Billionaire businessman and Chairman of FBN Holdings, Femi Otedola has advised petrol depot owners in the country to dismantle their fuel depots and sell them as scraps following the commencement of PMS production and commercial sale by the Dangote Refinery.
Femi Otedola made this statement in a post on his X handle where he congratulated Aliko Dangote on the commencement of petrol production at his refinery – a major milestone which has been anticipated by many Nigerians. He described the milestone as a “monumental achievement” under President Bola Tinubu’s administration.
Otedola recalled his efforts alongside Aliko Dangote to invest in the Port Harcourt and Kaduna refineries in 2007, which were later reversed by the federal government the moment President Umaru Musa Yaradua came into office and 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,” Otedola wrote.
“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 have beaten all the skeptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed.
“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. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination.
“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. 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. Now, with your refinery in full swing, 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. The world has changed, and those who do not adapt will be left behind.
“When I ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC. Zenon pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by our inefficient system. But today, your refinery stands as a beacon of what is possible when one has the audacity to dream and the tenacity to see it through”, Otedola remarked.
DANGOTE REFINERY KICKS OFF PMS REFINING
In a historic press conference on Tuesday, Alhaji Aliko Dangote announced the commencement of petrol production at the multi-billion dollar Dangote Refinery. Dangote who proudly displayed a bottle of the PMS produced from the refinery noted that this would revolutionise the petroleum industry in Nigeria and also save Nigeria 40% of FX it expends on Importation.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on its part said that the Dangote refinery is expected to supply 25 million litres of petrol daily in September.