Billionaire businessman Femi Otedola has revealed details of a fiery confrontation with former President Olusegun Obasanjo in 2004 over the deregulation of diesel importation, an encounter in which the ex-president allegedly accused him of causing a nationwide fuel crisis.
Otedola, who at the time chaired Zenon Petroleum, made the disclosure in his forthcoming memoir Making It Big: Lessons from a Life in Business, set for release on August 18, 2025, by FO Books.
In excerpts obtained by TheCable, Otedola said he had convinced Obasanjo to allow the private sector to handle diesel supply, arguing that the Nigerian National Petroleum Company (NNPC) was distorting the market by selling below cost and collecting subsidies from the federal government.
Following the deregulation policy, Zenon reportedly took a dominant position in the market.
However, Otedola claimed that political and business rivals told Obasanjo that the move had triggered acute shortages, halted truck movements, and shut down industries.
The oil magnate recounted receiving a phone call from Obasanjo at 2 a.m., during which the president was said to have shouted:
“You’re a stupid boy! God will punish you! You persuaded me to deregulate diesel, and now there’s no diesel in the country!”
Otedola said he flew to Abuja the next day to meet Obasanjo in person, where the former president again confronted him angrily.
He told the court that he had six ships loaded with diesel waiting to discharge and was paying demurrage due to delays.
He alleged that senior figures within the NNPC, opposed to deregulation, had misled the president in order to preserve their control of diesel imports and the associated subsidies.
To counter the rumours, Otedola said he suggested publishing diesel prices and availability on the front pages of national newspapers.
Despite the initial confrontation, Otedola noted that Obasanjo eventually accepted his explanation, describing the former president as “determined and robust” and not easily swayed once convinced of someone’s integrity.