Dangote–NMDPRA Conflict: House Launches Investigation to Stabilize Petrol Supply

The House of Representatives has resolved to investigate the ongoing dispute between Aliko Dangote, chairman of the Dangote Group, and Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The decision follows the adoption of a motion of urgent public importance during Tuesday’s plenary session.

The motion was moved by Midala Balami, representing Askira Uba/Hawul federal constituency in Borno State, and unanimously adopted after a voice vote presided over by Deputy Speaker Benjamin Kalu.

The dispute escalated after Dangote alleged in a newspaper advertisement that Ahmed spent about $5 million on the secondary education of his four children in Switzerland over six years, including tuition, airfare, and upkeep. The total claimed cost, according to Dangote, amounted to $4.8 million.

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Tensions between the billionaire industrialist and the NMDPRA CEO initially peaked in July 2024, when Ahmed claimed that local refineries, including the Dangote Refinery, produce inferior fuel products compared with imports. Dangote denied the allegations and conducted tests on diesel from his refinery during an oversight visit by federal lawmakers.

Moving the motion, Balami warned that the unresolved feud could threaten domestic petrol supply, fuel pricing stability, and foreign exchange conservation. He emphasized Dangote’s critical role in reducing Nigeria’s dependence on imported fuel.

The House directed the Committees on Petroleum Resources (Midstream and Downstream) to investigate the dispute, engage relevant stakeholders, and propose actionable solutions within four weeks. Committee Chairman Ikenga Ugochinyere said the panel is prepared to address the matter and called for a media “ceasefire” between the parties to prevent further escalation.

The resolution underscores the legislature’s commitment to stabilizing Nigeria’s fuel supply chain, ensuring fair regulation, and mitigating conflicts affecting the energy sector.

Dangote–NMDPRA Conflict: House Launches Investigation to Stabilize Petrol Supply

CBN Cracks Down on Mortgage Banks, Revokes Licences of Two Non-Compliant Firms

The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to persistent regulatory violations and failure to meet prudential standards governing mortgage banks in Nigeria. The decision is part of the CBN’s ongoing efforts to strengthen the mortgage sub-sector and enforce compliance with financial regulations.

In a statement, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at CBN, said the revocations followed serious breaches of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks. Both banks were found to be undercapitalised, with share capital below minimum requirements, insufficient assets to meet liabilities, and repeated failure to adhere to CBN directives.

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“The CBN remains committed to ensuring financial system stability,” the statement read, emphasizing a zero-tolerance approach to non-compliance and the regulator’s determination to rebuild confidence in the Nigerian mortgage sector.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process for both banks. The NDIC will compensate insured depositors up to ₦2 million per depositor, in accordance with the provisions of BOFIA. Depositors with balances exceeding ₦2 million will receive the insured portion first, with the remainder paid as liquidation dividends after asset recovery.

The NDIC confirmed that payment of insured deposits has begun, with claims processed online via the NDIC claims portal or in-person at the closed banks’ branches between December 16 and 30, 2025. Depositors are advised to provide proof of account ownership, valid identification, and Bank Verification Numbers (BVN) to facilitate prompt payment.

The NDIC stressed that depositors’ claims will be prioritized over creditors’ claims, ensuring protection for customers affected by the licence revocations and reinforcing confidence in Nigeria’s financial system.

CBN Cracks Down on Mortgage Banks, Revokes Licences of Two Non-Compliant Firms

Dangote Raises Alarm Over Widespread Sabotage Crippling Nigeria’s Oil Sector

Aliko Dangote, President and CEO of the Dangote Group, has sounded the alarm over what he described as deliberate and widespread sabotage crippling Nigeria’s downstream oil sector, including the Port Harcourt Refinery and the $20 billion Dangote Refinery.

Speaking during a media briefing on Sunday, December 14, 2025, at the Dangote Refinery in Lagos, Dangote revealed that the Port Harcourt Refinery experienced over 100 sabotage incidents during its rehabilitation, citing information shared by former NNPC Limited Group CEO Mele Kyari.

He alleged that critical pipeline infrastructure and petroleum depots across the country have been deliberately destroyed by unpatriotic individuals and organised interests, insisting the damage could not be attributed to natural causes.

“Even this $20 billion Dangote Refinery has not been spared. The oil and gas sector is controlled by powerful cartels whose reach surpasses that of criminal drug networks,” Dangote stated, citing instances of vandalism and theft of critical equipment, including a 400-tonne industrial boiler, described as the largest ever built.

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Dangote further questioned the collapse of Nigeria’s once-functional pipeline network, saying the extensive destruction points to deliberate sabotage rather than neglect. “All the pipelines that were built, right from the military base to date, none of them are functioning… they have destroyed the pipes. If it is not sabotage, is it an earthquake? No, it is sabotage,” he said.

He disclosed that the Dangote Refinery alone has lost about $82 million to theft and sabotage, prompting the company to deploy over 2,000 security personnel, more than the number of operational staff, to safeguard the facility. Dangote noted that thieves have grown increasingly brazen, attempting to remove materials using long cords and other methods.

The industrialist’s revelations underscore the significant challenges facing Nigeria’s refining, pipeline, and petroleum depot infrastructure, highlighting the urgent need for stronger security measures and government intervention to protect the nation’s oil assets.

Dangote Raises Alarm Over Widespread Sabotage Crippling Nigeria’s Oil Sector