Billionaire businessman Femi Otedola has alleged that over N2 trillion was siphoned through dubious petrol subsidy claims during former President Goodluck Jonathan’s administration. He identified depot licences as a primary loophole for this abuse.
Otedola made these revelations while supporting the Dangote Petroleum Refinery in its ongoing conflict with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
In a statement, Otedola expressed that he had previously cautioned Jonathan about the subsidy framework, which he claimed was designed to enrich depot owners at the expense of transparency and innovation. He stated, “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.”
He criticized the notion that depots create significant employment, arguing that most depots employ only a handful of staff, unlike filling stations that provide direct jobs for many Nigerians.
Otedola urged DAPPMAN members to adapt to new market realities rather than cling to “obsolete facilities” that no longer serve Nigeria’s economic interests. Drawing parallels with the cement industry, he noted that bulk carriers became irrelevant after Nigeria became self-sufficient in cement production.
“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,” Otedola advised.
Furthermore, he challenged the association to demonstrate its commitment to genuine competition by pooling resources to acquire the Port Harcourt refinery, aiming to succeed where the Nigerian National Petroleum Company Limited (NNPCL) had failed.
#N2TrillionScam #FemiOtedola #PetrolSubsidy #GoodluckJonathan #DAPPMAN #DangoteRefinery #OilIndustryReform #NigeriaEconomy
