Nigeria’s billionaire businessman, Femi Otedola, has weighed in on the ongoing dispute between the Dangote Refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), urging the association to adapt to industry changes or risk total collapse.
In a strongly worded statement, Otedola praised Aliko Dangote for what he described as a “historic leap” in Nigeria’s quest for energy independence, while warning that DAPPMAN’s resistance to change was futile.
“But history has shown time and again: you can delay change, frustrate it, even sabotage it — but you can never stop it,” Otedola said. “What is DAPPMAN fighting for today? To preserve a model built on fuel imports, subsidy exploitation, and outdated infrastructure? That era is fast disappearing.”
Otedola, who founded DAPPMAN in 2002, recalled that the association once played a crucial role in filling supply gaps during an inefficient downstream era. However, he stressed that with the Dangote Refinery now fully operational and Nigeria producing fuel locally, the old depot model had become obsolete.
The philanthropist argued that DAPPMAN’s current demands — including a reported N1.5 trillion subsidy from Dangote Refinery — were unrealistic and against national interest. He noted that depots no longer add meaningful value, describing them as “assets clinging to a bygone fuel import economy.”
“Depots do not drive employment as some claim. A typical depot employs maybe five people. Meanwhile, one filling station can provide dozens of jobs. If anything, DAPPMAN members should be focusing on retail expansion, not holding on to tanks built for yesterday’s realities,” he added.
Beyond commending Dangote, Otedola also lauded President Bola Tinubu for fully deregulating the downstream petroleum sector — a move he said broke the grip of entrenched cabals and ended decades of subsidy fraud.
“Over N2 trillion was siphoned through questionable subsidy claims under past administrations, all tied to depot licenses. The policy rewarded rent-seeking, not innovation. Deregulation has finally dismantled that corrupt system,” Otedola revealed.
Comparing the shift to Nigeria’s cement industry transformation, Otedola warned DAPPMAN members that refusal to adapt could lead to bankruptcy. He advised them to sell, restructure, or invest in new value chains, instead of fighting a losing battle.
“Aliko’s refinery is not the problem. It is the solution. Let’s move forward,” Otedola declared.
On a lighter note, he congratulated Dangote, saying: “Africans are proud of you, my brother. You can now go to Monaco and rest jejely like me — you’ve earned it.”
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