Business mogul and philanthropist, Femi Otedola, has called on the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) to embrace innovation and adapt to the new realities of the oil and gas sector, warning that the association risks becoming obsolete if it fails to evolve.
Otedola, in a statement on the ongoing fuel supply dispute between the Dangote Refinery and DAPPMAN, said he felt compelled to share his perspective, noting that the future of the country’s energy sector depended on embracing change.
He congratulated Aliko Dangote on the success of his refinery project, describing it as a historic leap for Nigeria’s energy independence. He stressed that entrenched interests seeking to resist progress were fighting a losing battle, as history had proven that change could only be delayed but not stopped.
The businessman recalled that he founded DAPPMAN in 2002 to give independent depot owners a platform to thrive and fill supply gaps in an inefficient downstream sector. However, he noted that the association’s relevance had diminished with the advent of local refining and improved efficiency.
“Times have changed. Many of the original players have exited the scene, and those left are clinging to assets that no longer reflect today’s business realities. With Dangote’s refinery fully operational, the old business model is crumbling,” Otedola stated.
He urged members of the association to invest in last-mile retail outlets instead of holding on to outdated infrastructure, pointing out that depots contributed little to job creation compared to filling stations. He also advised them to consider restructuring, selling, or investing in new value chains.
Otedola further commended President Bola Tinubu for fully deregulating the downstream petroleum sector, describing the reform as a decisive step that ended subsidy fraud and rent-seeking practices while promoting transparency and competition.
According to him, subsidy schemes in the past encouraged corruption, with up to N2 trillion siphoned through questionable claims under the Goodluck Jonathan administration, most of which were tied to depot licenses.
He maintained that Dangote Refinery represented a solution to Nigeria’s fuel supply challenges and urged stakeholders to stop resisting progress, warning that those who fail to adapt risk irrelevance or bankruptcy.
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