By Gideon Maxwell
September 3, 2024
In a remarkable turn of events, billionaire businessman Femi Otedola has lauded the rollout of first petrol production from Dangote Refinery, urging depot owners to sell off their facilities as scraps, signaling the dawn of a new era in Nigeria’s energy sector.
In a heartfelt statement addressed to his longtime associate, Aliko Dangote, Otedola highlighted the significance of the refinery’s first fuel shipment and the profound impact it would have on the nation’s economy.
Otedola began by congratulating President Bola Tinubu for his unwavering support and commitment to actualising this monumental achievement during his administration.
He emphasised that this historic day belongs to every Nigerian who has dared to dream of a brighter future, stating, “Congratulations to our great nation—today, we all stand a little taller.”
Reflecting on their shared journey, Otedola recounted how, 25 years ago, they had formed the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries, with Dangote holding a 51% stake and Otedola 20%.
Despite their ambitious plans, their efforts were thwarted by what Otedola described as an “utterly obnoxious” government action that canceled their stakes and halted their vision.
However, he noted that Dangote’s unwavering determination kept the dream alive.
“You never gave up on the dream we shared,” Otedola wrote.
“You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery—a feat that is nothing short of miraculous,” he added.
The business mogul drew a stark contrast between the success of the Dangote Refinery and the long-dormant Kaduna and Port Harcourt refineries, which have seen billions of dollars wasted on failed turn-around maintenance projects.
He pointed out that while those refineries have remained idle, Dangote has achieved what many believed to be impossible, effectively silencing skeptics and proving naysayers wrong.
Otedola praised Dangote’s refinery as not just an industrial success but as a liberation from Nigeria’s economic dependence on foreign fuel.
He highlighted how the project has delivered a significant blow to the so-called local cabals who have long profited from keeping the nation in a state of economic slavery through fuel imports.
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These cabals, Otedola warned, must now face the reality that their era of easy gains is ending.
Recalling Dangote’s earlier transformation of the cement industry, Otedola predicted a similar fate for fuel imports, urging depot owners to adapt or risk being left behind.
“The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high,” he advised, signaling that the world has changed and those who fail to adapt will be left behind.
Otedola also reflected on his own venture into the depot business with Zenon, which was born out of the inefficiencies of the Nigerian National Petroleum Corporation (NNPC).
Zenon quickly became the largest diesel supplier in the country, filling the gaps left by a failing system.
However, he acknowledged that the landscape has shifted dramatically with the establishment of the Dangote Refinery.
Concluding his statement, Otedola expressed his deepest admiration and respect for Dangote and congratulated him, along with the entire board, management, and staff of Dangote Refinery, on this monumental achievement.
“This is not just a victory for you but for every Nigerian who dares to dream. May this be just the beginning of even greater things to come,” he said.
The Dangote Refinery, located in the Lekki Free Zone near Lagos, is set to significantly reduce Nigeria’s dependence on imported refined petroleum products, transforming the nation’s energy sector and contributing to its economic stability.
The refinery’s first shipment marks a new chapter in Nigeria’s pursuit of self-sufficiency in fuel production.
