The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, has addressed allegations surrounding the financing of his children’s education, describing them as a “manufactured scandal” aimed at undermining his regulatory independence.
Ahmed, who has dedicated 30 years to Nigeria’s petroleum sector, emphasized that his career has been guided by a commitment to the national interest, with decisions measured by engineering precision and market realities rather than political expediency.
Regarding the allegations, Ahmed explained that three of his four children received substantial merit-based scholarships, and his late father’s education trust funds contributed to their education. He also disclosed that his annual compensation as NMDPRA CEO is approximately ₦48 million, and he has submitted detailed asset declarations to the Code of Conduct Bureau every year since entering public service.
“I have submitted detailed asset declarations to the Code of Conduct Bureau every year since entering public service. Every income source, investment, and significant expenditure is documented and available for scrutiny,” Ahmed stated.
The NMDPRA CEO attributed the timing of the allegations to recent enforcement actions, including the revelation of substandard petroleum products in the market and stricter licensing requirements. He emphasized that his regulatory decisions are driven by statutory obligations, citing Section 7 of the Petroleum Industry Act, which mandates ensuring supply security and preventing scarcity.
Ahmed has formally requested investigations by the Code of Conduct Bureau, the Economic and Financial Crimes Commission, and the National Assembly, offering full cooperation and transparency.
“In conclusion, I understand that regulatory independence has its costs, but I will not be intimidated into abandoning my statutory duties or granting preferential treatment to any entity,” Ahmed declared. “My record, both financial and professional, will withstand any legitimate inquiry,” he said.