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The Digest:
Billionaire businessman Femi Otedola has claimed that over N2 trillion was siphoned through questionable petrol subsidy claims linked to depot licenses during former President Goodluck Jonathan’s administration. The statement came as Otedola defended the Dangote Refinery in its ongoing dispute with fuel marketers, accusing the subsidy system of encouraging corruption rather than innovation.

Key Points:
  • Femi Otedola alleged N2 trillion was lost to questionable subsidy claims under Jonathan.
  • He claimed the system was designed to benefit depot owners, particularly DAPPMAN members.
  • Otedola stated he personally warned President Jonathan about being misled on subsidy management.
  • The allegation comes amid Dangote Refinery's dispute with fuel marketers over pricing.
  • DAPPMAN had accused Dangote of anti-competitive practices with strategic price cuts.
  • Otedola dismissed claims that depots significantly drive employment as a "myth."
  • He described the subsidy policy as rewarding "rent-seeking and corruption."
The revelation adds historical context to current tensions in Nigeria's downstream petroleum sector, highlighting long-standing concerns about subsidy management and accountability.

Sources: Daily Post Nigeria