Billionaire entrepreneur Femi Otedola has cautioned that Nigeria’s energy future remains at risk due to entrenched interests in the oil sector, despite recent policy reforms.
In a statement released Monday, Otedola expressed strong support for the Dangote Petroleum Refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN). He also applauded President Bola Tinubu for fully deregulating the downstream petroleum industry.
“Congratulations to my dear brother, Aliko Dangote, on the remarkable achievements since the Dangote Refinery began operations. This milestone marks a historic leap toward Nigeria’s energy independence and economic growth,” Otedola said.
Praising Bold Leadership
Otedola highlighted President Tinubu’s decisive actions, contrasting them with past leadership. “Credit goes to President Bola Ahmed Tinubu for showing the political courage previous leaders lacked — fully deregulating the downstream petroleum sector. This has broken the hold of entrenched interests and ushered in transparency, competition, and customer-focused service,” he added.
Despite these advances, Otedola warned that some groups “clinging to old ways” continue to threaten reforms.
“I’ve monitored commentary around fuel supply, and I feel compelled to provide clarity. Nigeria’s future is still challenged by entrenched cabals attempting to block meaningful reform,” he said.
Reflecting on DAPPMAN and Industry Changes
Otedola recounted the formation of DAPPMAN in 2002, established to challenge the dominance of major marketers and empower independent depot owners. He explained that he structured the group, appointing the late George Enenmoh as chairman, while he served as vice-chairman and Sayyu Dantata as secretary.
He noted that many depots have become obsolete over the years. “Nigeria now has over 4 million metric tons of storage capacity, most of it idle. With the Dangote Refinery supplying fuel locally, the old business model is collapsing. I advised some operators last year to sell their depots while they still had value,” he said.
Redefining Nigeria’s Energy Landscape
Otedola emphasized that the Dangote Refinery has transformed fuel production and distribution in Nigeria. It ensures reliable local supply, reduces congestion at Apapa ports, and modernizes fuel delivery with 8,000 new CNG-powered trucks.
“Aliko Dangote has done more than produce fuel; he has elevated the entire logistics chain,” Otedola said.
Drawing from his own experience as founder of Zenon Oil and a pioneer in Nigeria’s diesel market, Otedola affirmed: “I know this business intimately. I was at the top of it, and in 2005, I was honored as life patron of the PTD union. When I say the game has changed, it comes from deep experience.”
