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Dangote Should Not Be Blamed For Buying Dollars At Lower Rates When He Was Building Refinery – Emir Sanusi

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The 16th Emir of Kano, Muhammadu Sanusi II, has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time.

Sanusi, who commented on the issue through SOP Chat Group, initially said: “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.”

The emir then went on to remark: “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.

“So the question for me is this. Let us forget the man Dangote. If the Central Bank were to prioritize a single enterprise for forex allocation, how many enterprises can we think of that are worthier than a refinery like this one?

“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.

“By the way, how much forex did Dangote buy from the CBN at this subsidized rate? How much forex did NNPC take from the federation account in the same year in the name of running and turning around its dead refineries? What are we benchmarking against?

“If any Nigerian came to me as a Central Bank Governor with a project like this refinery, I would recognize immediately its potential impact on the economy and give it all the support needed.

“Let our views on forex policies not becloud our sense of priorities. Once the CBN decided to sell dollars at the below market, it would be forced to ration the limited dollars available.”

“To my mind, giving dollars for the construction of a refinery is better than rice importers and, indeed, almost every other enterprise apart from education and health, given the impact on the macro.”

On the argument by NNPC that relying on one refinery is bad for our energy security, Muhammadu Sanusi II said: “This is most laughable. On the contrary, relying on a local refinery is far more secure than these imports.

“It is a very rich argument from an entity that had taken billions of dollars in the name of turnaround maintenance and not produced a drop of product from four refineries because it is more profitable to continue extracting rent in the name of subsidy. 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 said further: “Until then, keeping quiet is the honourable option for it, NNPC and its spinoffs have lost any right to talk until they fix the mess they have thrown us into.

“In any case, if the Dangote refinery is unable to meet local demand, the gap can be filled by imports, these people in NNPC do not want to end their lucrative subsidy scam, and I don’t think they will end it.
” But as a nation, if we do not thank Dangote for what he has done as an African to deal a hammer blow to multinationals and the rentier system and for structural change in this economy through value added in various sectors, we should not condemn him.

“Also, we tend to repeat stories without evidence. We hear about Dangote getting favourable taxation but no one has said what this tax is, if he got it alone or if it was offered to a sector or to pioneers, and if such a practice is in fact normal to encourage investment.”

The emir concluded thus: “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.”

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37 Miners Killed By Toxic Gas In Plateau; FG Yet To React

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The Federal government has remained silent after reports emerged that carbon monoxide, a poisonous gas, left 37 miners dead and 25 hospitalized at a mining site located in the Zurak Wase Local Government of Plateau State.

This was disclosed in a report by a security journalist, Zagazola Makama, on Wednesday.

Sources told Makama that the incident occurred at the Solid Mining Company early on Feb. 18.

The victims are between 20 and 35 years old and were conducting routine mining operations when they inhaled toxic gas that had accumulated in the poorly ventilated tunnels, the report said.

Makama said, “The site is under strict control, and emergency protocols are being followed to manage the situation,” a source told Makama.

Meanwhile, there is no indication that the Nigerian government nor the Plateau State, and security operatives have reacted to the incident or done anything on the matter.

There are no official statements from both quarters confirming or debunking the incident as of filing this report on Wednesday.

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Dangote Projects Naira Appreciation To N1,100/$ In 2026

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Aliko Dangote, Chairman of the Dangote Group, forecasts that the naira will appreciate to N1,100 per dollar within 2026.

He shared this outlook on Tuesday during the federal government’s unveiling of the National Industrial Policy 2025.

The naira has strengthened in recent weeks, appreciating to N1,335.95 per dollar at the official market and N1,380/$ at the black market on Tuesday.

Commenting on the development, the billionaire businessman said the country has the potential to generate large-scale consumption, industrial growth, and disposable incomes.

“I mean today if you look at it, your excellency, I believe with the policies that you have implemented in government, people now have started seeing the result and manufacturers are very very happy,” Dangote said.

“Today, the dollar is N1,340. Mr. Vice-President, I can assure you with what I know, blocking all this importation and co, naira this year will be as low as N1,100 if we are lucky.

“The only thing is for maybe the government to stop the naira from getting stronger so that they will keep collecting more naira.

“But it’s a catch-22 situation where, now, if the naira gets stronger it means that everything will go down. Everything will go down because we are an import-based country which we shouldn’t be.

“What you should be is to manufacture all the things that we need.”

On February 12, Femi Otedola, the chairman of First HoldCo, expressed optimism that the naira will strengthen meaningfully and will trade below N1,000/$1 before year-end as domestic refining is fully underway.

 

 

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Defend Our Sovereignty: Falana, Ibrahim, Bugaje Reject US Military Presence

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A group of Nigerian leaders, including Femi Falana and Jibrin Ibrahim, has condemned the recent deployment of U.S. troops as a violation of national sovereignty and a dangerous precedent for foreign meddling.

