Okunola in a statement on Wednesday noted that for every industrialist who believes a regulator has erred, the avenues are clear for redress rather than public attacks.
A Lagos-based lawyer and entrepreneur, Festus Okunola, has stated that Nigeria's long-term progress depends not on the influence of its richest citizens but on “the strength of its institutions, the truthfulness of its debates, and the restraint of those who wield disproportionate influence.”
Okunola in a statement on Wednesday noted that for every industrialist who believes a regulator has erred, the avenues are clear for redress rather than public attacks.
"Engagement. Review. The courts. What weakens democracy is not disagreement, but degradation," he wrote.
Okunola was reacting to the recent dispute between Africa’s richest man, Aliko Dangote, and Nigeria’s petroleum downstream regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The dispute has sparked renewed debate over the balance of power between private wealth and public institutions.
The controversy erupted last week after Dangote launched a series of “blistering public accusations” against Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The accusations, made on public platforms with global reach, had questioned the personal integrity of the regulator.
Reacting, Okunola wrote, "In a series of blistering public accusations, Aliko Dangote launched an extraordinary attack on Farouk Ahmed, the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The language was sharp, personal, and unrestrained. The venue was global. The implications were national.
"What followed was not merely another clash between capital and the state. It became a referendum on power. Who holds it, and how it is exercised. And whether Nigeria’s regulatory institutions can withstand the pressure exerted by extreme wealth and public influence.
"This moment matters because it exposes a fault line that many democracies fear but rarely confront so openly. At what point does legitimate criticism slide into intimidation? And what happens when the loudest voice in the room belongs to the richest man in the country?
"Disagreements between business leaders and regulators are neither novel nor scandalous. They are part of the friction that keeps markets honest. But this episode crossed a line.
"The confrontation did not emerge in a vacuum. It is also unfolding against an intense policy debate over a proposed 15% import duty on refined petroleum products. Analysts and industry observers have warned that such a measure could disadvantage smaller players and limit competition. Reports indicate that the NMDPRA opposed the proposal on regulatory grounds.
"If a regulator is publicly attacked for resisting a policy perceived to favour a dominant private interest, the implications go far beyond one man or one agency. It suggests a system vulnerable to pressure from those with the loudest megaphones and the deepest pockets.
That is how regulatory independence erodes. Not quietly, but under glare and noise.
"Public institutions do not collapse only through corruption. They also collapse through fear. When regulators begin to anticipate retaliation, whether through public vilification, political pressure, or reputational assault, decision making shifts. Caution replaces judgment. Silence replaces courage. Oversight becomes performative.
This is the danger Nigeria must confront honestly.
"Nigeria cannot afford a regulatory culture where officials must choose between enforcing the law and preserving their personal reputations.
"Nigeria needs investors. It needs ambition. It needs an industrial scale. But it also needs boundaries. Wealth does not confer moral immunity. Success does not place anyone above institutional scrutiny. The test of leadership, public or private, is restraint
when power is challenged.
"For every industrialist who believes a regulator has erred, the avenues are clear. Engagement. Review. The courts. What weakens democracy is not disagreement, but degradation.
"The NMDPRA will not always be popular. Regulators rarely are. But their legitimacy rests on process, law, and evidence, not on who is displeased. This is no longer about one businessman or one regulator. It is about whether Nigeria can defend the idea that institutions matter more than individuals.
"Nigeria’s progress depends not on the might of billionaires but on the strength of its institutions, the truthfulness of its debates, and the restraint of those who wield disproportionate influence."