Our Reporter
The account appeared in Otedola’s memoir, ‘Making It Big: Lessons from a Life in Business,’ to be released on August 18, 2025, by FO Books and leaked by The Cable.
At the time, Otedola’s company, Zenon Petroleum, had persuaded the Obasanjo administration to allow the private sector to take over diesel supply, ending the Nigerian National Petroleum Company’s (NNPC) role in importing and selling the product at subsidised rates.
Otedola wrote that the move positioned Zenon as the market leader, but also triggered fierce opposition from competitors.
According to him, rival interests told Obasanjo that deregulation had caused severe shortages, paralysing transportation and shutting down industries.
The president, he said, was furious because he had been assured that NNPC’s exit would not disrupt supply.
In the early hours of the morning, Otedola received a phone call from an enraged Obasanjo, who 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 immediately flew to Abuja, only to be confronted again by the president’s anger in person.
Once given the chance to respond, he insisted the claims were false, explaining that he had six ships waiting to discharge large volumes of diesel and was incurring demurrage costs while the misinformation spread.
He suggested placing adverts on the front pages of national newspapers to publicise the availability and price of diesel, in order to counter the rumours and calm the market.
Otedola alleged that elements within the NNPC, keen to retain their import monopoly and benefit from subsidy payments, were behind the campaign to discredit deregulation.
He wrote that Obasanjo, known for being strong-willed, eventually decided to trust him over his detractors, choosing to ignore further attempts to undermine the policy.
