Otedola Recounts Fiery 2am Clash with Obasanjo Over Diesel Deregulation in His Memoir

 

Billionaire says ex-president once called him a “stupid boy” amid industry backlash in 2004

 

ABUJA, Nigeria — Nigerian billionaire Femi Otedola has lifted the lid on a heated midnight confrontation with former President Olusegun Obasanjo, revealing how the ex-leader berated him over alleged diesel shortages following the landmark deregulation of the market in 2004.

 

The incident is detailed in Otedola’s soon-to-be-released memoir, Making It Big: Lessons from a Life in Business, set to hit shelves on Monday, August 18, 2025.

 

According to the book, Obasanjo—who had acted on Otedola’s advice to end the Nigerian National Petroleum Corporation’s (NNPC) monopoly on diesel imports—erupted in anger after rivals claimed the move had crippled industries.

 

“You’re a stupid boy! God will punish you!” Obasanjo allegedly shouted during a 2am phone call, accusing Otedola of misleading him.

 

At the time, Otedola’s Zenon Petroleum had argued that private firms could seamlessly take over diesel imports without supply disruptions. The 2004 reform removed subsidies, making diesel the first fully liberalised petroleum product in Nigeria.

 

But when industry rivals allegedly spread rumours of a nationwide shortage, Obasanjo phoned Otedola in fury:

 

“You persuaded me to deregulate diesel, and now there’s no diesel in the country!”

 

The billionaire flew to Abuja the next day to defend himself, presenting letters of credit for six diesel-laden ships delayed at port—on which he had paid hefty demurrage fees. He accused NNPC insiders of orchestrating the crisis to preserve their subsidy windfalls.

 

To calm the political storm, Otedola proposed publishing diesel availability and prices in national newspapers, a strategy he said eventually reassured Obasanjo.

 

“Obasanjo was a determined president. Once he trusted you, he ignored naysayers,” Otedola wrote, noting that the former president ultimately backed the reform.

 

The memoir, already drawing endorsements from heavyweights like WTO Director-General Ngozi Okonjo-Iweala and Aliko Dangote, promises an unfiltered look into Otedola’s business journey and behind-the-scenes power plays.