Business mogul Femi Otedola claims more than N2 trillion was fraudulently siphoned through petrol subsidy schemes during Goodluck Jonathan’s presidency, accusing depot owners of corruption and inefficiency.
Billionaire businessman Femi Otedola has alleged that over N2 trillion was stolen through dubious petrol subsidy claims during the administration of former President Goodluck Jonathan.
In a Monday statement supporting the Dangote Petroleum Refinery in its dispute with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Otedola said the subsidy framework was designed to enrich depot owners.
“On subsidy, I personally warned President Goodluck Jonathan that he was being misled. The system was built to benefit depot owners, and DAPPMAN members became the primary beneficiaries,” he said. “Over N2 trillion was siphoned through questionable claims, all tied to depot licenses.”
Otedola dismissed claims that depots create significant jobs, noting that “a typical depot employs perhaps five people, gatekeeper included,” compared with dozens at a single filling station.
He urged DAPPMAN to adapt to Nigeria’s new refining landscape or risk bankruptcy, adding, “Instead of resisting progress, they should consider selling, restructuring, or investing in new value chains.”