Yesterday, the billionaire businessman, Mr Femi Otedola, said that up to N2 trillion was siphoned in questionable fuel subsidy claims under the Goodluck Jonathan administration.
He said this when narrating how he warned the ex-President about fraudulent oil marketers at the time.
In a statement on recent issues in the oil and gas sector, especially in the downstream, Otedola also congratulated Aliko Dangote, on the success achieved so far since his refinery commenced operations, describing it as a historic leap for Nigeria’s energy independence and economic future.
The philanthropist maintained that all these fraudulent subsidy claims were tied to depot licenses, noting that the policy rewarded neither transparency nor innovation, but encouraged rent-seeking and corruption.
“On subsidy, I personally warned President Goodluck Jonathan that he was being misled. The system was built to benefit depot owners, and DAPPMAN (Depot and Petroleum Products Marketers Association of Nigeria) members became the primary beneficiaries.
“Over N2 trillion was siphoned through questionable claims, all tied to depot licenses. The policy rewarded neither transparency nor innovation, it encouraged rent-seeking and corruption,” the business mogul stated.
But more importantly, he noted that credit must go to President Bola Tinubu for doing what no other leader before him had the political will to execute, which is the full deregulation of the downstream petroleum sector.
This singular act, he said, has broken the grip of entrenched interests and ushered in a new era of transparency, healthy competition, and customer-centric service delivery.
“In a sector long plagued by rent-seeking, subsidy fraud, product diversion, and smuggling, this reform marks a decisive break from the past and lays the foundation for a more efficient and accountable energy market. Yet despite this progress, there are still voices clinging to the old ways. Voices determined to resist change, even when it’s clear the tide has turned,” Otedola wrote.
