Nigerian oil marketers have refused to give over their holdings in the country’s oil industry, despite billionaire Femi Otedola’s demand.
In an interview with Channels Television’s The Morning Brief on Tuesday, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said Otedola’s remark was disrespectful and ill-considered.
Recall that under former President Goodluck Jonathan, Otedola had alleged that there had been illegal fuel subsidy activities.
Claiming that the bogus subsidy claims were linked to depot licenses, he pointed out that the scheme promoted corruption and rent-seeking while rewarding neither transparency nor innovation.
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), a group of oil marketers that has been at odds with the Dangote Refinery for some time, was specifically challenged by Otedola.
Taking a trip down memory lane, Otedola remembered that he established DAPPMAN in 2002, 23 years ago, with the sole goal of opposing the power of large marketers and giving individual depot owners an equitable advantage.
The initial members of the association have departed, he said, and those who remain are holding onto depreciated assets.
Gillis-Harry responded to Otedola’s allegations by stating that the businessman is unable to speak for the company.
As a former DAPPMAN member, he said, Otedola ought to have a better awareness of the types of investments made by the oil marketers and ought to have refrained from making such hurtful remarks.
The PETROAN CEO pointed out that Otedola’s good fortune in selling his own assets quickly and readily and moving on does not give him the authority to advise others to abandon investments they have spent millions to establish.
“Otedola’s opinion regarding marketers’ innovation and restructuring is not well-considered. Does he want for all of the investments made in that industry to be a waste?
While new innovations will emerge and old ones will be replaced, some structures will continue to function in the modern world.
“We can all feel more at ease due of Dangote’s timely investment in the industry.
However, since Mr. Otedola was a member of DAPPMAN and is aware of the costs involved in making that investment, his opinions are debatable.
Although he has made investments in other areas today, others have not been able to keep up with his rapid pace.
It would be wise for him to give careful consideration before suggesting that they should abandon their assets.
These facilities are located throughout Nigeria, including in Lagos, Ogara, Port Harcourt, Calabar, and even some on the mainland to facilitate the distribution of products.
“I think DAPPMAN’s leadership speaks for itself, but I don’t think it’s a good idea for Nigerians who have made such large investments to throw them all away,” he remarked.
