Dangote, regulators rift sends bad signal to foreign investors – ACF

The Arewa Consultative Forum (ACF) has stated that the action of regulatory agencies in the oil and gas sector to portray negativity around the Dangote refinery does present Nigeria as a good destination for foreign investors. In a statement, ACF expressed dismay that the Chairman of Dangote Group, Aliko Dangote, was subjected to negative propaganda. […]

The Arewa Consultative Forum (ACF) has stated that the action of regulatory agencies in the oil and gas sector to portray negativity around the Dangote refinery does present Nigeria as a good destination for foreign investors.

In a statement, ACF expressed dismay that the Chairman of Dangote Group, Aliko Dangote, was subjected to negative propaganda.

“Such a misbegotten strategy not only serves as a disincentive to domestic investors but also sends wrong signals to foreign investors. It is particularly distressing that some oil-related public and business entities like the Nigerian National Petroleum Company Ltd (NNPC) and other agencies in the sector are embroiled in dissemination of the apparent misinformation about the Dangote Industry.”

“For this reason, ACF backs and strongly supports the on-going investigations by the National Assembly so as to establish the veracity of the claims and counter claims. ACF believes that such an investigation, which must accord fair hearing to all parties, will reach an amicable resolution of the claims and counter claims for the benefit of Nigeria and, nay, Africa.”

It called for an unhampered and transparent intervention that allows all parties in the controversy to resolve their differences.

It also expressed elation by the recent directive for NNPC to sell crude oil to Dangote refinery and other petroleum refining entities.

“This is a praise-worthy development and evidence of foresight and good judgement. The Presidential directive will avail Nigerian people, businesses, factories and other allied industries the opportunity to purchase a variety of refined petroleum products, to wit: PMS, gasoline, diesel, kerosene, aviation jet fuel, etc., more easily and hopefully at cheaper rates.”

It called on other entrepreneurs and investors to emulate Dangote while public regulatory agencies should assist in facilitating the realisation of the endeavours.