“It’s Time to Dismantle Depots”: Otedola Reacts as Dangote Begins Petrol Production
- Femi Otedola has expressed his congratulations to Aliko Dangote on the completion of his $20 billion refinery
- Otedola declared that Nigeria would no longer have to submit to foreign powers for its fuel needs
- According to the billionaire, the days of bowing to foreign powers for our fuel needs are over
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Billionaire businessman Femi Otedola has congratulated Aliko Dangote on the actualisation of his $20bn refinery in Lagos.
Source: UGC
Otedola declared that Nigeria would no longer have to submit to foreign powers for its fuel needs since the Dangote Refinery has started producing petrol.
Otedola wrote in a social media post on Tuesday,
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“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."
Otedola said with the 650,000 barrels per day facility fully producing aviation fuel, diesel, and petrol, Dangote has dealt a death blow to local cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence.
“I am reminded of the time you revolutionised 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.
“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,” he said.
Earlier, Legit.ng reported that Nigerian billionaire, Femi Otedola, has reacted to new directive by President Bola Tinubu to the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other upcoming refineries in naira.
Otedola stressed that Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly but NNPC has committed to supply four.
He added that while the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as pilot, the exchange rate will be fixed for the duration of this transaction.
Dangote refinery speaks on colour of petrol
Legit.ng reported that the Dangote Refinery has finally fulfilled its promise of releasing petrol into the Nigerian market.
The 650,000 bpd-capacity refinery launched the petrol into the Nigerian market on Tuesday, September 3, 2024, amid high expectations from Nigerians suffering from acute scarcity in the past month.
The rollout of Dangote is a milestone for Africa’s largest oil producer, which has not produced petrol in the last 28 years.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
