Oil marketers in Nigeria have rejected calls by billionaire businessman Femi Otedola for them to sell off their investments in the nation’s oil sector.

Speaking on Tuesday during Channels Television’s The Morning Brief, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, described Otedola’s comments as “insensitive and not properly thought out.”

Otedola had earlier alleged that fraudulent fuel subsidy claims occurred under former President Goodluck Jonathan’s administration, linking the fraud to depot licenses. He argued that the subsidy policy encouraged corruption and rent-seeking rather than transparency and innovation.

Specifically, he took aim at the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), which has recently clashed with the Dangote Refinery. Otedola, who founded DAPPMAN in 2002, said the association had since lost its original purpose, with members holding onto assets that no longer had value.

Responding, Gillis-Harry insisted Otedola had no right to ask others to scrap their assets simply because he was able to sell his own.

“Otedola’s view on marketers innovating and restructuring is not a thoughtful statement. Is he saying all the investments that have happened in that sector should just go down the drain?” he asked.

The PETROAN boss stressed that many marketers had invested billions of naira in depots across the country, including in Port Harcourt, Calabar, Lagos, and other locations, to aid fuel distribution.

He added that while innovation was necessary, existing facilities remained relevant and could still serve Nigeria’s energy needs.

“Recommending that they should scrap their investments is something that he should think deeply about before giving such advice,” Gillis-Harry concluded.