Lagos, Nigeria*— In a powerful and heartfelt speech, Femi Otedola, the Chairman of FBN Holdings, lauded the remarkable achievement of the Dangote Refinery, celebrating the first fuel shipment from the facility as a historic moment for Nigeria. Speaking directly to his long-time friend and business partner, Aliko Dangote, Otedola praised the refinery’s impact on Nigeria’s economic landscape, describing it as a liberation from decades of economic dependence.

Otedola began by extending his congratulations to President Bola Tinubu, recognizing his unwavering support and belief in making this monumental project a reality. He acknowledged that this achievement is a collective victory for every Nigerian who dreams of a better future, marking a significant step forward for the nation.

Reflecting on their shared journey, Otedola recalled the early days when he and Dangote established the Blue Star Consortium with the ambition of acquiring stakes in the Kaduna and Port Harcourt refineries. Despite their efforts being thwarted by what Otedola described as an “utterly obnoxious” decision by the government at the time, he commended Dangote for his relentless pursuit of their vision. “You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame,” Otedola said.

The completion of the Dangote Refinery, according to Otedola, is a “miraculous” achievement, especially in the face of skepticism and opposition. He emphasized that while other refineries in the country have remained dormant despite substantial investments in maintenance, Dangote’s perseverance has resulted in a world-class facility that will forever change Nigeria’s energy sector.

Otedola did not hold back in criticizing the local cabals and economic forces that have, for years, profited from Nigeria’s dependence on imported fuel. He hailed the refinery as a death blow to these entrenched interests, signaling the end of an era where Nigeria was held back by foreign powers and local profiteers.

Drawing a parallel to Dangote’s previous success in revolutionizing Nigeria’s cement industry, Otedola predicted that the refinery would similarly transform the fuel import market. He advised depot owners to dismantle their facilities and sell them as scraps, warning that those who do not adapt to the new reality will be left behind.

Concluding his speech, Otedola expressed his deepest admiration and respect for Dangote, congratulating him and the entire team at Dangote Refinery for their monumental achievement. He declared this moment as not just a victory for Dangote but for every Nigerian who dares to dream, heralding the refinery’s success as the beginning of even greater things to come for the nation.

Read his full statement below:

My Dear Brother Aliko,

First and foremost, I want to extend my heartfelt congratulations to President Bola Tinubu for his unwavering support and belief in actualizing this monumental achievement under his administration. This day belongs to every Nigerian who has dared to dream of a better future. Congratulations to our great nation—today, we all stand a little taller.

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, canceled 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.

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.

You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination. 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.

I am reminded of the time you revolutionized the cement industry in Nigeria. Ships that once brought in cement turned into rusting relics, scraps of a bygone era. Now, with your refinery in full swing, I foresee a similar fate for fuel imports. The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high. The world has changed, and those who do not adapt will be left behind.

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.

With profound respect and warmest regards,

F. Ote$