Businessman Femi Otedola has recounted a tense encounter with former President Olusegun Obasanjo over alleged diesel scarcity following deregulation in 2004.
Businessman Femi Otedola has recounted a tense encounter with former President Olusegun Obasanjo over alleged diesel scarcity following deregulation in 2004. In excerpts from his forthcoming book Making It Big: Lessons from a Life in Business, Otedola said Obasanjo “flew into a rage” after being told there was no diesel, accusing him of misleading the government into ending the Nigerian National Petroleum Corporation’s (NNPC) monopoly.
Otedola, then head of Zenon Petroleum, said critics falsely claimed deregulation had crippled supply. “The President… called me at 2am, shouting… ‘You’re a stupid boy! God will punish you!’” he recalled. Otedola said he assured Obasanjo there was ample supply, showing letters of credit for six incoming ships.
To counter “NNPC insiders” opposed to deregulation, he proposed advertising diesel prices and availability in newspapers. Otedola said Obasanjo later trusted his account. The book, praised by figures including Ngozi Okonjo-Iweala and Aliko Dangote, will be released on August 18, 2025.