Following the commencement of petrol production at the Dangote refinery, billionaire businessman, Femi Otedola, cautioned depot owners to consider selling their depots for scrap before the market shifts.
He conveyed this message while congratulating his colleague, Aliko Dangote, on the successful initiation of petrol production at his $20 billion refinery.
In a letter shared on his official X handle, he highlighted that despite the substantial expenditure on so-called turnaround maintenance, the Kaduna and Port Harcourt refineries have remained inactive and failed to fulfil their promises, while Dangote has accomplished what many deemed unattainable.
Otedola emphasised that the production of petrol by the Dangote Refinery marks the end of Nigeria’s reliance on foreign powers for its fuel supply.
Otedola wrote in part:
“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.
“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 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.”
Otedola thanked President Bola Tinubu for his unwavering support and belief in reaching this landmark during his administration.
The much-anticipated refinery is seen as a game-changer for Nigeria and the energy industry in sub-Saharan Africa. The refinery’s fuel output and distribution are anticipated to substantially alleviate Nigeria’s foreign exchange challenges and put an end to fuel shortages.