Otedola reminds Tinubu, “Countries in the nascent stages of industrialisation require visionary leaders”
By Jeph Ajobaju, Chief Copy Editor
Femi Otedola, a billionaire player in the energy sector, has urged President Bola Tinubu to speak up, take action, and ensure Dangote Refinery functions effectively and serves its purpose of helping Nigeria cut energy costs and lift the economy.
He equally appealed to the patriotism of other citizens, urging them to see and support the “visionary” zeal of Aliko Dangote to improve the country by devoting his resources to help industrialise Africa’s most populous nation.
In his view, “Aliko Dangote is a titan that God created specially for mankind and “If not for him, we would still be importing cement” at great cost to a society in which more than 130 million of the 220 million population already live in multidimentional poverty.
While government officials are dragging Dangote with the knowledge of Tinubu, transport costs went up on Monday across the country as commercial vehicle operators said the pump price of fuel has risen from N620 per litre to between N820 and N1,300.
Fuel queues have returned in many cities nationwide at the few stations where the product is available for sale.
In Lagos, fares more than doubled his morning on some routes – exacerbating high inflation emptying out citizens’ purchasing power – with drivers complaining about lost man hours at stations where petrol is sold at an exorbitant price, if available at all.
Tinubu, who doubles as President and Petroleum Minister, has not intervened in the frustration being faced by Dangote Refinery, a facility built at a cost of $20 billion.
Critics see Tinubu’s nonchalance in the matter as another confirmation of his insincerity in his promise to improve living standards. They allege he is using government saboteurs to protect his personal interest in the oil industry, which is famous for corruption.
To seemingly give credence to that allegation, Tinubu is an uncle to Wale Tinubu, the Chief Executive Officer of Oando Oil.
Tinubu announced with a boast last week that he used his own “personal fortune” to contest for election in 2023, not supported with funds by any individual or even his All Progressives Congress (APC), so he is not “beholden to any cabal.”
It is public knowledge that Tinubu has a private jet (some say two) but he has never publicly disclosed his source of wealth even when pressured many times to do so. He has not denied having at least one private jet.
It is also public knowledge Tinubu set up Alpha Beta to collect taxes for the Lagos State government when he was Governor between 1999 and 2007. The consultancy collects 15 per cent commission, which amounts to N9 billion per month from the current N60 billion monthly internally generated revenue (IGR) of the state.
Dangote has alleged government officials, international oil companies (IOCs), and others in and outside the country are frustrating his effort to prime his refinery for full delivery.
These disclosures have led to counter-allegations between the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA), the oil regulator, and Dangote.
But federal lawmakers have confirmed – upon investigation – the diesel produced by Dangote Refinery is not inferior to imported ones as alleged by NMDPRA Chief Executive Officer Farouk Ahmed.
And reports have since emerged to corroborate Dangote’s other allegation that some government officials own blending plants in Malta, where they ship Nigerian crude, blend it, and export it back to the country as part of the sabotage of his refinery.
The report by Trade Map shows Nigeria imported from Malta petroleum oils obtained from bituminous minerals worth $2.8 billion in 2023, up 342 per cent from $47.5 million in 2013. In the 10 years from 2013 to 2023, Nigeria imported $2.25 billion worth of fuel from Malta.
Otedola was commenting on a tweet posted by former Vice President Atiku Abubakar who lamented how the attack against Dangote Refinery is deterring foreign direct investment vital to grow the Nigerian economy.
Atiku Abubakar (@atiku)
“The conflict between@Aliko Dangote and @NMDPRA official is troubling. The Dangote Refinery, our nation’s largest private investment, is crucial for Nigeria’s energy and economic stability.
“The 650,000 bpd refinery is essential for our energy needs and economic stability, and NNPCL’s investment underscores its importance. If we neglect this, we risk deterring vital foreign direct investment.
“No investor will trust a nation that undermines its key assets. Protecting significant investments like Dangote’s is essential to attract FDI and drive our economic growth|” –AA
Femi Otedola (Femi @Ote$)
“My brother, the Visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State.
“Additionally, he has established one of the second-largest fertilizer plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertilizer plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind.
“Aliko Dangote is also the largest private sector employer of labour in the country, and his companies are among the largest taxpayers. In fact, the Dangote Group often pays more in taxes than the top banks combined. If not for him, we would still be importing cement.
“His contributions extend beyond industrial facilities to critical infrastructure, having built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road.
“Countries in the nascent stages of industrialization require visionary leaders. This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals – Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford – THE MEN WHO BUILT America’s industrial landscape.
“These men left the world without these assets but left behind a legacy that has kept their country thriving generation after generation.
“Their contributions were immortalized not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognized the importance of fostering local champions” –@Femi Ote$
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Related articles:
Report shows Nigeria imported $2.25b fuel from Malta in 10 years
Adesina tasks Dangote’s detractors to establish refineries in Nigeria to compete with him
Reps ask Tinubu to suspend oil regulator for his dirty fight with Dangote Refinery
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