Farouk Ahmed has stepped down as Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), days after Aliko Dangote publicly accused him of spending about $5 million on the overseas education of his children and questioned the source of his wealth.

The resignation, announced by the Presidency on Wednesday, comes amid a widening confrontation between the Dangote refinery and Nigeria’s petroleum regulators over fuel imports, pricing, and regulatory authority in the downstream sector. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), also resigned in the shake-up, despite not being directly named in the allegations.

Dangote first raised the claims at the weekend, accusing Ahmed of economic sabotage and suggesting that his personal finances warranted scrutiny. On Tuesday, the Dangote Group chairman escalated the matter by submitting a formal petition to the Independent Corrupt Practices Commission, calling for an investigation into the regulator’s assets and conduct.

Presidency sources said Ahmed was summoned to the Presidential Villa following the petition, after which his resignation was tendered. The decision to also replace the leadership of the upstream regulator was described as an attempt to reset regulatory confidence amid growing public controversy.

Confirming the development, presidential spokesperson Bayi Onanuga said President Bola Tinubu has asked the Senate to fast-track the confirmation of new nominees to lead both agencies. He noted that the outgoing chief executives were appointed in 2021 under the Petroleum Industry Act.

The President nominated Oritsemeyiwa Amanorisewo Eyesan to head the NUPRC and Saidu Aliyu Mohammed to lead the NMDPRA, describing both as experienced professionals in the oil and gas sector.