The 16th Emir of Kano, Muhammadu Sanusi II, has defended Alhaji Aliko Dangote against criticisms for purchasing dollars at lower rates during the construction of his refinery. Sanusi clarified that Dangote was not to blame, as the rates were set by the Central Bank of Nigeria (CBN) and were available to everyone at the time.
Sanusi commented on the issue through the SOP Chat Group, stating, “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.”
He explained that Dangote did not influence the CBN’s pricing and that all buyers received the same rate if they purchased on the same day. Sanusi emphasized the importance of prioritizing a refinery project due to its significant economic impact, including reducing foreign exchange expenditures on petroleum imports and curbing losses from subsidies.
Sanusi highlighted the discrepancy between the forex allocated to Dangote and that taken by NNPC for its refineries, questioning the benchmarking standards. He argued that supporting a refinery project was a better use of forex than many other ventures, considering its macroeconomic benefits.
Addressing concerns about energy security, Sanusi dismissed arguments that relying on one refinery was risky, citing the inefficiency and corruption within NNPC’s operations. He suggested that local refining was more secure than imports and criticized NNPC for failing to produce from its refineries despite substantial investments.
Sanusi urged the nation to appreciate Dangote’s contributions rather than condemn him, noting that his investments brought structural changes to the economy and reduced dependency on multinationals. He called for evidence-based discussions on tax incentives and policies encouraging investment.
He concluded, “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.”
