Billionaire businessman Femi Otedola has opened up about a dramatic confrontation with former President Olusegun Obasanjo in the early 2000s, revealing how the ex-president lambasted him over the phone in the middle of the night, accusing him of creating a national diesel shortage.

 

The explosive account is contained in Otedola’s memoir, “Making It Big: Lessons from a Life in Business”, released , under FO Books.

 

According to Otedola, the incident occurred shortly after diesel deregulation in 2004, a policy shift that his company, Zenon Petroleum, had strongly advocated for. The deregulation ended the Nigerian National Petroleum Company’s (NNPC) monopoly on diesel supply, paving the way for private sector players like Zenon to dominate the market.

 

Otedola wrote that while the policy initially positioned Zenon as a market leader, it also sparked backlash from competitors and vested interests, many of whom launched a campaign to discredit the move.

 

He recalled being woken up in the early hours of the morning by an enraged Obasanjo, who shouted at him over the phone:

 

“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, where the president again confronted him face-to-face with similar anger. However, when finally allowed to speak, he defended himself, explaining that he had six ships fully loaded with diesel waiting to discharge and that there was no actual shortage — only false reports being peddled to sabotage the deregulation effort.

 

He suggested placing full-page adverts in national newspapers to publicly clarify the availability and pricing of diesel, thereby calming public anxiety and countering the negative narrative.

 

Otedola alleged that the misinformation was being deliberately spread by insiders within the NNPC, who were opposed to the end of diesel subsidies and stood to lose significant financial benefits.

 

Despite Obasanjo’s initial fury, Otedola said the former president eventually chose to believe him over the saboteurs and stood by the deregulation policy, refusing to back down despite further pressure.

 

The revelation offers a rare glimpse into the power dynamics, high-stakes business decisions, and political intrigues that shaped Nigeria’s energy sector during the Obasanjo administration. The full memoir is expected to spark intense public interest upon its release.