The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has debunked claims of a cabal operating in the midstream and downstream oil sector, stating that while there are strong vested interests, the term “cabal” is misleading and subversive.
Speaking during a recent television interview, DAPPMAN’s Executive Secretary, Olufemi Adewole, argued that industry players have made significant investments over the years and deserve fair returns. “There is no cabal, but my principals have vested interests,” he said. “They bridged supply gaps long before Dangote Refinery came on board.”
Adewole also warned about the potential for monopoly, noting that the 650,000-barrel-per-day capacity of the Dangote Refinery gives it significant market influence. He emphasized the importance of regulators in maintaining a level playing field, praising their enforcement of the Petroleum Industry Act (PIA).
He concluded that ongoing dialogue and effective regulation are key to ensuring fairness and competition in the sector.
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