The backlash follows the arrival of U.S. military aircraft last week, part of a mission involving roughly 200 American soldiers tasked with advisory and training roles.

While U.S. officials describe the steady influx of personnel as a temporary counter-terrorism support measure, critics argue the presence of foreign forces undermines the country’s independence.

But Nigeria’s Defence Headquarters (DHQ) insisted that the US personnel are technical specialists serving strictly in an advisory and training capacity not combat troops and that all activities will be conducted under the authority, direction, and control of the Nigerian government in close coordination with the Armed Forces of Nigeria.

In a joint statement titled “No to Foreign Forces in Our Land: Defend Our Sovereignty”, the group said the presence of US soldiers in Nigeria raises serious constitutional and sovereignty concerns.

The statement was jointly signed by Femi Falana (SAN), Prof Jibrin Ibrahim, Dr Abubakar Siddique Mohammed, Dr Dauda Garuba, Prof Massaud Omar, Prof Mohammed Kuna, Engr YZ Ya’u, and Dr Usman Bugaje.

They recalled Nigeria’s historical resistance to foreign military domination and warned against what they described as a creeping neo-colonial arrangement.

“Nigeria’s history is replete with principled resistance to foreign military domination. At critical moments, our leaders civilian and military alike have asserted our sovereignty and rejected external interference. That legacy must not be abandoned,” the statement said.

They recalled the Anglo-Nigerian Defence Pact of 1960, which was abolished in 1962 following widespread public opposition. “Political independence without military sovereignty is incomplete,” the statement noted, stressing that Nigerians had always resisted external interference in military affairs.

The group also cited Nigeria’s role in rejecting American pressure during the 1976 Organisation of African Unity (OAU) summit on Angola.

At the time, General Murtala Mohammed famously declared that “Africa has come of age and would no longer operate under the orbit of any extra-continental power. His words were not mere rhetoric but a declaration of continental dignity and sovereign equality.”

The signatories highlighted what they described as a troubling pattern of attempts to impose military agreements on Nigeria. “In 2001, a proposed Military Cooperation Agreement between the United States and Nigeria was withdrawn after strong opposition from Nigeria’s Ministry of Defence,” they recalled.

Similarly, in 2003, Nigeria signed a Bilateral Immunity Agreement (BIA) with the United States, shielding American citizens from surrender to the International Criminal Court. “By 2005, the Nigerian Senate nullified the agreement, citing constitutional violations and inconsistency with the Rome Statute,” the group said.

“These episodes demonstrate a consistent national principle: foreign military arrangements must comply with Nigeria’s Constitution and must never compromise our sovereignty,” they added.

They cited Section 12(1) of the 1999 Constitution, which provides that no treaty between Nigeria and another country shall have the force of law unless enacted by the National Assembly.

The statement rejected any suggestion that Nigeria’s Armed Forces are incapable of defending the country. “Nigeria’s Armed Forces have a distinguished record in international peacekeeping under the United Nations and the African Union,” it said, citing Nigeria’s leading role in ECOMOG operations in Liberia and Sierra Leone.

“Rather than outsourcing our security, Nigeria should fully equip and modernise the Nigeria Police Force and the Armed Forces, strengthen intelligence coordination, improve welfare and morale of troops, invest in domestic defence production, and address socio-economic drivers of insecurity.”

They warned that sovereignty is not a ceremonial concept but the foundation of statehood. “Once foreign troops are stationed on national soil without transparent constitutional processes, sovereignty is diluted—incrementally, perhaps quietly—but meaningfully.

“Nigeria must not drift into arrangements that future generations will struggle to reverse. History teaches us that sovereignty surrendered in the name of expediency is rarely easily reclaimed,” the statement said.

They also urged the federal government to remain consistent with Nigeria’s tradition of rejecting neo-colonial defence pacts and unconstitutional agreements.

‘US security help has not improved any country’

Prof Jibrin Ibrahim, in an interview with Daily Trust, expressed worry that Nigerians appear less vigilant about potential defence arrangements compared to the 1960s, when the Anglo-Nigerian defence pact with the United Kingdom faced widespread public resistance.

“I’m concerned that, as we point out right from the 1960s, when the defence pacts were proposed by the government, there was resistance by the Nigerian people. They complained, they criticised them, they objected, and that led to the government backing down,” he said.

He lamented what he described as growing public indifference, noting that many Nigerians now argue that any foreign assistance, particularly from the United States, should be welcomed if it promises to address insecurity.

“Today, many people are saying that if the Americans are offering to help, why not accept it? But there is a lot of ignorance about the implications,” he added.

Prof Jibrin questioned the track record of U.S. military involvement abroad, arguing that American security interventions in other countries have not necessarily resulted in lasting peace or stability.

“In which country has America offered to help in security, led to improved security? There is none in the world. All their external involvements have been to deepen insecurity, rather than to improve the security situation,” he said.

 

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