Otedola: How govt stopped me, Dangote from buying stakes in refineries

The Chairman of Geregu Power Plc, Femi Otedola, has disclosed that the government stopped him and the President of Dangote Group, Aliko Dangote, from acquiring stakes in Kaduna and Port Harcourt refineries.

Otedola said he set up the Blue Star Consortium alongside Dangote to acquire stakes in the refineries but the government, in an “obnoxious act” cancelled their stakes.

The businessman disclosed this in a statement on Tuesday, September 3, 2024.

Commending Dangote on the commencement of petrol production by his refinery in Lagos State, Otedola said the second Africa’s richest person didn’t give up on the dream they shared.

He noted: “Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries – 20% for me and 51% for you.

“We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, cancelled our stakes and thwarted our vision. But, as always, you refused to be deterred.

“You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery – a feat that is nothing short of miraculous.

‘You’ve liberated us’: Otedola lauds Dangote on refinery’s petrol production

“While the Kaduna and Port Harcourt refineries have remained dormant, their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, you have achieved what many said was impossible. You have beaten all the skeptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed.”

Otedola added that Dangote, with the refinery, has liberated Nigeria from the chains of economic dependence, saying: “You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery. These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end.

“When I ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC. Zenon pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by our inefficient system. But today, your refinery stands as a beacon of what is possible when one has the audacity to dream and the tenacity to see it through.

“Aliko, you have my deepest admiration and respect. Congratulations to you and the entire board, management and staff of Dangote Refinery on this monumental achievement. This is not just a victory for you but for every Nigerian who dares to dream. May this be just the beginning of even greater things to come.”

The Star