Billionaire businessman and oil magnate, Femi Otedola, has opened up about a fiery exchange with former President Olusegun Obasanjo in 2004, over the deregulation of diesel importation, in his forthcoming memoir, Making It Big: Lessons from a Life in Business.
In excerpts from the book, Otedola detailed how Obasanjo lashed out at him during a midnight phone call following reports of diesel scarcity across the country. At the time, the federal government had just deregulated diesel importation on the advice of private sector stakeholders, including Otedola.
Zenon Petroleum, Otedola’s company, had assured the presidency that private importers could meet national demand without the involvement of the Nigerian National Petroleum Corporation (NNPC), which had operated as the sole importer under a subsidy regime.
“When President Obasanjo deregulated diesel in 2004, Zenon took an unassailable lead in the market,” Otedola wrote. “My opponents’ reaction was to tell the president that we’d turned the market upside down… and that industries were shutting down because there was no diesel.”
According to him, the backlash prompted Obasanjo to call him at about 2am. “‘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!’”
In response, Otedola said he flew to Abuja the following day to defend his position. “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 said he presented documentary evidence that six ships laden with diesel were waiting to discharge, including letters of credit as proof. He also alleged that certain individuals within the NNPC, who were opposed to deregulation, had deliberately misinformed the president to protect their interests under the subsidy arrangement.
In an effort to restore public confidence and correct the narrative, Otedola said he began publishing daily diesel prices and availability in newspapers.
Despite the confrontation, he described Obasanjo as a “determined and robust president” who, once convinced of a person’s honesty and competence, remained unflinching in his support.
