Esteemed billionaire entrepreneur, Femi Otedola, has recounted a fervent clash with the then-President of Nigeria, Olusegun Obasanjo, which culminated in him being labeled a “foolish lad.”

Otedola disclosed this episode in his forthcoming memoir, ‘Making It Big: Lessons from a Life in Business,’ scheduled for publication on August 18.

He narrated that the former president was incensed upon learning of a diesel shortage in the nation, attributed to deregulation policies.

Otedola recounted how Obasanjo accused him of misleading him into deregulating diesel importation, a domain previously monopolized by the Nigerian National Petroleum Corporation (NNPC).

At that time, Otedola, serving as Chairman of Zenon Petroleum, had assured the president that the private sector could efficiently manage a deregulated market without the NNPC’s involvement, thus terminating the subsidy regime on diesel.

In 2004, diesel became the inaugural petroleum product to undergo deregulation.

Otedola reflected, “When President Obasanjo deregulated diesel in 2004, Zenon swiftly seized an unassailable market dominance. My adversaries responded by alarming the president that we had disrupted the market [and that the] economy was on the brink of collapse due to the diesel shortage, and Obasanjo was furious because he had sought and received assurances from us that the NNPC’s withdrawal from diesel importation would not impair supply.

“My detractors then exacerbated the situation by alleging there was no diesel in the nation, that transportation was stalled, and industries were ceasing operations.”

He recounted how the president telephoned him at night, seething with anger.

Otedola elucidated, “The President… phoned me at 2 am, vociferously rebuking me. ‘You’re a foolish lad! Divine retribution will befall you! You convinced me to deregulate diesel, and now there’s a dearth of diesel in the country!’ He was beside himself with rage.

“I traveled to Abuja the following day. Upon seeing me, Obasanjo erupted once more. ‘What kind of absurdity is this? What kind of folly is this?’ He was in my face, bellowing at the zenith of his voice.

“I allowed him to simmer down, and once he ceased speaking, I endeavored to elucidate the circumstances. ‘Baba, they’re deceiving you. It’s all falsehoods. I have six vessels poised to unload substantial diesel supplies.’”

He recounted that, to persuade the president of the diesel’s availability nationwide, he presented him with the letters of credit for the shipments.

Otedola asserted that he further informed the president that he was the target of rivals’ slander and was incurring demurrage at the ports where the vessels were anchored.

He vowed to the president that he would publicize the product’s availability to counteract the scarcity narrative.

“I understood it was individuals within the NNPC – the state monopoly, in their now precarious positions of authority, who opposed deregulation, who had been feeding him these fabrications. They aspired to continue importing and amassing the subsidy funds.

“Obasanjo was a resolute and tenacious president. He was not easily swayed by envious individuals. Once he decided that someone was trustworthy and sincere, as he appeared to do concerning me that day, he ceased to heed the detractors,” Otedola concluded.