Aliko Dangote, President of the Dangote Group, has levelled serious allegations of financial impropriety against Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a formal petition to the ICPC, Dangote claims Ahmed spent approximately $5 million on elite secondary education for his four children in Switzerland—an expenditure the billionaire argues is inconsistent with a public official’s legitimate income.
Escalating his call for regulatory transparency, Aliko Dangote used a Tuesday newspaper advert to name the specific Swiss institutions and costs associated with Farouk Ahmed’s children’s education.
Billionaire Aliko Dangote further alleges that the $5 million six-year expenditure by the NMDPRA CEO represents a systemic failure of integrity. These latest disclosures follow Dangote’s Monday briefing, where he formally accused the regulator of corruption and vowed to petition the ICPC for a full investigation into the source of the funds
According to the billionaire entrepreneur, the secondary schools the children attended for a duration of six years were Montreux School, Aiglon College, Institut Le Rosey, and La Garenne International School.
Dangote also presented estimated annual tuition, living expenses, air travel, and upkeep, which were multiplied across four children and several years of study.
He said the annual cost of tuition, airfare, and upkeep per child was $200,000, which totals $800,000 per year for his four children.
The businessman further explained that the total living expenses and air tickets per child over six years was $1.2 million, amounting to $4.8 million for all four children.
Overall, Dangote estimated that the combined cost of tuition and upkeep for all the children reached $5 million.
He also listed the tertiary education expenses for Ahmed’s children, noting that tuition, upkeep, airfare, and other costs average approximately $125,000 per year over a four-year period.
Dangote’s public notice further substantiated his allegations against the NMDPRA chief by listing Faisal, Farouk Jr., Ashraf, and Farhana Farouk as the children involved in the elite Swiss schooling claims.
The costs amount to $500,000 per child over four years—a combined total of $2 million, according to the billionaire’s records.
“Faisal just finished 2025 Harvard MBA at $150,000 and $60,000 for upkeep, tickets and other incidentals. Total =$210,000 spent in 2025 for Faisal’s MBA,” he added.
Highlighting a staggering divide in wealth, Aliko Dangote questioned the legitimacy of $7 million in Swiss tuition payments made by a career civil servant, noting the irony that many in the official’s native Sokoto cannot even afford ₦10,000 for their children’s education.
