Billionaire investor and Chairman of Geregu Power Plc, Femi Otedola, has raised fresh concerns over the future of Nigeria’s oil and gas industry, warning that entrenched interests and powerful cabals still threaten the sustainability of reforms, despite recent breakthroughs in the sector.
In a detailed statement released on Monday, Otedola threw his firm backing behind the Dangote Petroleum Refinery in its face-off with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
He also commended President Bola Ahmed Tinubu for demonstrating rare political will by deregulating the downstream petroleum industry, a policy which successive governments had avoided for decades.
“Congratulations to my dear brother, Aliko Dangote, on the remarkable progress achieved since the Dangote Refinery commenced operations. This is more than just an industrial milestone; it represents a defining step toward true energy independence and the economic rebirth of our nation,” Otedola remarked.
The billionaire stressed that President Tinubu deserves credit for accomplishing what many of his predecessors shied away from: “History will remember President Bola Ahmed Tinubu for taking the bold step of fully deregulating the downstream petroleum sector. No other leader before him had the political courage to confront the powerful interests holding Nigeria back. His decision has not only broken their monopoly but has also created the conditions for transparency, healthy competition, and a consumer-focused market environment.”
Yet, Otedola cautioned that Nigeria is not completely free of old obstacles. According to him, certain groups remain determined to frustrate progress and reverse gains made through reform.
“I have paid close attention to the debates and commentary on current fuel supply challenges. The reality is that entrenched cabals, unwilling to embrace change, still pose a real and immediate danger to Nigeria’s energy future. These are voices clinging desperately to outdated models of control, believing they can resist the winds of reform sweeping through the sector,” he said.
Reflecting on history, Otedola recounted how DAPPMAN was originally formed in 2002 as a counterweight to the dominance of multinational and major oil marketers.
He explained that he personally helped structure the association, with the late George Enenmoh as its pioneer chairman, himself as vice-chairman, and Sayyu Dantata as secretary.
The objective at the time, he said, was to give independent depot owners a collective platform to survive and thrive.
However, two decades on, Otedola argued that the oil marketing landscape has shifted irreversibly. With Nigeria now boasting over 4 million metric tons of storage capacity, much of it lying idle, and with the Dangote Refinery steadily meeting local demand, he said the old model of dependence on depots is rapidly collapsing.
“Truth be told, many depots are now outdated. The industry has outgrown them. Last year, I advised some operators to consider selling their depots as scrap while there was still some value to be salvaged. The refinery has simply redefined the game,” he said.
He went further to highlight the transformative impact of the Dangote Refinery on Nigeria’s energy and logistics systems. According to him, beyond producing fuel, the refinery has eliminated chronic congestion at Apapa ports, introduced a new distribution network supported by 8,000 CNG-powered trucks, and raised the benchmark for efficiency in the entire downstream chain.
“Aliko has not just built a refinery, he has modernised the logistics backbone of the petroleum industry. It is a paradigm shift, a leap forward for the nation,” Otedola added.
Drawing parallels with his own legacy in the energy space, Otedola reminded Nigerians of his pioneering role in the diesel trade through Zenon Oil, which transformed the downstream sector in the early 2000s. “I know this business inside out. At the peak of it in 2005, I was recognised as the life patron of the Petroleum Tanker Drivers union. I had the experience of being at the very top of the diesel business in this country. So, when I say the game has changed forever, it is not speculation — it is knowledge grounded in lived experience.”
He concluded by stressing that while Nigeria stands at the threshold of energy self-sufficiency, the country must remain vigilant against forces resistant to reform, insisting that only consistency, transparency, and commitment to progress can guarantee lasting transformation.
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