prices by any individual or organisation violated the Petroleum Industry Act, Section 205(1), which provides that wholesale and retail prices should be determined by free market conditions with limited regulatory oversight.

The association raised concerns over unresolved labour disputes involving the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria with the Dangote Refinery. PETROAN warned that prolonged conflicts could lead to supply disruptions, artificial scarcity, price instability, and weakened investor confidence.

“The current dirty price war is already causing collateral damage to all parties involved. Most of the aggressive price crashes appear designed to frustrate importers and are often executed below cost. This is unsustainable and harmful to the long-term stability of the downstream sector,” the statement added.

The association urged President Tinubu to intervene decisively to resolve the disputes, promote dialogue, uphold the Petroleum Industry Act, and restore stability in the downstream petroleum sector.

At a press briefing at the Dangote Petroleum Refinery in Lekki, Lagos, on Sunday, Dangote called for a full investigation into the source of funds used by Ahmed, urging him to appear before the Code of Conduct Tribunal to offer a public explanation.

“I’ve actually had people making complaints about a regulator who has actually put his children in secondary school. And that secondary school education, which is six years, four of them cost Nigeria $5m. I mean, you cannot imagine somebody paying $5m for educating four children,” Dangote said.

Dangote also petitioned the ICPC to probe Ahmed’s financial activities, while alleging that the regulator’s actions amounted to economic sabotage that could undermine public trust and investor confidence.

Ahmed and the NMDPRA had previously dismissed similar claims in July 2025, when another group accused the CEO of spending over $5.5m on foreign education for his children. At that time, the authority described the allegations as orchestrated smear campaigns designed to discredit its leadership and inconsistent with the facts.

Since the commencement of phased operations at the Dangote Refinery, tensions between the refinery and NMDPRA have been marked by disagreements over import licences, crude supply access, pricing transparency, and the broader role of domestic refineries in meeting Nigeria’s fuel demand.

The controversy has highlighted the tensions inherent in Nigeria’s downstream petroleum sector, where regulatory reforms, investor interests, and the operations of domestic refineries intersect.

While Dangote’s petition has triggered formal investigation by the ICPC, legal experts, civil society groups, students, and industry stakeholders have emphasised due process, the presumption of innocence, and the need for collaborative engagement to ensure the sector remains stable, competitive, and attractive to investors.

With PETROAN, NANS, lawyers, and civil society groups backing Ahmed, the matter is expected to test the balance between regulatory authority and private sector interests, underscoring the delicate interplay of governance, compliance, and industrial growth in Nigeria’s vital oil and gas industry.

Business

‘Cooking Gas, Petrol Prices Crash Nationwide’ [DETAILS]

Published

1 day ago

February 3, 2026

The Daily Voice

Petrol and cooking gas prices declined year-on-year in December 2025, signalling a gradual easing of household energy costs, according to separate reports released by the National Bureau of Statistics (NBS).

Naija News reports that data from the bureau showed that both Liquefied Petroleum Gas (LPG), commonly used for cooking, and Premium Motor Spirit (PMS), also known as petrol, recorded notable price reductions compared with December 2024, alongside modest month-on-month declines.

The NBS noted that while the downward trend was observed across most states and geopolitical zones, prices continued to vary widely depending on location.

5kg Of Cooking Gas Price Drops By 25%
According to the report, the average price for refilling a 5kg cylinder of LPG declined by 1.20 per cent month-on-month, falling from ₦5,425.78 in November 2025 to ₦5,360.43 in December 2025.

On a year-on-year basis, the price fell sharply by 25.31 per cent, down from ₦7,177.27 recorded in December 2024.

Confirming the trend, the NBS stated, “The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 1.20 per cent on a month-on-month basis,” adding that the year-on-year decline stood at 25.31 per cent.”

A state-level analysis showed that Kaduna recorded the highest average price for refilling a 5kg cylinder at ₦5,838.66, followed by Jigawa at ₦5,825.09 and Osun at ₦5,777.80.

On the lower end, Katsina recorded the cheapest average price at ₦4,855.80.

Similarly, the average retail price for refilling a 12.5kg cylinder of LPG fell by 0.74 per cent month-on-month, declining from ₦13,538.79 in November 2025 to ₦13,438.90 in December 2025.

