18/12/2025
🚨 PETROLEUM BOSSES RESINS AMIDST DANGOTE CONTROVERSY
The Nigerian petroleum sector was rocked this Wednesday by the sudden resignation of its two most powerful regulators, Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. This seismic shift follows a high-profile escalation between the presidency and Aliko Dangote, who recently filed a petition with the ICPC accusing Farouk Ahmed of economic sabotage and questioning the source of his personal wealth. Specifically, Dangote alleged that the regulator spent $5 million on his children's education in Switzerland while "recklessly" issuing import licenses that undermined local production. While the NUPRC’s Komolafe was not the primary target of the corruption petition, his exit signals a total house cleaning by President Tinubu amid long-standing friction over domestic crude supply obligations.
To restore order, the President has nominated industry veterans Oritsemeyiwa Eyesan and Engr. Saidu Aliyu Mohammed to take the helm of the NUPRC and NMDPRA, respectively. The shakeup comes at a moment of extreme market tension, as the Dangote Refinery has aggressively crashed petrol prices to ₦699 per litre, leaving traditional marketers in a state of panic over their existing stock. While some experts hail the resignations as a necessary move to purge institutional rot, others warn that the departure of seasoned regulators under pressure from a single industrialist could signal a period of uncertainty for regulatory independence. As the Senate prepares for an expedited confirmation process, all eyes are on the new leadership to see if they can stabilize a sector currently gripped by a fierce price war and deep-seated institutional distrust.
©️Daily Cycle
📌 Follow Daily Cycle for more business updates