Billionaire businessman and chairman of FBN Holdings, Femi Otedola, has lauded Aliko Dangote for the commencement of petrol production at the Dangote Refinery, calling it a monumental achievement for Nigeria’s energy sector.
In a recent post on X, Otedola reminisced about their shared vision 25 years ago when they formed the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries. Despite their efforts, the government annulled their stakes, derailing their plans. However, Otedola praised Dangote for his unwavering commitment to the dream, which has now culminated in the refinery’s success.
“You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame,” Otedola wrote. He emphasized that while the Kaduna and Port Harcourt refineries have remained stagnant, Dangote’s refinery has defied the odds, achieving what many deemed impossible.
Otedola also highlighted the refinery’s impact on Nigeria’s economy, stating that it has freed the country from the “chains of economic dependence” and dealt a significant blow to local cabals who profited from Nigeria’s reliance on imported fuel. He likened this achievement to Dangote’s earlier transformation of Nigeria’s cement industry, suggesting that fuel imports may soon become obsolete as the refinery ramps up production.
On Tuesday, Dangote announced the start of petrol production at the refinery, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirming that it is expected to supply 25 million liters of petrol daily by September. The 650,000 barrels per day (bpd) refinery, which began operations in January with the production of diesel and aviation fuel, is set to revolutionize Nigeria’s fuel supply, with Dangote asserting that its petrol can compete globally in terms of quality.
Otedola concluded his message by advising depot owners to prepare for the changing market landscape, hinting at the obsolescence of fuel importation in the near future.
