The President of the Dangote Group, Aliko Dangote, has accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of recklessly issuing licences for the importation of petroleum products into the country.
Dangote made the allegation while addressing journalists at a press conference held at the Dangote Petroleum Refinery in Lagos on Sunday, December 14, 2025.
The billionaire businessman added that the leadership of the NMDPRA was colluding with international traders and fuel importers to undermine local refining by continually approving import licences for petroleum products.
According to him, despite efforts by his refinery to stabilise and reduce pump prices, “some people are bent on destroying the economy” by allowing the continued importation of petrol.
Dangote alleged that the regulator had approved licences for the importation of about 7.5 billion litres of Premium Motor Spirit (PMS), otherwise known as petrol, for the first quarter of 2026, even after assuring Nigerians of sufficient domestic supply.
He said imported products from Russia were being sold at significant discounts, creating an uneven playing field for local refiners.
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“The Russian product is sold at a discount of about $20 to $25 per tonne, while Nigeria’s crude attracts a premium of $2 to $3. That creates an imbalance of about $28,” he said, adding that Nigerians ultimately bear the cost as local refineries are weakened.
Dangote warned that the downstream sector was being hollowed out, noting that major international oil companies had exited downstream operations in the country.
“The downstream sector must not be destroyed by personal interests. A trader should never be a regulator,” the business mogul said.
He added that although 47 licences had been issued, no new refineries were being built due to an unfavourable operating environment.
Dangote, therefore, called on the federal government to ensure that crude oil taxes are based on actual transaction values, warning that under-declaration was leading to revenue losses.
It would be recalled that the NMDPRA Chief Executive Officer, Farouk Ahmed, in May 2023, said the authority was prepared to issue import licences to companies interested in bringing in petrol, noting that the Petroleum Industry Act (PIA) 2021 empowers the regulator to license qualified refiners and crude oil producers.
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