Don't blame Dangote for buying dollar at CBN rate, Sanusi defends businessman

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The 16th Emir of Kano, Muhammadu Sanusi II, has stoutly defended Alhaji Aliko Dangote on purchase of dollars at lower rates for the construction of the Dangote Refinery.

Sanusi said Dangote is blameless for buying dollars at rates determined by the Central Bank of Nigeria (CBN) at the time.

Sanusi, who stated this via the SOP Chat Group, 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.”

Sanusi, who stressed that Dangote did not set the price at which the CBN sold dollars, said, “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.”

Sanusi further emphasized the need to support Dangote’s in the allocation of forex, saying: “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.”

According to him, supporting a project with such a substantial impact on the economy is a strategic move for the country.

Sanusi said the criticism from the Nigerian National Petroleum Corporation (NNPC) regarding reliance on a single refinery was “most laughable.”

The Emir said obviously local refineries offer more security than imports, blaming the NNPC for its history of inefficiency.

According to him, “If NNPC activated its refineries, there would be no monopoly. Then, we can see the sulphur content of its products and compare them to Dangote’s.”

Sanusi also dismissed claims about Dangote receiving favourable taxation, challenging critics to provide evidence of such claims.

He said Nigerians should appreciate Dangote’s contributions rather than condemning him.

He said, “Instead of killing Dangote, we should try and make more like him. Nigeria always kills its heroes and its best because of envy and pettiness.”

Sanusi emphasized the importance of supporting major projects that have the potential to significantly impact the country’s economy and reduce dependency on imports.