Otedola backs Dangote in the ongoing fuel supply dispute with DAPPMAN, urging the association to embrace innovation or risk extinction.
In a strongly worded statement, Otedola congratulated Aliko Dangote for the historic strides achieved since the commencement of operations at his refinery, describing it as a game-changer for Nigeria’s energy independence and economic growth.
Otedola Backs Dangote While Criticizing DAPPMAN’s Resistance to Change
He recalled founding DAPPMAN in 2002 with a mission to challenge the dominance of major marketers and provide opportunities for independent depot owners. However, he said the relevance of that model has faded with time.
“History shows that you can delay or frustrate change, but you can never stop it,” Otedola said. “Today, many depots are clinging to assets that no longer reflect business realities. With Dangote Refinery supplying fuel locally, the old import-driven model is crumbling.”
The oil magnate argued that DAPPMAN’s demands for ₦1.5 trillion in compensation from the refinery were misplaced, stressing that such costs would ultimately be borne by consumers. He further dismissed claims that depots generate large-scale jobs, noting that filling stations provide far more employment opportunities.
Otedola Backs Dangote’s CNG Fleet as Model for Sustainable Distribution
Otedola highlighted the transformative impact of Dangote’s investments, including the acquisition of 8,000 eco-friendly CNG trucks that will distribute fuel nationwide more efficiently.
“DAPPMAN had its place, but its relevance is fast fading. Members must stop clinging to outdated privileges and focus on self-sufficiency, transparency, and sustainable value creation,” he said.
He suggested that rather than resisting progress, depot owners should consider selling, restructuring, or investing in new ventures such as acquiring and running the Port Harcourt Refinery to prove their competitiveness.
Otedola Backs Dangote’s Vision of Self-Sufficiency Like Cement Industry Success
Drawing a parallel with the cement industry, Otedola noted that once Nigeria achieved self-sufficiency in cement production, bulk import carriers became obsolete. “The same fate awaits depots in the downstream sector,” he warned.
The business mogul also commended President Bola Tinubu for fully deregulating the downstream petroleum sector, describing the move as a bold reform that dismantled entrenched interests, subsidy fraud, and rent-seeking practices.
Otedola Backs Dangote and Reflects on Past Warnings About Subsidy Fraud
He recalled warning former President Goodluck Jonathan about fraudulent oil marketers during the subsidy regime, which, he said, led to the siphoning of over ₦2 trillion through questionable claims tied to depot licenses.
“Aliko’s refinery is not the problem it is the solution. We must move forward,” Otedola declared, before teasing his long-time ally: “Africans are proud of you, Aliko. You can now go to Monaco and rest jejely like me you’ve earned it.”
