Nigerian billionaire businessman, Femi Otedola, has described the industrial projects of Aliko Dangote as a turning point in Nigeria’s economic history, saying the businessman had delivered the country and Africa from “economic slavery.”
Mr Otedola made the remarks during a tour visit by the management team of First HoldCo to the Dangote refinery in Lagos on Wednesday.
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The event was attended by senior executives and associates of the Dangote Group, where he praised the scale and ambition of the Dangote refinery and fertiliser projects.
“What you’ve done is you’ve delivered us from economic slavery in Africa,” Mr Otedola said while addressing Mr Dangote.
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The chairman of First HoldCo said the refinery represented more than a private investment, describing it as a national economic project capable of changing Nigeria’s global image.
“In Nigeria today, we should be watching CNN and saying the largest refinery in the world is in Nigeria,” he said.
Mr Otedola also described the Dangote refinery, fertiliser plant and the Eko Atlantic project as among the “wonders of the world,” adding that Nigeria could emerge as one of the world’s leading economies if visionary investments are sustained.
The Dangote refinery, located in Lagos, began fuel production last year after years of delays and multi-billion-dollar investments. The facility is expected to significantly reduce Nigeria’s reliance on imported petroleum products.
For decades, Nigeria, Africa’s largest crude producer, depended heavily on imported refined fuel due to the collapse of state-owned refineries in Port Harcourt, Warri and Kaduna.
Mr Otedola said Nigeria’s economic transformation would depend on supporting local industrialists rather than undermining them through inconsistent government policies.
He recalled previous industrial projects that failed because of policy reversals and lack of political support.
“As a young man, I remember vividly the entrepreneurs we had then with their visions… inconsistencies of government policies destroyed those dreams,” he said.
The businessman also disclosed his relationship with Mr Dangote, saying both men speak “five or six times every day.”
The remarks come amid ongoing debates about the growing influence of large conglomerates in Nigeria’s economy and concerns about market dominance in the downstream petroleum sector.
Elite interests sabotaged Port Harcourt, Kaduna refinery deal
Mr Otedola alleged that “visionless people” and inconsistent government policies frustrated earlier efforts to acquire and revive Nigeria’s state-owned refineries.
The billionaire recalled partnering with Mr Dangote in 2007 to acquire refinery assets, saying he held a 20 per cent stake in the venture.
“In 2007, I teamed up with Aliko and we acquired the refineries. I had a 20 per cent stake,” he said.
“Unfortunately, a team of visionless people destroyed it.”
Although he did not mention specific individuals, the comments appeared to reference the controversial privatisation and subsequent reversal involving the Port Harcourt and Kaduna refineries during the administration of former President Umaru Musa Yar’Adua.
In 2007, the former President Olusegun Obasanjo administration approved the sale of the Port Harcourt and Kaduna refineries to a consortium linked to Dangote and Otedola. However, the succeeding administration later reversed the transaction following criticism from labour unions and civil society groups.
Mr Otedola said repeated policy inconsistencies had historically discouraged industrial investments in Nigeria.
Nigeria’s state-owned refineries have remained largely dormant for decades despite repeated rehabilitation efforts and billions of dollars spent on repairs.
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The Dangote refinery, which commenced full-scale operations in 2024, is widely viewed as the country’s first successful large-scale private refining project.
However, since commencing operations, the refinery has repeatedly pushed for local marketers to source petroleum products primarily from domestic refineries rather than continue importing refined fuel. The move to monopolise the market has attracted lawsuits upon lawsuits and allegations upon the country ‘s downstream regulators.
Mr Otedola suggested that Nigeria’s economic progress would depend on supporting long-term industrial investments rather than undermining them through political interference and policy reversals.
