Business mogul and philanthropist, Mr. Femi Otedola, has advised the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) to embrace innovation or risk obsolescence amid its ongoing dispute with the Dangote Refinery.

In a statement, Otedola congratulated Aliko Dangote on the refinery’s success, describing it as a historic milestone for Nigeria’s energy independence and economic growth. He noted that domestic fuel production has rendered old import-based business models increasingly outdated.

Otedola, who founded DAPPMAN 23 years ago to support independent depot owners, observed that many original players have exited the sector, leaving remaining operators clinging to assets that no longer reflect current realities. “Nigeria now has over four million metric tons of storage capacity, most of it idle,” he said.

He stressed that depots, once central to the import-driven fuel market, employ few people, whereas retail outlets generate significantly more jobs. Otedola urged members to pivot toward owning and expanding filling stations or exploring new value chains.

Drawing lessons from global markets such as Amsterdam and Houston, he noted that depots primarily serve export purposes, and local refining reduces the need for large depot infrastructures. He encouraged members to consider selling, restructuring, or investing in innovative solutions to remain competitive.

Otedola also lauded President Bola Tinubu for fully deregulating the downstream petroleum sector, introducing transparency, and curbing subsidy fraud, which previously cost over N2 trillion under outdated depot licensing policies.

“Aliko’s refinery is not the problem it is the solution. DAPPMAN must stop resisting change and embrace a new era of self-sufficiency, transparency, and sustainable value creation,” he concluded.