Africa wealthiest man, Aliko Dangote, and
President of Dangote Refinery, has lambasted the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed and fuel importers and marketers alike has pushed retail fuel prices from N828 to N699 per liter

The billionaire investor further claimed that Ahmed paid up to $5 million, which is over N7 billion, as school tuition for his children in Switzerland., an allegation NMDPRA in July 2025 had dismissed as false

The allegation was first made public by a coalition of civil society organizations under Lawyers in Defence of Good Governance.

While Dangote re-echoed the claims on Sunday, the CSO, in a statement on Monday by its director, Olawale Mudasiru, retracted their allegations against Ahmed on the basis that they were misinformation.

Our initial allegations were based on misinformation. We have since discovered that Engr. Farouk Ahmed’s children were on scholarships and had completed their education before his appointment,” he said in a statement captured by integrity news

Meanwhile, the allegation had already sent panic among stakeholders and players in the downstream sector.

DAILY POST reports that Dangote’s fresh attack on Ahmed comes at the instance of the former’s recent gantry fuel price reduction from N828 to N699 per liter to edge out importers whose ex-depot price as of last week stood at a minimum of N824 per liter.

Dangote, in his Sunday briefing, said Nigerians should not buy petrol in December and January for more than N740 per liter from Tuesday.

He vowed to fight with his resources to see that fuel prices are crashed.

Development industrial stakeholders described it as a market strategy for Dangote to force marketers to patronize his petrol and dominate the market.

Checks by DAILY POST showed that Bovas filling station in Abuja’s Wuse Zone 6 had crashed its retail fuel price to N865 per liter, down from N910 earlier on Monday.

Empire Energy, Ranoil in Gwarimpa, Abuja, have adjusted their pump to 912 and 910 per liter, respectively.

Nigerian National Petroleum Company Limited (NIPCO) and AA Rano filling stations in Abuja dispense petrol as of Monday night at N915, N905, and N910 per liter, respectively.

When DAILY POST called a filling station manager at MRS, who preferred anonymity, Monday evening, he confirmed that petrol has remained unchanged at N910 per liter but may come down from Tuesday.

Private depot owners such as Menj, Bovas, AA Rano, and Integrated reduced their pump price to N710 per liter, up from around N824 per liter.

Meanwhile, AYM Shafa, Raniol, and other ex-depot prices stood at N815 per liter.