Ahmed Farouk, the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is under scrutiny following allegations related to the proposed payment of over ₦200 billion in outstanding bridging claims to oil marketers. This claim was highlighted in a press statement from the Dangote Group.
According to the statement, the planned payments cover legacy obligations from 2023 to 2025, raising concerns about the lack of verifiable data to justify a significant portion of these claims. Bridging claims are government payments to compensate oil marketers for transporting petroleum products across Nigeria, intended to stabilize pump prices nationwide. However, analysts have suggested that these claims often do not reflect actual costs, with discrepancies noted as high as 47%.
Dangote’s allegations come amidst a formal petition submitted to the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The petition accuses Farouk of abuse of office, corrupt enrichment, and misappropriation of public funds. It specifically points to Farouk’s spending of over $7 million on his children’s education in Switzerland, purportedly paid upfront for six years.
Dangote has called for a thorough investigation into these claims and expressed confidence in the ICPC’s ability to pursue accountability in financial crimes. Meanwhile, Farouk has dismissed the accusations as “wild and spurious,” emphasizing his preference to defend himself within a formal investigative framework rather than engage publicly.
The ICPC has confirmed receipt of Dangote’s petition and indicated that it will be investigated. Farouk’s situation has sparked significant public interest and concern, highlighting potential irregularities within the NMDPRA’s operations.
