Billionaire Femi Otedola has highlighted the transformative impact of starting petroleum production at the Dangote Refinery in Lagos. On Tuesday, Aliko Dangote, President of the Dangote Group, announced the official production of petrol at the facility, which has a capacity of 650,000 barrels per day, during a press conference. He proudly stated that the quality of the Dangote Refinery’s Premium Motor Spirit will match that of the United States and other parts of the world.
Mr. Dangote indicated that the release of petrol to the public would depend on an impending agreement with the Nigerian National Petroleum Company Limited (NNPC), which could be finalized within hours.
Reacting to the development, Mr. Otedola, in a statement posted on his X page on Tuesday, expressed optimism that the operation of the Dangote Refinery would liberate Nigerians from the stranglehold of oil cabals.
His statement partly read, “You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination. You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery. These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end.”
“I am reminded of the time you revolutionized the cement industry in Nigeria. Ships that once brought in cement have turned into rusting relics, scraps of a bygone era. Now, with your refinery in full swing, I foresee a similar fate for fuel imports. The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high. The world has changed, and those who do not adapt will be left behind.”
The 61-year-old business mogul and the founder of Zenon Petroleum and Gas Ltd emphasized that Dangote’s refinery exemplifies what can be achieved when one dreams and has the determination to bring it to fruition. He added that petroleum production at the refinery is not just a personal victory but a triumph for all Nigerians who dare to dream.
“When I ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC. Zenon pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by our inefficient system. But today, your refinery stands as a beacon of what is possible when one dares and has the tenacity to see it through.”
“Aliko, you have my deepest admiration and respect. Congratulations to you and the entire board, management, and staff of Dangote Refinery on this monumental achievement. May this be just the beginning of even greater things to come,” said the former chairman of Forte Oil PLC.
The philanthropist recalled how the Nigerian government thwarted his and Mr. Dangote’s ambitions with a consortium aimed at acquiring interests in the Kaduna and Port Harcourt refineries. This initiative, launched under the Blue Star Consortium, saw the billionaires secure stakes in the refineries during the final days of former President Olusegun Obasanjo’s administration. However, the decision was reversed in 2007 by the late President Umaru Yar’Adua, effectively ending their plans.
Mr. Otedola said, “Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries—20% for me and 51% for you. We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, canceled our stakes and thwarted our vision. But, as always, you refused to be deterred.”
“You never gave up on the dream we shared. 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.”
“While the Kaduna and Port Harcourt refineries have remained dormant, their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, you have achieved what many said was impossible. You have beaten all the skeptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed.”
Additionally, the Oyo-born businessman commended President Bola Tinubu for his support in bringing this monumental achievement to fruition during his administration.
“My Dear Brother Aliko, first and foremost, I want to extend my heartfelt congratulations to President Bola Tinubu for his unwavering support and belief in actualizing this monumental achievement under his administration. This day belongs to every Nigerian who has dared to dream of a better future. Congratulations to our great nation—today, we all stand a little taller.”
Femi Otedola is among the top Nigerian billionaires and a businessman and industrialist. He initially acquired his wealth through commodities before selling his interests in Forte Oil to invest in the energy sector. He is the chairman of Geregu Power, a power generation company, and possesses over 70% of the shares. Additionally, he owns properties in Lagos, Dubai, London, and Monaco, and holds shares in Zenith Bank and FBN Holdings.
