National Telescope national telescope newspaper
By Taiwo Niyi
The 16th Emir of Kano, Muhammadu Sanusi II, has defended Alhaji Aliko Dangote’s purchase of dollars at lower rates during the construction of his refinery, arguing that the transactions were in line with Central Bank of Nigeria (CBN) policies.
Speaking through the SOP Chat Group, Emir Sanusi initially expressed reluctance to comment but felt compelled to address the surprising criticisms.
He clarified, “Aliko Dangote did not set the rate at which the CBN sold dollars. Everyone who purchased dollars from the CBN on the same day got them at the same rate. Blaming him for buying dollars at a CBN-determined rate is unfounded.”
Sanusi highlighted the strategic importance of the refinery project, emphasising its potential to reduce Nigeria’s dependency on imported petroleum products and the associated foreign exchange drain.
He stated that prioritising such a significant project for forex allocation is justified, given the economic benefits it could bring.
He questioned the criticism, asking, “If the Central Bank were to prioritise a single enterprise for forex allocation, how many enterprises are worthier than a refinery like this?
“The forex spent on petroleum imports and the losses from subsidy theft are significant issues.”
Sanusi also compared Dangote’s forex purchases with the Nigerian National Petroleum Corporation’s (NNPC) spending.
He pointed out that NNPC took substantial forex from the federation account for refineries that produced no output, arguing that supporting a project with clear economic benefits, like Dangote’s refinery, is a sound decision.
Addressing NNPC’s concerns about relying on a single refinery for energy security, Sanusi called the argument laughable.
He asserted that a local refinery is more secure than imports and criticised NNPC’s history of unproductive refinery maintenance.
Sanusi concluded by urging Nigerians to appreciate Dangote’s contributions rather than condemning him.
He stressed that instead of criticising, the nation should support and encourage more entrepreneurs like Dangote, who are making significant structural changes to the economy
