Nigerian billionaire Femi Otedola has unfolded about a heated confrontation he had with used President Olusegun Obasanjo over a diesel shortage that rocked the country in 2004.
The intelligent discover is truly apt one of many detailed in his upcoming memoir, Making It Big: Lessons from a Existence in Alternate, blueprint for starting up on August 18, 2025.
According to Otedola, what began as a courageous financial pass convincing Obasanjo to deregulate the diesel sector rapidly spiraled into a nationwide disaster, as reports of fuel scarcity precipitated outrage from various quarters, including the presidency itself.
Deregulation long gone unimaginative?
Benefit in 2004, Otedola’s firm, Zenon Petroleum, used to be regarded as one of the largest gamers within the downstream oil sector.
He had happy Obasanjo that casting off authorities control over diesel importation would earnings Nigeria’s economy and develop certain fixed fuel present. The pass used to be intended to decrease inefficiencies tied to subsidies and originate the market to private corporations.
Nonetheless, quickly after the protection took fabricate, reports of diesel scarcity began circulating. Industries were said to be shutting down, autos were grounded, and fright blueprint in. Obasanjo, who had in my view sought assurances that deregulation wouldn’t disrupt present, felt betrayed.
Otedola recollects receiving an indignant name from the president within the midst of the evening. According to the oil mogul, Obasanjo yelled over the phone, accusing him of causing nationwide chaos. “You’re a dull boy! God will punish you!” the used president reportedly shouted.
What’s the true blueprint off?
But Otedola insists it used to be all a setup. In his story, he blames the fright on misinformation spread by industry competitors and insiders within the Nigerian Nationwide Petroleum Corporation (NNPC), who were sad with deregulation.
“They informed the president there used to be no diesel, that autos couldn’t pass and businesses were collapsing,” Otedola wrote. “But I had six ships loaded with diesel ready to discharge.”
He added that the prolong in offloading the fuel used to be even costing his firm money in demurrage charges.
To counter the lies, Otedola proposed placing elephantine-net page adverts in nationwide newspapers, exhibiting most up-to-date diesel costs and confirming availability. The arrangement used to be to revive public self belief and restful the president’s nerves.
How is believe rebuilt
Within the waste, Obasanjo used to be happy. Otedola believes that as soon as the president realized he used to be being misled, he chose to believe him over the naysayers.
“Obasanjo used to be stable-willed,” he wrote. “But as soon as he made up his thoughts that any person used to be apt, he stuck with them. That day, I believe he decided to evaluate me.”
The clash between Otedola and Obasanjo is better than correct a private memoir. It highlights the political and financial drive that steadily accompanies reforms in Nigeria’s oil sector.
Deregulation, while wanted in many cases, tends to disrupt prolonged-standing networks of influence and money making pushback inevitable.
The memoir additionally promises extra insights into Otedola’s profession, including his upward push within the oil industry, his financial setbacks, and the most steadily cutthroat world of Nigerian banking.
In one chapter, he describes how banks frail “attractive girls” to entice him to their providers in some unspecified time in the future of his height, sooner than turning their backs on him when things went bitter.
