- Emir Sanusi said Dangote didn’t fix dollar rate for the Central Bank of Nigeria.
The 16th Emir of Kano, Muhammadu Sanusi II, has shared his perspective and position on the raging public discourse regarding the controversy surrounding Alhaji Aliko Dangote and his refinery.
For days on end now, Dangote, a hitherto reclusive and laconic character, has made headlines over his public expression of his frustration with the treatment that has been meted out to him and his investment, especially the refinery, by some government officials.
Dangote also said he would halt further investment in Nigeria due to allegations of monopoly.
Speaking on the the topical issue, Emir Sanusi said Dangote didn’t fix dollar rate for the Central Bank of Nigeria.
He stated said that Dangote should not be castigated for buying dollars at lower rates when he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time.
Sanusi commented on the issue through SOP Chat Group.
He initially said: “I honestly do not think it is a good idea for me to make comments on these issues, but some comments surprise me, and I just have to say something.”
He then explained that: “Aliko Dangote did not fix the price at which the CBN sold dollars. Everyone who got dollars from the CBN got dollars at the same rate if they bought on the same day. So we cannot blame him for buying dollars at a rate the CBN itself decided to sell to its customers.”
He stated that if the CBN were to give forex allocation priority to any investment then it should be a refinery.
The monarch asserted that the refinery will save the country massive amount in forex, adding that NNPC had taken forex from the federation account to revive its moribond refineries with nothing to show for it.
“So the question for me is this. Let us forget the man Dangote. If the Central Bank were to prioritize a single enterprise for forex allocation, how many enterprises can we think of that are worthier than a refinery like this one?
“Consider the drain on our forex from importing petroleum products; the tens of billions of dollars of forex spent abroad; the huge losses due to theft in the name of subsidy.
“By the way, how much forex did Dangote buy from the CBN at this subsidized rate? How much forex did NNPC take from the federation account in the same year in the name of running and turning around its dead refineries? What are we benchmarking against?
“If any Nigerian came to me as a Central Bank Governor with a project like this refinery, I would recognize immediately its potential impact on the economy and give it all the support needed.
“Let our views on forex policies not becloud our sense of priorities. Once the CBN decided to sell dollars at the below market, it would be forced to ration the limited dollars available.”
“To my mind, giving dollars for the construction of a refinery is better than rice importers and, indeed, almost every other enterprise apart from education and health, given the impact on the macro.”