“God will punish You!” – Otedola recollects Obasanjo’s midnight outburst over Diesel disaster

Billionaire businessman Femi Otedola has revealed how former President Olusegun Obasanjo as soon as berated him in the course of the night time over a perceived diesel provide disaster, following the deregulation of the product in 2004.

The account appeared in Otedola’s memoir, ‘Making It Massive: Classes from a Life in Enterprise,’ to be launched on August 18, 2025, by FO Books and leaked by The Cable.

On the time, Otedola’s firm, Zenon Petroleum, had persuaded the Obasanjo administration to permit the personal sector to take over diesel provide, ending the Nigerian Nationwide Petroleum Firm’s (NNPC) function in importing and promoting the product at subsidised charges.

Otedola wrote that the transfer positioned Zenon because the market chief, but in addition triggered fierce opposition from opponents.

In keeping with him, rival pursuits informed Obasanjo that deregulation had brought about extreme shortages, paralysing transportation and shutting down industries.

The president, he mentioned, was livid as a result of he had been assured that NNPC’s exit wouldn’t disrupt provide.

Within the early hours of the morning, Otedola acquired a cellphone name from an enraged Obasanjo, who shouted: “You’re a silly boy! God will punish you! You persuaded me to decontrol diesel, and now there’s no diesel within the nation!”

Otedola mentioned he instantly flew to Abuja, solely to be confronted once more by the president’s anger in individual.

As soon as given the possibility to reply, he insisted the claims had been false, explaining that he had six ships ready to discharge giant volumes of diesel and was incurring demurrage prices whereas the misinformation unfold.

He urged putting adverts on the entrance pages of nationwide newspapers to publicise the provision and worth of diesel, with a view to counter the rumours and calm the market.

Otedola alleged that parts inside the NNPC, eager to retain their import monopoly and profit from subsidy funds, had been behind the marketing campaign to discredit deregulation.

He wrote that Obasanjo, recognized for being strong-willed, ultimately determined to belief him over his detractors, selecting to disregard additional makes an attempt to undermine the coverage.