Engr. Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Tuesday issued a robust defense against allegations leveled by billionaire businessman Aliko Dangote, denying claims of corruption and inviting full investigations into his finances and tenure.

In a detailed statement titled “A Question of Integrity,” Ahmed described the accusations—centered on the alleged $5 million spent on his children’s secondary education in Switzerland—as misleading and timed to coincide with NMDPRA’s enforcement of stricter quality standards and transparent practices in the petroleum sector.

Ahmed recounted his 34-year career in Nigeria’s petroleum industry, starting as a junior engineer in 1991 and rising through merit to his current role in 2021, with a mandate to implement reforms under the Petroleum Industry Act (PIA).

He emphasized that his decisions have always prioritized national interest, even when creating friction with powerful stakeholders resistant to transparency in licensing, pricing, and supply chains.

Addressing the core allegation directly, Ahmed stated that three of his four children received merit-based scholarships covering 40-65% of tuition costs, while additional support came from education trust funds established by his late father—a Northern Nigerian businessman—before his passing in 2018.

Combined with his legitimate savings from decades of civil service, cooperative investments available to public servants, and his publicly disclosed annual compensation of approximately ₦48 million (including allowances), Ahmed asserted that the expenses were fully consistent with his means and required no illicit funds.

He noted that foreign schools only accept legitimately earned payments, and authorized all attended institutions to release financial records to authorized Nigerian investigators.

Ahmed linked the timing of the claims to recent NMDPRA actions, including revealing substandard products in the market and approving import licenses for Q1 2026 to ensure supply security and prevent scarcity, as mandated by Section 7 of the PIA.

He rejected characterizations of these approvals as “economic sabotage,” arguing that relying on a single-source supply—regardless of ownership—poses vulnerabilities, and that diversified imports protect consumers.

The NMDPRA chief made no apologies for upholding regulatory independence, stating: “I will not be intimidated into abandoning statutory duties or granting preferential treatment to any entity, regardless of their economic power or media reach.”

In a direct challenge, Ahmed formally requested probes by the Code of Conduct Bureau (reviewing his asset declarations since 1991), the Economic and Financial Crimes Commission (examining all transactions), and the National Assembly (oversight on regulatory allegations).

He pledged full cooperation, including providing documentation and testifying under oath, stipulating only that investigations be professional and free from commercial influence.Concluding, Ahmed reaffirmed his commitment to reforms—transparency in licensing, quality assurance, and supply integrity—despite the “price of principle,” expressing confidence that thorough scrutiny would vindicate his record.

The statement comes amid escalating tensions between Dangote Refinery and NMDPRA over import licenses, with Dangote accusing the regulator of undermining local refining by allowing imports despite domestic capacity.

Dangote has detailed the education allegations in paid advertisements and petitions to anti-corruption agencies, questioning how a public servant could afford such expenditures.

Civil society groups have split, with some defending Ahmed’s independence and others calling for his suspension pending investigation.

The House of Representatives has summoned both parties to address the rift and its implications for Nigeria’s downstream sector.

The Central Bank of Nigeria (CBN) has revoked the operating licences of two primary mortgage institutions, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and severe financial weaknesses.In a statement released on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said the revocation was carried out under powers conferred by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

The CBN stated that the affected institutions breached multiple provisions, including failure to meet the minimum paid-up share capital requirements for their licence categories, having insufficient assets to cover liabilities, critical undercapitalisation with capital adequacy ratios below prudential minima, and non-compliance with several regulatory directives.

“This action is part of ongoing efforts to reposition the mortgage sub-sector, promote a culture of compliance with relevant laws and regulations, and ensure the stability of Nigeria’s financial system,” the statement read.

The revocation comes amid long-standing challenges for both institutions, which were delisted from the Nigerian Exchange (NGX) in 2024 for failing to submit audited financial statements for over six years.

Reports have also highlighted customer complaints over trapped deposits and governance issues.

Following the licence revocation, the institutions are no longer authorised to operate as licensed financial entities.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and begun payments of insured deposits up to ₦2 million per depositor.

The CBN reaffirmed its commitment to safeguarding depositors’ interests and maintaining financial system stability, adding that it will continue enforcing strict regulatory standards across the sector.

Depositors have been urged to await further guidance from the NDIC on claim settlements.

The House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream) has intervened to halt rising tensions between the Dangote Refinery group and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The joint committee on Monday summoned Alhaji Aliko Dangote and the NMDPRA leadership to present their grievances before the committee, while both sides are ordered to cease all media hostilities pending a swift investigation.

The committees, jointly led by Hon. Ikenga Imo Ugochinyere and Hon. Henry Okogie, convened an emergency meeting to address what they described as “growing tension” threatening the stability of the downstream petroleum sector.

Ugochinyere said that the intervention was necessary to prevent further escalation at a critical time when government and industry stakeholders are working to stabilise supply, pricing, and regulation in the post-subsidy era.

“The renewed tension in the downstream sector, stemming from allegations by Alhaji Aliko Dangote against the NMDPRA, demanded urgent attention,” he said.

“The committee is committed to protecting the stability achieved in the sector.”

The lawmakers have formally invited both parties to provide detailed explanations, stressing that only a full understanding of the issues will allow the National Assembly to broker lasting solutions.