Femi Otedola accused oil marketers of siphoning over N2 trillion under Jonathan’s subsidy regime, declaring Dangote’s refinery the future of Nigeria’s downstream sector.
Nigerian billionaire businessman Femi Otedola has accused members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) of profiting from a corrupt subsidy regime that drained more than N2 trillion under former President Goodluck Jonathan’s administration.
In a statement on Monday, Otedola said the system was designed to enrich depot owners through questionable subsidy claims tied to import licenses. “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.
Otedola described the group he founded in 2002 as outdated, arguing that Dangote’s $20 billion refinery had rendered the import-driven model obsolete. “What is DAPPMAN fighting for today? To preserve a model built on fuel imports, subsidy exploitation, and outdated infrastructure? That era is fast disappearing,” he declared.
He praised the Dangote refinery as “transformative,” citing its acquisition of 8,000 CNG trucks to modernize distribution, unlike the rickety tankers long used in the sector. He dismissed claims that depots generate significant employment, describing them as “a myth.”
Otedola urged depot owners to adapt or risk bankruptcy, applauding President Bola Tinubu for deregulating the oil sector and dismantling entrenched interests.
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