Sell your depots as scraps before it’s too late, Otedola tells depot owners

Following the commencement of petrol production at Dangote refinery, billionaire businessman Femi Otedola has warned depot owners that it might be wise to sell their depots for scrap before the market shifts.

He made this statement while congratulating his associate, Aliko Dangote, on the successful launch of petrol production at his $20 billion refinery.

In a letter posted on his official X handle, he pointed out that while the Kaduna and Port Harcourt refineries have remained inactive and their promises unmet despite billions spent on so-called turnaround maintenance, Dangote has achieved what many believed was impossible.

Otedola stated that with petrol now being produced by the Dangote Refinery, the era of Nigeria depending on foreign powers for its fuel supply has come 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,”

“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 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,” he stated.

The business mogul also thanked President Bola Tinubu for his steadfast support and belief in realizing this monumental achievement during his administration.

The long-awaited refinery has been hailed as a transformative force for Nigeria and the energy sector across sub-Saharan Africa. The refinery’s fuel production and sale is expected to significantly ease Nigeria’s foreign exchange burdens, and halt petrol shortages.