Billionaire businessman Femi Otedola has commended Aliko Dangote on the success of the Dangote Refinery, calling it a “historic leap for Nigeria’s energy independence.”
In a statement posted on his X page on Monday, Otedola also credited President Bola Tinubu for his “political will” in fully deregulating the downstream petroleum sector.
Otedola said the move has broken the power of “entrenched interests” and paved the way for a more competitive market.
Otedola, who founded the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) in 2002, said he felt compelled to speak out against voices that are “determined to resist change.”
He argued that the old business model, which relied on fuel imports and subsidy fraud, is now obsolete due to the local production from the Dangote Refinery.
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He revealed that he had advised some depot owners as far back as last year to sell their assets, which he says are now largely idle.
Otedola also took aim at DAPPMAN’s current agenda, stating that he does not see a reason for the Dangote Refinery to subsidize DAPPMAN with the ₦1.5 trillion they are reportedly demanding.
“The setting up of depots was mainly to collect PFIs,” Otedola stated, explaining that this system led to “complacent importers whose sole agenda was on arbitrage and subsidy margins.”
He added that over ₦2 trillion was siphoned through questionable claims tied to depot licenses under the old system, and he had personally warned former President Goodluck Jonathan about it.
Dispelling a common myth, Otedola claimed that depots do not create many jobs, noting that a typical depot employs only a handful of people.
In contrast, he said, a single filling station can employ dozens.
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He advised DAPPMAN members to shift their focus from holding onto outdated assets to investing in last-mile retail outlets.
In a final message to his long-time business rival, he told Dangote: “And yes, my dear brother Aliko, you can now go to Monaco and rest jejely like me. You’ve earned it.”
