Nigerian billionaire Femi Otedola lauds Aliko Dangote’s refinery as fuel distribution begins

Omokolade Ajayi -
Key Points
  • Nigerian billionaire Femi Otedola hails the Dangote Oil Refinery as a game-changer for Nigeria's oil sector, marking a shift toward energy self-sufficiency.
  • NNPC begins fuel purchases at the Dangote Oil Refinery at N898 per liter, addressing Nigeria’s persistent fuel shortages.
  • The Dangote Oil Refinery to reduce fuel imports, disrupt fuel importers, and reshape Nigeria’s fuel supply chain.

Femi Otedola, billionaire investor and one of Nigeria’s most influential businessmen, has lauded the commencement of petrol distribution from the 650,000-barrel-per-day refinery of Africa’s richest man Aliko Dangote, marking a significant shift in the country’s oil industry. The Lagos-based Dangote Oil Refinery, which started loading petrol into trucks on Sun., Sept. 15, is seen as a breakthrough in Nigeria’s decades-long struggle with fuel imports and shortages.

Otedola, the chairman of Geregu Power and First Bank of Nigeria Holdings Plc, expressed his optimism, hailing the development as a pivotal moment in Nigeria’s journey toward energy self-sufficiency. In a brief statement, he credited Nigerian President Bola Ahmed Tinubu for facilitating the milestone. “Kudos to President Tinubu for making this a reality! Fuel queues are now a thing of the past as Dangote Refinery starts loading PMS today,” Otedola said.

NNPC begins fuel purchase at refinery

The refinery, which has been in development for over a decade, sold its petrol to the Nigerian National Petroleum Company Limited (NNPC) at a price of N898 ($0.546) per liter, according to NNPC Spokesperson Olufemi Soneye. The trucks began transporting fuel to various parts of the country, easing concerns over persistent fuel shortages. At least 70 trucks had been loaded by Sunday, with NNPC dismissing claims that it purchased the fuel at N760 ($0.462) per liter.

The NNPC had previously announced that over 300 trucks arrived at the refinery ahead of the Sunday loading, signaling the start of what Otedola described as the “death blow” to Nigeria’s fuel import cabal. This long-standing network of fuel importers has profited from the country’s dependence on imported petroleum products, despite Nigeria being one of the world’s top oil producers.

Femi Otedola hails Aliko Dangote's refinery triumph

Otedola, who built much of his early fortune through Zenon Petroleum and Gas Limited — once a dominant force in Nigeria’s downstream oil sector — praised Dangote’s achievement as a watershed moment. He argued that the refinery’s launch represents the culmination of a 25-year effort to free Nigeria from its dependence on imported fuel. In a letter posted on his social media account, Otedola reflected on the journey he and Dangote embarked upon years ago to reform Nigeria’s energy market.

“The Dangote Refinery delivers a death blow to the fuel import cartels that have held Nigeria hostage for decades,” Otedola wrote. “This is not just about fuel — this is about economic liberation. It is a shift toward a new Nigeria, one that produces what it consumes.”

He drew parallels to Dangote’s impact on the cement industry, which transformed from a net importer to a regional exporter under his leadership. Otedola further encouraged depot owners, who previously stored imported fuel, to adjust to the new reality. “The depot owners should take heed — it’s time to dismantle those depots and sell them as scraps while the market is still high,” he advised, pointing to the disruption domestic fuel production will cause in the sector.

Dangote refinery to boost local fuel supply

The rollout of petrol from the Dangote Oil Refinery is expected to reduce Nigeria’s reliance on imported fuel and improve the supply of petroleum products, potentially driving down pump prices across the country. While petroleum marketers have expressed optimism about a reduction in prices, they remain cautious as they await clearer pricing details from the refinery.

For Otedola, who boasts a $1.4-billion fortune, making him one of Africa’s richest individuals, the success of the Dangote Refinery represents a vindication of long-held ambitions to transform Nigeria’s energy landscape. “This is what can be achieved with the audacity to dream and the tenacity to see it through,” he said, reflecting on his past ventures and the enduring friendship with Dangote.

The Dangote Oil Refinery, the largest in Africa and one of the largest single-train refineries in the world, is poised to reshape not only Nigeria’s fuel supply chain but also its economic fortunes. With domestic production now underway, the days of long fuel queues and over-reliance on costly fuel imports could indeed become a thing of the past, as Otedola enthusiastically predicts.