Year-on-year, the price dropped by 22.20 per cent from ₦17,274.16 recorded in December 2024.

On a state-by-state basis, Abia recorded the highest average price for refilling a 12.5kg cylinder at ₦14,489.96, followed by Osun at ₦14,444.50 and Delta at ₦14,393.17, the bureau said.

Petrol Price Dips To ₦1,048
The NBS also reported a decline in the average retail price of petrol.

According to the report, the average price of Premium Motor Spirit stood at ₦1,048.63 in December 2025, representing an 11.81 per cent decrease compared with ₦1,189.12 recorded in December 2024.

The bureau stated, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2025 was ₦1,048.63.”

On a month-on-month basis, petrol prices declined by 1.20 per cent, down from ₦1,061.35 recorded in November 2025.

Further analysis showed that Kogi State recorded the highest average petrol price at ₦1,104.45, while Oyo State had the lowest at ₦996.55.

Regionally, the North East emerged as the most expensive zone for petrol, while the South West recorded the lowest average prices.

Business

BREAKING: Naira Hits Two-Year High In Official Window As External Reserves Rise

Published

1 week ago

January 28, 2026

The Daily Voice

Nigeria’s naira recorded one of its strongest performances in months on Tuesday, January 27, 2026, appreciating sharply against the US dollar at the official foreign exchange window amid improving liquidity and rising confidence in the country’s FX reforms.

The local currency strengthened to around ₦1,400 per dollar at the official market, marking its firmest level since the Central Bank of Nigeria (CBN implemented sweeping FX reforms.

The move signals easing pressure on the naira and renewed optimism among investors and market participants.

According to the CBN’s daily foreign exchange report, the naira closed at ₦1,401.22 per dollar, representing a 1.27 percent appreciation on the day.

Market operators described the move as a reflection of improved dollar supply and stronger participation by banks and other authorised dealers.

Traders said the official window saw increased volumes, with the improved liquidity helping to narrow volatility and reduce speculative demand.

The latest performance reinforces the view that the reforms aimed at unifying exchange rates and improving price discovery are beginning to yield results.

The positive momentum extended to the parallel market, where the naira also posted modest gains.

Channel checks showed the local currency appreciating by about 0.33 per cent to trade around ₦1,476 per dollar. While the gap between the official and parallel rates remains, analysts say the narrowing spread reflects improving confidence across both the regulated and informal segments of the FX market.

According to a report by MarketForces Africa, reduced arbitrage opportunities and stronger supply conditions are helping to stabilise pricing.

The naira’s rally comes against the backdrop of rising external reserves, which have strengthened the CBN’s ability to intervene when necessary and support market liquidity.

Higher reserves are widely viewed as a key confidence signal for foreign investors, particularly portfolio investors who remain sensitive to currency risk.

Market watchers say consistent inflows from export earnings, improved remittance flows, and cautious monetary management have all contributed to the improved outlook for the naira in recent weeks.

Business

After Dangote, Another World Class Refinery to Be Built in Nigeria, CEO Confirms Location

Published

2 weeks ago

January 21, 2026

The Daily Voice

Clarivo Oil and Gas, led by Chief Obidike Chukwuebuka, has announced plans to build a world-class oil refinery in Calabar, Cross River State, aimed at boosting Nigeria’s downstream oil and gas sector.

Speaking to journalists, Chief Obidike said the project will be implemented in phases, in collaboration with foreign partners to bring advanced technical expertise and international industry standards.

The planned refinery will feature state-of-the-art technologies, including crude distillation, catalytic cracking, and hydrotreating units, enabling the production of high-quality petroleum products such as petrol, diesel, and aviation fuel.

The phased approach will begin with feasibility studies and front-end engineering design, followed by construction of core processing units, and conclude with installation of secondary units and commissioning.

Chief Obidike noted that the refinery aims to increase domestic refining capacity, reduce dependence on imported petroleum products, and enhance Nigeria’s energy security. He added that the project is expected to create significant employment across engineering, construction, operations, and logistics, while facilitating technology transfer through partnerships with international EPC contractors and investors.

On funding, he revealed that agreements with foreign stakeholders are being finalized to provide both technical and financial support. The refinery is projected to come online within five years, following the completion of all project phases and regulatory approvals.