Business magnate Femi Otedola has applauded the milestones recorded since the Dangote Refinery began operations, describing the project as a “historic leap” for Nigeria’s quest for energy independence and economic growth.
In a statement on Monday, Otedola also commended President Bola Ahmed Tinubu for implementing full deregulation of the downstream petroleum sector, a reform he said “no other leader before him had the political will to execute.”
According to him, the policy has dismantled entrenched interests, ended subsidy-related distortions, and opened the way for transparency, competition, and improved service delivery in the supply of petroleum products.
“Subsidy fraud, product diversion and smuggling long plagued the industry,” he noted. “This reform is a decisive break from the past and lays the foundation for a more efficient and accountable market.”
Otedola cautioned, however, that some industry players remain resistant to the sweeping changes. He urged stakeholders to embrace the new order, stressing that “history has shown you can delay change, frustrate it, even sabotage it, but you can never stop it.”
Tracing the evolution of the downstream sector, the billionaire recalled founding the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) in 2002 to give independent depot owners a level playing field against dominant marketers.
He disclosed that he structured the group with the late George Enenmoh, then MD of Ascon Oil, as chairman; Sayyu Dantata as secretary; and himself as vice chairman.
“Depot ownership was once strategic. But times have changed. Nigeria now has over four million metric tonnes of storage capacity, most of it idle. With Dangote Refinery supplying fuel locally, the old model is crumbling. I advised some operators last year to dispose of depots as scrap while they still had value.” He said
Otedola, who built Zenon Oil into Nigeria’s largest diesel supplier in the mid-2000s, said the refinery has redefined the country’s logistics chain.
He highlighted its acquisition of 8,000 brand-new compressed natural gas (CNG) trucks to distribute products nationwide, reducing emissions and eliminating gridlock around Apapa, Tin Can, and Ibafo caused by the import-dependent system.
“More than producing fuel, Aliko has elevated the entire logistics chain. As someone who once dominated this market and was made life patron of the Petroleum Tanker Drivers union in 2005, I can confidently say the game has changed.” Otedola said
He urged operators to adapt to the emerging landscape, emphasising that domestic production now guarantees efficient, reliable and proudly Nigerian fuel supply.
