Dr. Baba Adam, a former US leader of Pro National Conference Organisations, PRONACO and one of Nigeria’s prominent citizens in the US has described the federal government’s onslaught against Africa’s richest man, Aliko Dangote as a ‘civil war’.
In a letter addressed to Tinubu, the US-based elder statesman noted that investors globally were watching the situation and could make future investment decisions based on how it is handled. He advised Tinubu to apologise to Dangote.
“In the last few days, the Nigerian National Petroleum Corporation (NNPC)/Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has instituted a civil war on Dangote,” Adam said.
“This mess is reported globally and does not portend well to your administration or Nigeria,” Adam said in his letter to Tinubu.
He noted that Dangote Group is the seventh largest employer in Nigeria with concerns in cement, food, etc. He also added that Dangote is the the largest Nigerian-owned corporation in over 14 African nations.
“In the so-called Turn Around Maintenance, the NNPC has spent over $20 billion on the moribund federal government of Nigeria refineries over the last two decades. Also, it is sickening that Nigeria is the only OPEC nation globally that imports over 90% of our refined products. The billions of dollars fraudulent loans taken by the NNPC and others is a talk for another day.
Adam noted that the issues identified by NNPC and NMDPRA were not plausible. “The idiocy of saying that Dangote Refinery diesel has high sulfur, that they did not give operating permission, and that they borrowed billions yet did not complete the acquisition of the 20% shares are cause for investigation of the NNPC folks. Just imagine due to a so-called swap agreement the Dangote Refinery is importing crude from the USA and Brazil,” he quizzed.
“We also have a pet theory that the folks involved in importing refined petroleum products into Nigeria are fighting back – as your National Security Adviser Mal. Ribadu, CON once said you fight corruption it fights you back!
“Mr. President (Tinubu), Dangote decided to build its refinery, fertilizer plant, and petrochemical complex in Lagos, not Kano. By far he is the single largest investor in Lagos. He has created millions of direct and indirect good jobs in Lagos. Even more important he pays taxes including Value Added Taxes (VAT) in Lagos.
“Thus messing with Dangote hurts Lagos and by far the South West more than the North. Also note USA government has intervened in the automobile industry crises, and the banking crisis – so-called too big to fail,” he added.
Dangote is not monopolist as Abdul Samad Rabiu (BUA) and others are trying to build refineries. One of our friends Chief Usua Amanam was given a licence by former Pres. Obasanjo nearly two decades ago. His Amakpe Refinery was 100% completed and certified by the Department of Petroleum Resources (DPR) but your friend Senate President Godswill Akpabio and others blocked the refinery from being built.”
Adam then pointed Tinubu’s attention to the exit of multinationals since he was sworn in as president in 2023. “Sir since your swearing in as President here are the multinational corporations that pulled out of Nigeria, with them billions of dollars and the loss of hundreds of thousands of good jobs. PZ Cussons, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventis Nigeria Limited, Equinor, Binance, and Bolt. The multiplier effects run into trillions of naira,” he added.
Adam urged Tinubu to embrace the Chinese economic model that supports industrialists and businesses instead of destroying them. He urged the president to attract and retain corporations. “Enhance ease of doing business not trying to kill the corporation be it domestic or international,” he said.
