● Billionaire petitions anti-graft agencies over alleged $5m Swiss school fees; Regulator fires back, welcomes probe, says “Nigeria’s interest comes first”
The drama between oil mogul and Africa’s richest man, Aliko Dangote, and regulator, Farouk Ahmed, gets curiouser. After a widely circulated statement, Engr Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a disclaimer to say the statement did not emanate from him.
But who flooded the social media with the statement with such clarity and facts? The drama continues.
In the DISCLAIMER/CLARIFICATION, Farouk said: “My attention has been drawn to a purported response I was said to have made on the recent allegations against my person.
“I hereby state categorically that the so-called statement did not emanate from me.
“While I am aware of the wild and spurious allegations made against me and my family and the frenzy it has generated, as a regulator of a sensitive industry, I have opted not to engage in public brickbat.
“Thankfully, the person behind the allegations has taken it to a formal investigative institution.
“I believe that would provide an opportunity to dispassionately distill the issues and to clear my name.”
However, Nigeria’s already-volatile petroleum sector was plunged into its deepest institutional crisis in years on Monday after Africa’s richest man, Aliko Dangote, formally accused the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, of corruption, abuse of office, and living far beyond his lawful earnings.
But the big question for Nigerians remain: Will the hullabaloo lead to petroleum products price crash which they desire, or is it a well-choreographed storm in a teacup?
The allegations—centred on claims that Farouk spent up to $5 million on foreign education for his children in Switzerland—have triggered a political, legal, and moral firestorm, drawing in the Independent Corrupt Practices Commission (ICPC), the National Assembly, civil society groups, and the Presidency’s anti-corruption machinery.
At stake is not only the personal reputation of a senior regulator, but the credibility of Nigeria’s post-Petroleum Industry Act regulatory regime—and the uneasy relationship between state oversight and private capital in Africa’s largest oil economy.
THE ALLEGATION
In a detailed petition submitted to the ICPC and copied to the National Assembly, Dangote alleged that the NMDPRA boss paid multimillion-dollar fees to elite Swiss boarding schools, a lifestyle, he argued, “clearly inconsistent with the legitimate income of a public servant.”
The petition named prestigious institutions and accused Farouk of:
– False asset declarations
– Unexplained wealth
– Breach of the Code of Conduct for Public Officers
– Abuse of regulatory authority
Dangote’s move came amid mounting tensions over fuel import licences, refinery supply dominance, and the regulator’s refusal to restrict imports despite the operational ramp-up of the Dangote Refinery, the largest single-train refinery in the world.
At a media briefing, Dangote framed the issue starkly:
“This is not a personal matter. It is about accountability. Public officials must not live like billionaires while Nigerians struggle.”
THE NOW DISCLAIMED RESPONSE
Within hours, Engr. Farouk Ahmed allegedly issued a lengthy, combative, and unusually personal statement, rejecting the accusations and describing them as “manufactured, ill-timed, and driven by commercial interests uncomfortable with regulatory independence.”
Tracing his career back to 1991, Farouk portrayed himself as a technocrat forged in the engine room of Nigeria’s petroleum bureaucracy—rising through competitive examinations, technical postings, and regulatory firefighting rather than political patronage.
“The national interest of Nigeria transcends all personal considerations,” he declared.
On the education controversy, Farouk offered a detailed breakdown:
– Three of his four children received merit-based scholarships covering 40–65% of tuition.
– Additional funding came from education trust funds established by his late father, a businessman who died in 2018.
– His contributions, he said, were drawn from three decades of savings, cooperative investments, and declared income.
– His annual compensation of approximately ₦48 million, he noted, is publicly audited and documented.
In a bold move, Farouk invited full investigation, authorising schools abroad to release financial records to Nigerian authorities.
“Investigate everything. Scrutinise every transaction. My record will withstand any legitimate inquiry.”
REGULATORY WAR OR ANTI-CORRUPTION CRUSADE?
Behind the moral outrage lies a deeper structural conflict.
Since 2021, the NMDPRA has:
– Tightened fuel quality standards
– Enforced transparent pricing disclosures
Granted import licences to prevent supply shortages, even when domestic refining capacity exists
Dangote has publicly described these import approvals as “economic sabotage”, arguing they undermine local refining and drain foreign exchange.
Farouk rejects this outright, citing Section 7 of the Petroleum Industry Act, which mandates the regulator to ensure supply security and prevent scarcity.
“A single-source supply model—regardless of ownership—is a national risk,” Farouk warned.
Industry analysts say the clash exposes a fundamental dilemma: Can Nigeria encourage mega-scale private investment without allowing regulatory capture?
TIMELINE OF A CRISIS
2021 – Farouk Ahmed appointed CEO of NMDPRA
2023–2025 – Reforms tighten licensing, quality controls, and data disclosure
Mid-2025 – Tensions rise over import licences and refinery dominance
Dec 15, 2025 – Dangote submits petition to ICPC
Dec 16, 2025 – Farouk issues public rebuttal, invites investigation
Dec 17, 2025 – National Assembly signals possible hearings
The disagreement has been interesting with its fireworks.
Dangote: “Public office is not a licence for luxury.”
Farouk: “If the price of independence is personal attack, I accept that price.”
Energy Analyst: “This is not just about school fees. It’s about who controls Nigeria’s energy future.”
– ICPC has confirmed receipt of the petition and is expected to open a formal probe.
– Lawmakers may summon both men for public hearings.
– Civil society groups are demanding transparency—but also cautioning against trial by media.
– Investors are watching nervously, wary of regulatory instability.
Legal experts warn that if mishandled, the saga could:
– Undermine confidence in Nigeria’s reform agenda
– Politicise anti-corruption institutions
– Deepen the rift between state regulators and private capital
But other questions linger:
– Is this a brave anti-corruption stand by Africa’s richest man—or a high-stakes corporate pushback against an unyielding regulator?
For now, Nigeria is left with a defining test:
Can its institutions investigate power without fear—or favour?
The answer may determine not just the fate of two powerful men, but the future credibility of governance in Nigeria’s most strategic sector.
