By Abiola Olawale
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has responded to allegations by Aliko Dangote, President of Dangote Group, regarding an alleged “cabal” controlling Nigeria’s oil sector.
The DAPPMAN dismissed the notion of a shadowy group, asserting that the industry is driven by legitimate stakeholders with vested interests, not a clandestine cartel.
Dangote, whose refinery has faced operational challenges, recently claimed that a powerful cabal was undermining his efforts to revolutionize Nigeria’s oil industry.
On May 1, Dangote said he was still fighting cabals for the survival of his $20 billion refinery — subsequently describing “cabals” as some major oil marketers and traders.
However, speaking during an interview with the press, Olufemi Adewole, executive secretary of DAPPMAN, described the use of “cabals” by Dangote as being “negative” and “subversive”.
He stated: “There is no cabal in the midstream and downstream operations as far as I am concerned, because, going by the English definition of the word cabal, it’s a negative, subversive thing. There is no cabal, but I can tell you that we have vested interests.
“My principals have vested interests in the sector. So if they have invested over these years, billions of naira, and they have bridged the gap.
“Even before Dangote, they were there when nobody was there to bridge the gap and ensure Nigerians get fuel. Definitely, they should have commensurate returns on their investment.
“Right now, we have a refinery, a 650,000 barrel capacity refinery. This price, volume and capacity alone give the refinery the edge over all others. It can manipulate prices. It can dictate prices.
“It can get what it wants. So it’s a clear and present danger for us, and we would rather not have it that way.
“But the beautiful thing is that we have the regulators, who have been doing fantastically since they came on board.”
