The shareholders commended Aliko Dangote for his visionary approach in establishing one of the world’s largest refineries in Nigeria.
By Jeffrey Agbo
Pragmatic Shareholders Association of Nigeria (PSAN) has condemned the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, over his attempt at demarketing Dangote Petroleum Refinery and Petrochemicals.
Ahmed has come under criticism after suggesting that the diesel produced by the $20 billion Dangote refinery is of inferior quality compared to imports into the country.
PSAN, in a statement on Wednesday signed by its National Coordinator, Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency.
The shareholders commended Aliko Dangote for his visionary approach in establishing one of the world’s largest refineries in Nigeria. They highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.
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“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,” the statement said.
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,” Mrs. 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% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.
“As shareholders,” Mrs. 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.