Otedola drops bombshell on Nigeria’s Oil Sector: “The Game has Changed”

By Kazeem Ugbodaga

Billionaire businessman Femi Otedola has congratulated Aliko Dangote on the strides achieved by the Dangote Refinery since it commenced operations, describing the project as a historic step towards Nigeria’s energy independence and economic sustainability.

In a statement shared via his official X account on Monday, Otedola said the refinery had not only transformed local fuel supply but also redefined the nation’s economic trajectory.

He, however, credited President Bola Ahmed Tinubu for the political will that made the milestone possible.

“Congratulations to my dear brother, Aliko Dangote, on the success achieved so far since the Dangote Refinery commenced operations. It is a historic leap for Nigeria’s energy independence and economic future. But more importantly, credit must go to President Bola Ahmed Tinubu for doing what no other leader before him had the political will to execute, the full deregulation of the downstream petroleum sector,” Otedola said.

According to him, Tinubu’s deregulation reforms have dismantled entrenched interests that fuelled subsidy fraud, smuggling, and product diversion for decades, ushering in transparency, competition, and improved service delivery.

“Yet despite this progress, there are still voices clinging to the old ways. Voices determined to resist change, even when it’s clear the tide has turned,” he noted.

Reflecting on his role in the sector, Otedola recalled how he founded the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) in 2002 to challenge the dominance of major marketers. He explained that while depot ownership was once strategic, current realities have rendered many facilities redundant.

“Nigeria now has over 4 million metric tons of storage capacity, most of it idle. With the Dangote Refinery now supplying fuel locally, the old business model is crumbling. I advised some of them as far back as last year to sell their depots as scrap while they still had value,” he stated.

Otedola, who pioneered the modern diesel business through Zenon Oil, stressed that domestic production had eliminated the inefficiencies that once defined the market.

He added that the refinery had eased gridlock around Apapa, Tin Can, and Ibafon, previously choked by fuel importation logistics.

Beyond refining, Otedola highlighted Dangote’s investment in 8,000 new CNG-powered trucks, describing them as eco-friendly alternatives to the aging fleet used by some operators.

“More than just producing fuel, Aliko has elevated the entire logistics chain,” he said, noting that the trucks will enhance nationwide distribution with fewer breakdowns and less environmental impact.

The billionaire emphasised that the industry had entered a new era, insisting that those resisting reform were fighting a losing battle.

“When I say the game has changed, I speak from deep experience. I was king of it, and at the peak of it in 2005, I was conferred with the life patron of the PTD union. History has shown time and again: you can delay change, frustrate it, even sabotage it, but you can never stop it,” he declared.