Shareholders Rally Behind Dangote Amid NNPC Controversy

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**Shareholders Rally Behind Dangote Amid NNPC Controversy**

Shareholders have come to the defense of Africa’s leading industrialist, Aliko Dangote, amidst ongoing disputes over petroleum product supplies. 

They have criticized the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for allegedly attempting to undermine Dangote Petroleum Refinery & Petrochemicals.

The Pragmatic Shareholders Association of Nigeria (PSAN), led by National Coordinator Mrs. Bisi Bakare, expressed their discontent over accusations from the NMDPRA concerning the quality of diesel produced by the Dangote Refinery. Farouk Ahmed had suggested that the diesel from the $20 billion refinery was of lower quality compared to imports.

Bakare praised Dangote for his visionary investment in creating one of the world’s largest refineries in Nigeria, highlighting his commitment to national development through significant local investments, job creation, tax contributions, and returns for shareholders.

The shareholders condemned the regulatory body's alleged efforts to discredit the refinery, warning that such actions could deter investment and undermine government efforts to stabilize fuel prices and ensure supply. Bakare emphasized the importance of supporting the refinery, including securing crude oil allocations and cooperation from international oil companies and regulatory agencies.

The group pointed out the refinery’s potential to save Nigeria over 30% in foreign exchange spent on offshore refining, which could significantly reduce the country's foreign exchange challenges. They affirmed their unwavering support for Dangote's vision to strengthen the nation's economy and create more opportunities for citizens.

PSAN joins a growing list of prominent supporters of Dangote in this standoff, including figures such as AfDB President Akinwumi Adesina, billionaire businessman Femi Otedola, federal lawmakers, former Vice President Atiku Abubakar, former Anambra State Governor Peter Obi, and organizations like NACCIMA and the Manufacturers Association of Nigeria.