The 16th Emir of Kano, Muhammadu Sanusi II, defended Alhaji Aliko Dangote against criticism for purchasing dollars at lower rates during the construction of his refinery. Sanusi stated that Dangote bought dollars at the same rate the Central Bank of Nigeria (CBN) offered to everyone at that time.
Sanusi, speaking through the SOP Chat Group, initially expressed reluctance to comment but felt compelled to address surprising remarks. He emphasized that Dangote did not set the dollar price; the CBN did, and everyone purchasing dollars on the same day paid the same rate. Sanusi argued that if the CBN were to prioritize forex allocation to a single enterprise, few would be more deserving than a refinery due to the economic benefits it brings.
He highlighted the significant forex drain from importing petroleum products and the inefficiencies of the Nigerian National Petroleum Corporation (NNPC), questioning how much forex NNPC used compared to Dangote. Sanusi stated that he would have supported a project like the Dangote refinery as a Central Bank Governor due to its potential economic impact.
Sanusi dismissed the NNPC’s argument that relying on one refinery is bad for energy security, calling it laughable. He criticized the NNPC for taking billions in the name of maintenance without producing results, arguing that local refineries are more secure than imports. He suggested that if the Dangote refinery can’t meet local demand, imports could fill the gap, but accused the NNPC of wanting to continue their profitable subsidy schemes.
Sanusi urged Nigerians to appreciate Dangote’s efforts in making structural changes in the economy and criticized the tendency to spread unverified stories about Dangote receiving favorable taxation. He concluded by stating that instead of condemning Dangote, Nigeria should aim to create more individuals like him, lamenting the country’s tendency to undermine its own heroes out of envy and pettiness.