Billionaire businessman Femi Otedola has alleged that over N2 trillion was looted through fraudulent petrol subsidy claims tied to depot licences during the administration of former President Goodluck Jonathan
Otedola made the revelation in a statement on Monday while voicing support for the Dangote Petroleum Refinery amid its ongoing dispute with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
DAPPMAN had earlier accused the refinery of adopting market-disruptive tactics by cutting fuel prices in a bid to stifle competition. In response, Dangote refinery alleged that DAPPMAN had sought an annual subsidy of N1.5 trillion to enable its members match the refinery’s gantry prices.
Weighing in on the matter, Otedola said the petrol subsidy scheme was designed to enrich depot owners, making DAPPMAN members its biggest beneficiaries.
“On subsidy, I personally warned President Goodluck Jonathan that he was being misled. The system was built to benefit depot owners, and DAPPMAN members became the primary beneficiaries,” Otedola stated.
“Over N2 trillion was siphoned through questionable claims, all tied to depot licenses. The policy rewarded neither transparency nor innovation, it encouraged rent-seeking and corruption.”
He also dismissed claims that depots create significant employment, describing it as a long-standing myth.
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