Femi Otedola, the billionaire businessman, says during the administration of former President Goodluck Jonathan, over N2 trillion was siphoned through questionable petrol subsidy claims linked to depot licences.

Otedola spoke in a statement on Monday, backing the Dangote Petroleum Refinery (DPR) in its with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).

On September 16, DAPPMAN accused the refinery of engaging in market-disruptive practices, claiming that the company’s fuel price cuts were strategically timed to weaken competition rather than to serve patriotic interests.

Countering the group, the Dangote refinery said DAPPMAN allegedly demanded an annual subsidy of N1.5 trillion to enable members match the refinery’s gantry prices at their own depots.

Speaking on the issue, Otedola said the petrol subsidy system was structured to favor depot owners, with DAPPMAN members emerging as the main beneficiaries.

“On subsidy, I personally warned President Goodluck Jonathan that he was being misled. The system was built to benefit depot owners, and DAPPMAN members became the primary beneficiaries,” he said.

“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.”