Billionaire businessman, Femi Otedola, has opened up about a fiery confrontation with former President Olusegun Obasanjo in 2004 over the deregulation of diesel, revealing how a midnight phone call nearly turned sour.
In excerpts from his forthcoming memoir, Making It Big: Lessons from a Life in Business, Otedola recalled that Obasanjo angrily berated him following reports of diesel scarcity shortly after the federal government ended the Nigerian National Petroleum Corporation’s (NNPC) monopoly on diesel importation.
At the time, the deregulation policy had been influenced by advice from Otedola and other private sector leaders, who assured the presidency that private companies could meet national demand without government subsidies.
“When President Obasanjo deregulated diesel in 2004, Zenon took an unassailable lead in the market,” Otedola wrote. “My opponents told the president that industries were shutting down because there was no diesel.”
According to him, Obasanjo called at around 2am, visibly irate: “You’re a stupid boy! God will punish you!” the president reportedly shouted. “You persuaded me to deregulate diesel, and now there’s no diesel in the country!”
Otedola said he flew to Abuja the following morning to explain the situation. “As soon as Obasanjo saw me, he flew into a rage again… I allowed him to cool down, and when he stopped talking, I explained,” he wrote.
He told the president there were six ships loaded with diesel waiting to discharge, producing letters of credit as proof. He further alleged that some NNPC officials — opposed to deregulation — had deliberately misled Obasanjo to protect their subsidy benefits.
To counter the misinformation, Otedola said he began publishing diesel availability and pricing in newspapers, reassuring both the government and the public of steady supply.
Despite the heated exchange, Otedola described Obasanjo as a “determined and robust president” who, once convinced of a person’s integrity, remained steadfast in his support.
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