By Ayomide Otitoju
In a statement on recent developments in the downstream sector, Otedola congratulated Aliko Dangote on the strides made since his refinery began operations, describing it as a “historic leap” for Nigeria’s energy independence. He cautioned, however, that entrenched interests resisting reform would ultimately fail.
“History has shown time and again: you can delay change, frustrate it, even sabotage it, but you can never stop it,” Otedola said.
Recalling that he founded DAPPMAN in 2002 to give independent depot owners a fair platform, Otedola argued that the model no longer reflects today’s business realities. He noted that most depots—originally built to store imported products—are now idle, with the Dangote Refinery ensuring steady domestic supply.
He dismissed claims that depots drive employment, stating that most employ fewer than five people, compared to filling stations that create dozens of jobs. Instead of clinging to outdated assets, he advised members to restructure, invest in last-mile retail, or explore new opportunities such as acquiring refineries.
“The old business model is crumbling. With Dangote Refinery fully operational, local supply is now efficient, reliable, and proudly Nigerian,” he said. “DAPPMAN had its place, but its relevance is fast fading. Aliko’s refinery is not the problem—it is the solution.”
Otedola also highlighted the refinery’s broader impact, including the acquisition of 8,000 eco-friendly trucks to modernize distribution and ease gridlock around Apapa. Drawing parallels with the cement industry, he said fuel depots risk becoming obsolete just as bulk carriers did when Nigeria achieved cement self-sufficiency.
He further credited President Bola Tinubu for fully deregulating the downstream petroleum sector, a move he said ended entrenched rent-seeking, subsidy fraud, and smuggling. According to him, over N2 trillion was siphoned through questionable subsidy claims during the Goodluck Jonathan administration, largely tied to depot licenses.
“On subsidy, I personally warned President Jonathan that he was being misled. The system was built to benefit depot owners, not Nigerians,” Otedola said.
He concluded on a lighter note, praising Dangote for his transformative role in the energy sector: “Africans are proud of you, and yes, my dear brother Aliko, you can now go to Monaco and rest jejely like me. You’ve earned it.”
