Nigerian billionaire, Femi Otedola has declared that the newly operational Dangote Refinery has delivered a “death blow” to the entrenched fuel import cabals that have long profited from Nigeria’s dependence on foreign oil.
In a heartfelt letter to Dangote posted on his official X handle, Otedola praised the refinery’s historic achievement, heralding it as a transformative moment for the nation’s energy independence and a decisive end to the economic stranglehold that has kept Nigeria reliant on imported fuel for decades.
Reflecting on the 25-year journey that led to this milestone, Otedola recounted the early days when he and Dangote first set their sights on revolutionizing Nigeria’s energy sector.
“Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape,” Otedola wrote. He detailed how their initial plans to acquire stakes in the Kaduna and Port Harcourt refineries through the Blue Star Consortium were thwarted by the government, which he described as “utterly obnoxious.” Despite this setback, Dangote’s determination never wavered.
“You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame,” Otedola stated, commending Dangote for his relentless pursuit of their shared vision. He highlighted the significance of the Dangote Refinery’s success, noting that it has accomplished what many thought impossible.
“You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long.”
Otedola’s letter also delivered a stark message to the powerful local cabals that have long dominated Nigeria’s fuel importation industry.
“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,” he declared, emphasizing that the days of exploiting Nigeria’s fuel dependency are over.
Drawing a parallel to Dangote’s earlier transformation of the cement industry, Otedola predicted a similar impact on the fuel market. “I foresee 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,” he advised, signaling a new era where the domestic production of fuel will render import-dependent infrastructures obsolete.
Otedola also reflected on his own ventures in the energy sector, particularly his establishment of Zenon Petroleum and Gas Limited, which became Nigeria’s largest diesel supplier.
He acknowledged that while Zenon filled a critical gap left by the inefficiencies of the Nigerian National Petroleum Corporation (NNPC), the Dangote Refinery stands as a beacon of what is possible when one has the “audacity to dream and the tenacity to see it through.”
Concluding his letter, Otedola expressed his profound respect and admiration for Dangote and the entire team at the Dangote Refinery. “This is not just a victory for you but for every Nigerian who dares to dream,” he wrote, underscoring the refinery’s potential to redefine Nigeria’s economic future.
He also hinted that this achievement could be just the beginning of even greater things to come.
With the Dangote Refinery now fully operational, Nigeria is poised to significantly reduce its reliance on imported fuel, marking the start of a new chapter in the nation’s economic history.
Minister of Finance and Coordinating Minister for the Economy, Wale Edun recently put Nigeria’s fuel import bill at $600m per month.
This development is expected to not only strengthen Nigeria’s energy security but also deliver a substantial boost to the country’s economy by curbing the outflow of foreign exchange spent on fuel imports.
