‘You dealt a blow to cabals’ — Otedola congratulates Dangote on petrol production at refinery

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has congratulated Aliko Dangote on the commencement of petrol production at his refinery. 

During a news conference on Tuesday, Dangote announced the start of petrol production at the Dangote refinery, proudly displaying a bottle of the product.

Subsequently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the refinery is expected to supply 25 million litres of petrol daily in September.

The  650,000 bpd capacity refinery began operations in January with the production of diesel and aviation fuel.

Dangote said the petrol from the plant, in terms of quality, can compete with products from other refineries across the world

In a post on X on Tuesday, Otedola described the milestone as a “monumental achievement” under President Bola Tinubu’s administration.

Reflecting on their efforts to invest in the state-owned refinery, which were ultimately rejected, Otedola expressed joy that the Dangote refinery has finally become a reality.

“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,” the post reads.

“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, cancelled 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’VE SILENCED NAYSAYERS’ 

Otedola said Dangote has “beaten all the sceptics, silenced the naysayers, and proved wrong” those who doubted his resolve and “never wanted this project to succeed”.

The billionaire said the refinery has liberated Nigeria “from the chains of economic dependence that have held this nation back for far too long”, adding that the days of “bowing to foreign powers for our fuel needs are over”.

“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,” the post adds.

“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 turned into rusting relics, scraps of a bygone era.”

Otedola said with the refinery in full swing, he foresees 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,” Otedola said.