ABUJA, Nigeria — Nigerian billionaire Femi Otedola has disclosed a blistering confrontation with former President Olusegun Obasanjo in his forthcoming memoir, Making It Big: Lessons from a Life in Business, recounting how the ex-leader berated him during a 2am phone call over diesel shortages following market deregulation in 2004.
The book, set for release on Monday, August 18, 2025 reveals how Obasanjo—who had heeded Otedola’s advice to end the state monopoly on diesel imports—exploded in rage after rivals claimed the policy had paralysed industries.
“You’re a stupid boy! God will punish you!” Obasanjo shouted, accusing Otedola of misleading him.
Otedola, then owner of Zenon Petroleum, had convinced Obasanjo’s government that private firms could replace the Nigerian National Petroleum Corporation (NNPC) in importing diesel without disrupting supply.
The 2004 deregulation abolished subsidies, making diesel the first fully liberalised petroleum product.
When rivals allegedly spread rumours of nationwide shortages, Obasanjo called Otedola at 2am, furious.
“You persuaded me to deregulate diesel, and now there’s no diesel in the country!” the former president yelled.
Otedola flew to Abuja the next day, where Obasanjo confronted him again: “What kind of rubbish is this?”
Otedola defended himself by presenting letters of credit for six diesel-laden ships delayed at port, even paying demurrage fees. He accused NNPC insiders of sabotaging deregulation to retain subsidy benefits.
To disprove the claims, he proposed publishing diesel availability and prices in newspapers—a move that reportedly reassured Obasanjo.
“Obasanjo was a determined president. Once he trusted you, he ignored naysayers,” Otedola wrote, noting the ex-leader’s eventual support.
The memoir has drawn pre-release praise from global figures like WTO chief Ngozi Okonjo-Iweala and Aliko Dangote.
