The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed has said allegations over the funding of his children’s education ignore both verifiable financial facts and the nature of his role as an independent petroleum sector regulator.
Ahmed, in a statement signed by him, said his children’s education was financed through a mix of merit-based scholarships, family education trust funds and personal savings accumulated over more than three decades in public service.
Responding to claims made by Aliko Dangote that he spent about $5 million on his children’s Swiss secondary education, Ahmed described the figures as “misleading” and lacking proper context.
“The allegation that I spent $5 million on my children’s education is presented without context and ignores verifiable sources of funding that have existed long before my appointment as chief executive,” he said.
He disclosed that three of his four children benefited from merit-based scholarships covering between 40 and 65 per cent of tuition costs, adding that the awards were based strictly on academic performance.
“These were merit-based scholarships. The documentation exists and is available to any authorised investigation,” Ahmed stated.
According to him, further funding came from education trust funds established by his late father before his death in 2018, in line with long-standing family traditions that prioritise education.
“My late father, a businessman, set up education trust funds for his grandchildren in keeping with our cultural practice of collective family investment in education,” he said.
Ahmed added that the remaining costs were covered from his personal savings built over 30 years of uninterrupted service in Nigeria’s petroleum regulatory institutions, beginning with his entry into the civil service in 1991.
“When scholarships, family contributions and my own savings accumulated over three decades are properly accounted for, my personal financial obligation is entirely consistent with my professional standing,” he said.
The NMDPRA chief noted that his annual remuneration, estimated at about ₦48 million, including allowances, is publicly disclosed in the authority’s audited financial statements, while his assets have been declared annually to the Code of Conduct Bureau.
“Every income source, investment and significant expenditure is documented and available for scrutiny,” he said.
Ahmed also authorised schools attended by his children to release financial records to authorised investigators, expressing confidence that such disclosures would disprove allegations of illicit funding.
“I hereby publicly authorise all educational institutions my children have attended to disclose financial records. The facts will speak for themselves,” he said.
He dismissed suggestions that illicit funds could have been used to pay foreign school fees, noting that such institutions require payments from legitimate and traceable sources.
“Schools abroad do not accept funds that are not legitimately earned,” he said.
On his role as a regulator, Ahmed said the allegations surfaced amid intensified enforcement of the Petroleum Industry Act by the NMDPRA, including stricter licensing, fuel quality enforcement, transparent pricing mechanisms and open publication of supply and import data.
“As a regulator, our duty is to act in the national interest, not to protect commercial preferences. Regulatory independence will always create friction with interests that benefited from opacity,” he said.
He explained that actions such as granting import licences were taken strictly in line with the law to ensure energy security.
“Granting import licences when domestic supply is insufficient is not sabotage; it is a statutory obligation under the Petroleum Industry Act,” Ahmed stated.
The NMDPRA boss formally invited the Code of Conduct Bureau, the Economic and Financial Crimes Commission and the National Assembly to investigate his finances and regulatory conduct, pledging full cooperation.
“Investigate thoroughly, examine every claim and scrutinise every transaction. My record, both financial and professional, will withstand any legitimate inquiry,” he said.
Ahmed reaffirmed his commitment to transparent and independent regulation, stressing that personal attacks would not deter him from discharging his statutory responsibilities in the interest of Nigeria’s energy security.
Source: Vanguard News
