The 16th Emir of Kano, Muhammadu Sanusi II, has come to the defence of Alhaji Aliko Dangote regarding the controversy surrounding the purchase of dollars at lower rates for the construction of the Dangote Refinery.
Sanusi emphasized that Dangote should not be blamed for acquiring dollars at rates determined by the Central Bank of Nigeria (CBN) at the time.
In a statement made through the SOP Chat Group, Sanusi remarked, “I honestly do not think it is a good idea for me to make comments on these issues, but some comments surprise me, and I just have to say something.”
Sanusi pointed out that Dangote did not set 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,” he stated.
Sanusi further elaborated on the significance of prioritizing a refinery like Dangote’s in the allocation of forex.
“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.
He argued that supporting a project with such a substantial impact on the economy is a strategic move for the country.
Addressing the criticism from the Nigerian National Petroleum Corporation (NNPC) regarding reliance on a single refinery, Sanusi described their argument as “most laughable.”
He asserted that local refineries offer more security than imports and criticized the NNPC for its history of inefficiency.
“If NNPC activated its refineries, there would be no monopoly. Then, we can see the sulphur content of its products and compare them to Dangote’s,” he noted.
Sanusi also dismissed claims about Dangote receiving favourable taxation, challenging critics to provide evidence of such claims. He concluded by urging Nigerians to appreciate Dangote’s contributions rather than condemning him.
“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,” he said.
Sanusi reiterated the importance of supporting major projects that have the potential to significantly impact the country’s economy and reduce dependency on imports.
Meanwhile, the Institute of Directors Center for Corporate Governance (IoDCCG) has collaborated with the Financial Reporting Council, the Ministry of Finance Incorporated, and the Institute of Chartered Secretaries and Administrators of Nigeria to introduce a new Code of Corporate Governance guidelines for the public sector in Nigeria.
Speaking at a press conference ahead of the 2024 summit titled “Institutionalizing Corporate Governance for National Transformation: The Imperative for Public-Private Sector Collaboration,” IoDCCG Chairman, Urum Kalu Eke, highlighted the organization’s impactful role since its establishment in 2006.
Eke emphasized the importance of the reforms, acknowledging the increasing significance of the public sector in Nigeria’s economic framework.
