Billionaire businessman Femi Otedola has lifted the veil on a tense moment in Nigeria’s political-economic history — a furious late-night phone call from former President Olusegun Obasanjo over an alleged diesel supply crisis, which he says nearly cost him his credibility.
The revelation is detailed in Otedola’s forthcoming memoir, “Making It Big: Lessons from a Life in Business,” set to hit shelves on August 18, 2025, under FO Books. An excerpt from the book was leaked this week by The Cable.
Otedola recounted how, in 2004, shortly after his company Zenon Petroleum successfully lobbied the Obasanjo administration to deregulate diesel supply, removing the Nigerian National Petroleum Company (NNPC) from its monopoly, chaos ensued — or so the president was told.
“God Will Punish You!”
According to Otedola, the deregulation was meant to improve efficiency and market responsiveness, but instead, Obasanjo was soon informed of an alleged nationwide fuel shortage, prompting a dramatic and angry phone call in the middle of the night.
“You’re a stupid boy! God will punish you! You persuaded me to deregulate diesel, and now there’s no diesel in the country!” President Obasanjo, as quoted by Femi Otedola in Making It Big
Otedola wrote that the call jolted him from his sleep, leaving him stunned and alarmed. Determined to clear his name, he flew to Abuja at first light to face the president in person.
Supply Sabotage or Market Sabotage?
Once granted an audience, Otedola explained that the diesel scarcity rumours were false. He told Obasanjo that six ships laden with diesel were already anchored off Nigerian ports, waiting to discharge. However, due to bureaucratic delays and orchestrated sabotage from vested interests within the NNPC, the supplies remained off-market, fuelling speculation and panic.
“I was incurring heavy demurrage while the rumours spread,” Otedola wrote.
“I suggested placing front-page newspaper adverts to inform the public about diesel availability and price.”
He alleged that internal factions within the NNPC, reluctant to lose the financial benefits of fuel import subsidies, were actively trying to sabotage the deregulation initiative and discredit Zenon Petroleum’s role in the new supply chain.
Obasanjo’s Turning Point
Despite being known for his strong temper, Obasanjo eventually calmed down and sided with Otedola, choosing to trust him over the conflicting reports from within the oil bureaucracy.
“Obasanjo, known for being strong-willed, eventually decided to trust me over my detractors,” Otedola noted.
That decision, Otedola said, proved pivotal — not just for his business but for Nigeria’s fuel import reform trajectory.
A Memoir of Power, Policy, and Pressure
“Making It Big” is expected to provide a no-holds-barred insight into Otedola’s rise as a key figure in Nigeria’s oil and gas industry, and the political complexities that shaped the sector.
The memoir also touches on how private sector innovation can clash with entrenched public sector interests — and how entrepreneurs navigating state policies must often withstand political heat.
The book is already generating buzz ahead of its official launch, with this Obasanjo episode stirring particular public curiosity.
