In a fiery recollection that peels back the curtain on one of Nigeria’s most consequential economic decisions, billionaire businessman Femi Otedola has unveiled a dramatic clash with former President Olusegun Obasanjo over the controversial deregulation of diesel in 2004 — a confrontation that shook the corridors of power and left scars on both policy and personality.
In his upcoming memoir, “Making It Big: Lessons from a Life in Business,” Otedola shares the intense fallout that followed Obasanjo’s decision to remove the Nigerian National Petroleum Corporation (NNPC) from diesel importation, paving the way for private players to dominate the market.
At the time, Otedola’s company Zenon Petroleum swiftly became a dominant force. But with success came suspicion.
According to excerpts obtained by TheCable, the oil tycoon found himself at the receiving end of Obasanjo’s volcanic temper after reports — allegedly fueled by rivals and disgruntled NNPC insiders — claimed a national diesel shortage was crippling industries and halting transportation.
“Obasanjo was mad at me because he’d sought and received assurances from us that NNPC’s exit from diesel importation wouldn’t affect supply,” Otedola wrote.
The real blow came during a 2 a.m. call from Aso Rock.
“You’re a stupid boy! God will punish you!” Obasanjo reportedly shouted over the line. “You persuaded me to deregulate diesel, and now there’s no diesel in the country!”
By dawn, Otedola was on the next flight to Abuja.
“As soon as he saw me, he flew into a rage again,” he recounted. “‘What kind of rubbish is this? What kind of nonsense is this?’”
But Otedola says the narrative was a smear campaign orchestrated by vested interests inside the old guard — especially within NNPC — who resented losing control of a lucrative import system laced with subsidies and kickbacks.
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“They wanted to continue to import, and rake in the subsidy money,” he wrote.
To counter the misinformation, Otedola proposed a bold move: place full-page ads in national dailies listing diesel availability and pricing — a transparency offensive aimed at proving critics wrong and stabilizing public trust.
The episode, though tempestuous, ended in a turning point. Obasanjo, known for his forceful governance style, ultimately stood by the deregulation.
“Once he made up his mind that someone was trustworthy… he stopped listening to the naysayers,” Otedola added.
The 2004 diesel deregulation was a watershed moment in Nigeria’s energy sector. It marked the first full liberalization of a petroleum product in the country’s history — eliminating subsidies and disrupting entrenched interests.
Despite teething challenges, the move became a case study in the delicate balance between policy reform, private sector involvement, and public perception.
Otedola’s memoir, due for release on August 18, promises more behind-the-scenes revelations from the intersection of business and politics — a world where billion-dollar decisions are often shaped in the heat of midnight calls.