The 16th Emir of Kano, Muhammadu Sanusi II, defended Alhaji Aliko Dangote against criticisms for buying dollars at lower rates during the construction of his refinery.
Sanusi explained that Dangote bought dollars at the rates set by the Central Bank of Nigeria (CBN), the same rates available to everyone at the time.
Speaking on SOP Chat Group, Sanusi said, “Aliko Dangote did not fix the price at which the CBN sold dollars. Everyone who got dollars from the CBN got dollars at the same rate if they bought on the same day. So we cannot blame him for buying dollars at a rate the CBN itself decided to sell to its customers.”
Sanusi argued that prioritizing forex allocation for a refinery like Dangote’s was beneficial.
“Consider the drain on our forex from importing petroleum products; the tens of billions of dollars of forex spent abroad; the huge losses due to theft in the name of subsidy,” he said.
Sanusi added that if he were the Central Bank Governor, he would have supported a project like Dangote’s refinery due to its potential positive impact on the economy.
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Responding to claims that relying on one refinery is risky for Nigeria’s energy security, Sanusi countered, “This is most laughable. On the contrary, relying on a local refinery is far more secure than these imports.”
He criticized the Nigerian National Petroleum Company (NNPC) for failing to produce any products despite spending billions on refinery maintenance.
Sanusi accused some in the NNPC of perpetuating the subsidy scam.
“These people in NNPC do not want to end their lucrative subsidy scam, and I don’t think they will end it,” he stated.
He praised Dangote for his contributions to Nigeria’s economy and criticized those who spread unverified stories about him receiving favorable tax treatment.
“Instead of killing Dangote, we should try and make more like him. Nigeria always kills its heroes and its best because of envy and pettiness,” Sanusi concluded.
He emphasized the need to appreciate Dangote’s efforts in bringing structural change to Nigeria’s economy through various value-added sectors.