The 16th Emir of Kano, Muhammadu Sanusi II, has come to the defense of Alhaji Aliko Dangote amidst criticism for purchasing dollars at lower rates while building his refinery. Sanusi clarified that the rate Dangote used was the same provided by the Central Bank of Nigeria (CBN) to all buyers at the time.
Commenting through SOP Chat Group, Sanusi stated, “Aliko Dangote did not fix the price at which the CBN sold dollars. Everyone who got dollars from the CBN got them at the same rate on the same day. Blaming him for this is unfounded.”
Sanusi argued that the priority given to Dangote for forex allocation was justified due to the significant impact the refinery would have on the economy. He emphasized the importance of reducing the nation’s dependence on imported petroleum products and criticized the substantial foreign exchange spent on such imports.
“Considering the drain on our forex from importing petroleum products and the losses due to theft under the guise of subsidies, supporting the refinery was a strategic decision,” he said. Sanusi also questioned the NNPC’s handling of forex for maintaining non-functional refineries, highlighting the disparity in accountability and results.
Addressing the broader implications, Sanusi pointed out that the reliance on a local refinery is far more secure than continued imports. He dismissed NNPC’s concerns about energy security as “laughable,” given the corporation’s track record of failing to produce results despite significant investments.
Sanusi further criticized the NNPC and its affiliates for perpetuating the subsidy scam, arguing that they have lost credibility until they resolve the ongoing issues. He praised Dangote’s contribution to structural economic changes and urged Nigerians to appreciate, rather than condemn, his efforts.
“Instead of attacking Dangote, we should strive to create more entrepreneurs like him. Nigeria often destroys its heroes out of envy and pettiness,” Sanusi concluded.
