‎Otedola Accuses Jonathan Administration of N2trn Subsidy Scam
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‎Billionaire businessman Femi Otedola has accused the administration of former President Goodluck Jonathan of misappropriating over N2 trillion through fraudulent petrol subsidy claims, with depot licenses central to the scam.
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‎In a statement issued Monday, Otedola expressed support for Dangote Petroleum Refinery (DPR) in its ongoing clash with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN). DAPPMAN had earlier accused the refinery of engaging in market-disruptive tactics, alleging that Dangote’s fuel price cuts were designed to weaken competition rather than serve national interest.
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‎Otedola, however, turned the focus on the broader issue of the subsidy system, which he claimed was engineered to benefit depot owners and fuel corruption. “I personally warned President Jonathan that he was being misled. The system was structured to favor depot owners,” Otedola said, alleging that over N2 trillion was funneled through questionable claims tied to depot licenses.
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‎The billionaire also addressed misconceptions about the employment impact of depots, arguing that they do not significantly contribute to job creation. “A typical depot employs perhaps five people, while a filling station can employ dozens of Nigerians,” he said. Otedola also questioned the relevance of depot infrastructure in a post-import economy, noting that local fuel refining has made such infrastructure increasingly unnecessary, similar to the changes in the cement industry.
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‎Otedola warned that unless DAPPMAN members adapt to these shifts, they risk becoming irrelevant and bankrupt. “Instead of resisting progress, they should consider restructuring, selling, or investing in new value chains,” he advised.