Oil marketers in Nigeria have rejected billionaire businessman Femi Otedola’s call to sell off their investments in the nation’s oil sector.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, described Otedola’s statement as insensitive and not properly thought out.
Gillis-Harry, while speaking on Tuesday, emphasised that Otedola’s advice lacks understanding of the current situation, questioning whether the businessman is suggesting that all investments in the sector should be abandoned.
“Is he saying all the investments that have happened in that sector should just go down the drain?” Gillis-Harry queried.
He highlighted the significance of Dangote’s investment in the sector, stating it provides peace of mind.
According to the oil marketers, Otedola’s thoughts are up for debate, especially considering his experience as a DAPPMAN member and his knowledge of the investments made in the sector.
“Today, he has divested into other areas, but others have not been able to move as fast as he did. Recommending that they should scrap their investments is something that he should think deeply about before giving such advice,” Gillis-Harry said.
The PETROAN president pointed out that these facilities are strategically located across Nigeria, including Port Harcourt, Calabar, Ogara, and Lagos, to facilitate product distribution.
“I believe that DAPPMAN’s leadership can speak for themselves, but I don’t think it is a good idea that Nigerians who have invested so much should scrap their investments,” he added.
Otedola had advised DAPPMAN members to focus on owning and scaling last-mile retail outlets rather than holding onto tanks built for a fuel import economy that no longer serves the country.
He emphasised that with the Dangote Refinery now supplying fuel locally, the old business model is crumbling.
