Billionaire businessman Femi Otedola has claimed that over N2 trillion was fraudulently siphoned through petrol subsidy claims linked to depot licences during the administration of former President Goodluck Jonathan.

Otedola made the revelation in a statement on Monday while throwing his support behind the Dangote Petroleum Refinery in its face-off with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).

DAPPMAN had earlier accused the refinery of adopting market-disruptive practices, alleging that its recent fuel price cuts were designed to undercut competitors rather than serve public interest. The refinery countered, alleging that DAPPMAN demanded an annual N1.5 trillion subsidy to enable its members sell fuel at the same price as Dangote’s depot.

Reacting to the controversy, Otedola said the subsidy regime was deliberately structured to enrich depot owners, with DAPPMAN members as the biggest winners.

“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 stated.

“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.”

He further dismissed the claim that depots create significant jobs, calling it a “myth that continues to be repeated.”