Dangote Refinery: Otedola Hails Tinubu’s Unwavering Support as New Facility Begins Petrol Production

•Says Nigerians will now know actual national daily fuel consumption

Emmanuel Addeh in Abuja

Billionaire businessman and Chairman of Geregu Power Plc as well as First Bank Holdings Plc, Mr. Femi Otedola, yesterday hailed President Bola Tinubu on his support for the new Dangote refinery located in Lagos.

Describing the President’s backing for the project as ‘unwavering’ Otedola in a message on his X handle, stated that Tinubu’s support for the 650,000 barrels per day, $20 billion facility had been instrumental to the success of the project.

Dangote had yesterday said that the release of petrol to the public from the refining facility could be in a matter of hours pending a proposed agreement with the Nigerian National Petroleum Company Limited (NNPC).

“First and foremost, I want to extend my heartfelt congratulations to President Bola Tinubu for his unwavering support and belief in actualising this monumental achievement under his administration.

“This day belongs to every Nigerian who has dared to dream of a better future. Congratulations to our great nation—today, we all stand a little taller,” Otedola stated.

In his message to his friend, Dangote, on the successful completion of testing of the product and imminent release of petrol to the public, Otedola praised Africa’s richest person for never giving up on the dream shared by both of them.

He noted that henceforth Nigeria will know how much petrol is consumed nationwide locally, since the movement of trucks can easily be tracked, unlike in the past the figures were not verifiable.

He added: “Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries—20 per cent for me and 51 per cent for you.

“We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, cancelled our stakes and thwarted our vision. But, as always, you refused to be deterred.

“You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery—a feat that is nothing short of miraculous.”

Otedola stated that while the Kaduna and Port Harcourt refineries have remained dormant, with their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, Dangote has achieved what many said was impossible.

“You have beaten all the sceptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed.

“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. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination,” he added.

Otedola argued that with the refinery finally releasing petrol to the public, Dangote has dealt a heavy blow to those he described as ‘local cabals’ who have perpetually enslaved Nigerians.

“You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery. These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end.

“I am reminded of the time you revolutionised the cement industry in Nigeria. Ships that once brought in cement turned into rusting relics, scraps of a bygone era. Now, with your refinery in full swing, I foresee a similar fate for fuel imports.

“The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high. The world has changed, and those who do not adapt will be left behind,”  he pointed out.

Otedola noted that when he ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC, stressing that, today, that aspiration has been fulfilled by the commencement of production of all fuels by the facility.

Zenon, he said, pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by the country’s inefficient system.

“But today, your refinery stands as a beacon of what is possible when one has the audacity to dream and the tenacity to see it through.

“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,” he stated.