Femi Otedola's Book Reveals Diesel Deregulation Drama with President Obasanjo

Femi Otedola disclosed this in his upcoming book, Making It Big: Lessons from a Life in Business, published by FO Books, which is slated for release on Monday, August 18, 2025.

In excerpts shared with TheCable, Otedola recalled that the deregulation, which began in 2004, ended the Nigerian National Petroleum Corporations (NNPC) monopoly on diesel imports.

As the owner of Zenon Petroleum, the billionaire said he had assured Obasanjo that private companies could meet demand without subsidies.

However, after deregulation, some of Otedolas rivals allegedly told the president that the country was running out of diesel, trucks had stopped moving, and industries were shutting down.

Convinced by these reports, Obasanjo called Otedola furiously at 2 a.m. to tackle the billionaire for persuading him to deregulate diesel, which plunged the country into diesel scarcity.

He wrote: When President Obasanjo deregulated diesel in 2004, Zenon took an unassailable lead in the market. My opponents reaction was to tell the president that wed turned the market upside down [and that the] economy was about to be brought down because there was no diesel, and Obasanjo was mad at me because hed sought and received assurances from us that NNPCs exit from diesel importation wouldnt affect supply.

My critics then fanned the flames by telling him there was no diesel in the country, that trucks couldnt move and that industries were shutting down.

The President& called me at 2am, shouting through the phone. Youre a stupid boy! God will punish you! You persuaded me to deregulate diesel, and now theres no diesel in the country! He was livid.

I flew to Abuja the following day. As soon as Obasanjo saw me, he flew into a rage again. What kind of rubbish is this? What kind of nonsense is this? He was right in my face, screaming at the top of his lungs.

I allowed him to cool down, and when he stopped talking, I tried to explain the situation. Baba, theyre lying to you. Its all lies. I have six ships waiting to discharge big supplies of diesel.

Otedola said he told the president that there was diesel all over the country and showed him letters of credit for all the cargoes.

I was even paying demurrage. I told the president that I was the victim of competitors backbiting, he wrote, saying he asked Obasanjo to see what they come up with next& Youll see that its me whos telling you the truth.

To counter the rumours, Otedola suggested publishing the availability and pricing of diesel on newspaper front pages to reassure the public.

He also accused competitors and some NNPC officials of spreading lies to protect their monopoly and subsidy benefits. He said Obasanjo, known for his resolve once convinced, eventually dismissed the false reports against him.

The billionaire wrote, I knew it was people in NNPC the state monopoly, in their now teetering positions of power, who were against deregulation whod been telling him these lies. They wanted to continue to import, and rake in the subsidy money.

Obasanjo was a determined and robust president. Jealous people did not easily sway him. Once he made up his mind that someone was trustworthy and genuine, as he seemed to do about me that day, he stopped listening to the naysayers.

Making It Big: Lessons from a Life in Business, Otedolas first book, will be released on August 18, 2025, by FO Books.

It has received early praise from notable figures, including WTO Director General Ngozi Okonjo-Iweala, AfDB President Akinwumi Adesina, Dangote Group President Aliko Dangote, industrialist Samuel Adedoyin, and former World Bank Vice President Arunma Oteh.

KanyiDily recalls that in the book, Femi Otedola also revealed how banks that once chased him with offers quickly turned hostile when his financial empire crumbled in 2009.