Nigerian billionaire and Chairman of FBN Holdings, Mr. Femi Otedola, has urged depot owners across Nigeria to dismantle their facilities and sell them as scrap while the market remains favorable. This advice follows the significant milestone achieved by the Dangote Petrochemical Refinery, which delivered its first batch of Premium Motor Spirit (PMS) on Tuesday, marking a new chapter in Nigeria’s energy landscape.
In a statement celebrating the refinery’s success, Otedola congratulated President Bola Tinubu for his steadfast support in realizing this monumental achievement under his administration. He expressed optimism that Nigeria has finally broken free from its dependence on foreign powers for fuel, heralding a new era of energy independence.
Otedola reminisced about the journey he shared with Aliko Dangote, the founder of Dangote Refinery, noting their initial efforts to transform Nigeria’s energy sector through the Blue Star Consortium. The consortium had acquired stakes in the Kaduna and Port Harcourt refineries, with the intent to revolutionize the industry. However, their plans were thwarted by the government at the time, which canceled their stakes, halting their vision.
Despite the setbacks, Otedola praised Dangote’s unwavering determination and perseverance, which have culminated in the successful launch of the Dangote Refinery. He noted that while the Kaduna and Port Harcourt refineries have remained inactive despite significant investments in their maintenance, Dangote has achieved what many deemed impossible.
“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,” Otedola stated. “The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination.”
He further predicted a transformation in Nigeria’s fuel import landscape similar to the revolution Dangote brought to the cement industry. Otedola advised depot owners to sell their assets as the market is ripe, warning that those who do not adapt to the changing times risk being left behind.
Reflecting on his own venture into the depot business with Zenon, which was driven by the inefficiencies of the Nigerian National Petroleum Corporation (NNPC), Otedola acknowledged that the Dangote Refinery now stands as a testament to what is possible with audacity and tenacity.
“Aliko, you have my deepest admiration and respect. Congratulations to you and the entire board, management, and staff of Dangote Refinery on this monumental achievement. This is not just a victory for you but for every Nigerian who dares to dream. May this be just the beginning of even greater things to come,” Otedola concluded.
The Dangote Refinery’s successful launch is expected to significantly reduce Nigeria’s reliance on imported fuel, potentially reshaping the nation’s energy sector and bringing long-term economic benefits.
