Billionaire businessman Femi Otedola has revealed details of a tense encounter with former President Olusegun Obasanjo over a national diesel shortage in 2004, following the deregulation of the diesel market.
In his upcoming memoir titled Making It Big: Lessons from a Life in Business, Otedola described how Obasanjo, visibly angry, blamed him for the fuel crisis. The deregulation policy, which allowed private companies to import diesel without subsidy, had been implemented on the advice of Otedola and other business leaders.
“When President Obasanjo deregulated diesel in 2004, Zenon \[my company] took an unassailable lead in the market,” Otedola wrote. However, the move sparked backlash from rivals and some government officials, who accused Zenon of disrupting supply.
Otedola said Obasanjo phoned him at around 2am, furious about the crisis. “‘You’re a stupid boy! God will punish you!’ he shouted. ‘You persuaded me to deregulate diesel, and now there’s no diesel in the country!’”
The following day, Otedola flew to Abuja to meet the president. “As soon as Obasanjo saw me, he flew into a rage again… I allowed him to cool down, and when he stopped talking, I explained the situation,” he wrote.
Otedola told Obasanjo that six ships loaded with diesel were waiting to discharge and presented letters of credit to prove it. He claimed that some officials in the Nigerian National Petroleum Corporation (NNPC), who opposed deregulation due to vested interests in the subsidy system, had misled the president.
To clear the air and restore public trust, Otedola said he started publishing diesel prices and availability in newspapers nationwide.
Despite the clash, Otedola praised Obasanjo as a “robust and determined leader” who supported people he believed in, once convinced of their honesty and capability.
The memoir is expected to offer more insights into Otedola’s journey in business and his interactions with key political and economic figures in Nigeria.