Farouk Ahmed resigns as NMDPRA CEO amid $7m allegation probe

Farouk Ahmed has resigned as the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). His exit, confirmed on Wednesday, December 17, after summons to the Presidential Villa by President Bola Ahmed Tinubu to answer the allegations of economic sabotage and unexplained wealth.
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Dangote accused Ahmed of using regulatory powers to favor fuel importers over domestic refining. The battle turned personal on Sunday, December 14, when Dangote alleged that Ahmed was living far above his means, claiming Ahmed spent millions of dollars on Swiss education for his children, a figure Dangote argued was impossible to accumulate through a legitimate public service career.
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On Tuesday, Dangote filed a formal petition with the ICPC, alleging Ahmed spent over $7 million upfront on secondary and tertiary education for his four children in Switzerland. The petition includes school names and specific payment breakdowns.
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Following his meeting with the President, Ahmed’s resignation was announced alongside that of Gbenga Komolafe (NUPRC).  Ahmed initially dismissed the claims as baseless, claiming that three of his four children received 40-65% merit-based scholarships and that family trust funds from his late father, a businessman, supported their education.
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He also stated that granting import licenses was a legal duty under the Petroleum Industry Act (PIA) to prevent fuel scarcity and ensure competitive pricing for Nigerians.
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The ICPC has officially confirmed reception of the petition and is beginning an investigation. Under Section 19 of the ICPC Act, if found guilty of living above his means or corrupt enrichment, Ahmed could face up to five years in prison without the option of a fine.
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