By Ayomide Otitoju
Billionaire businessman Femi Otedola has alleged that more than N2 trillion was siphoned through dubious petrol subsidy claims during the administration of former President Goodluck Jonathan, exploiting loopholes in depot licences.
Otedola made the disclosure while declaring support for the Dangote Petroleum Refinery in its ongoing dispute with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
In a statement, he said he had personally warned Jonathan that the subsidy framework was designed to enrich depot owners at the expense of transparency and innovation.
“Over N2 trillion was siphoned through questionable claims all tied to depot licences. The system was built to benefit depot owners and became a breeding ground for corruption,” Otedola said.
He dismissed the notion that depots generate significant employment, arguing that most employ only a few staff compared to filling stations, which provide jobs for dozens of Nigerians.
The billionaire urged DAPPMAN members to embrace new market realities, warning that depots, like cement bulk carriers in the past, risk becoming obsolete.
“The same fate awaits fuel depots. If members refuse to evolve, they risk becoming irrelevant or bankrupt. Instead of resisting progress, they should restructure, sell, or invest in new value chains,” he advised.
Otedola further challenged the association to demonstrate its commitment to genuine competition by pooling resources to acquire the Port Harcourt refinery and attempt to succeed where the Nigerian National Petroleum Company Limited (NNPCL) had failed.
