Shareholders decry attack on Dangote refinery

The Progressives Shareholders Association of Nigeria have slammed the attempts to demarket the Dangote Petroleum Refinery & Petrochemicals built by Africa’s foremost industrialist, Aliko Dangote.

In a statement made available to The PUNCH on Wednesday, the National Coordinator of PSAN, Bisi Bakare, expressed dismay over recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority Farouk Ahmed, came under fire recently for comments on the Dangote Refinery, with many Nigerians demanding his resignation.

Even the House of Representatives has called on the Federal Government to immediately suspend Ahmed pending the conclusion of the investigations of allegations against what it called the unguarded statement by the CEO.

In the statement from the shareholders on Wednesday, Bakare commended Dangote for his visionary approach to establishing one of the world’s foremost refineries in Nigeria. She highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.

“Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders, “Bakare stated.

She went on to condemn what she termed as “unwarranted efforts to demarket the refinery” by regulatory bodies and cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.

“We must rally around Dangote Refinery,” Mrs Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.”

She stressed the refinery’s potential to save Nigeria significant foreign exchange currently spent on offshore refining, which could alleviate the country’s foreign exchange challenges.

“As shareholders,” Mrs Bakare affirmed, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”

PSAN has become the latest to join the list of Nigerians rallying support for Dangote in the ongoing spat between it and the authorities.

Individuals and associations such as the President of the African Development Bank Group Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential candidate, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; and the Manufacturers Association of Nigeria have all voiced their support for Dangote Refinery.

Bakare emphasised that Dangote’s efforts are crucial in providing local solutions to Nigeria’s refining needs and reducing dependence on imports.

She also highlighted the potential positive impacts on job creation and economic stability that the Dangote Refinery represents, reiterating the importance of supporting local industries.