Former Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has underscored the need to support the Dangote Petroleum Refinery to alleviate the adverse effects of fuel scarcity.

Speaking at the 2024 Mid-Year Enterprise Risk Management (ERM) Conference organized by the Association of Enterprise Risk Management Professionals (AERMP) in Lagos, Ibrahim urged regulatory bodies to exercise caution to prevent public risk and ensure the refinery’s smooth operation.

Addressing the recent resurgence of fuel queues in Lagos, Ibrahim expressed concern and called on regulators to refrain from actions that could harm or de-market the institutions they supervise. “I expect the regulator to exercise more caution even if the regulator has all the facts,” Ibrahim said. “Regulators should not take actions that could harm or de-market the institutions they regulate.”

Ibrahim’s remarks followed a controversy between Dangote Refinery and Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

On July 18, Ahmed alleged that local refineries, including Dangote’s, produce inferior products compared to imported ones. Dangote refuted the claim, testing diesel from his refinery on July 20 in the presence of federal lawmakers. Dangote also accused international oil companies (IOCs) of withholding crude oil supplies from his refinery and called for an investigation into NMDPRA’s allegations. On July 22, lawmakers initiated investigations into Ahmed’s claims and the alleged obstruction by IOCs of Dangote refinery’s success.

Subsequently, the House of Representatives called for Ahmed’s suspension over his “unguarded comments.”