Femi Otedola urges FG to support Dangote like other nations back their industrialists

Nigerian billionaire, Femi Otedola, has called for support for Aliko Dangote, the CEO of Dangote Refinery, amid the ongoing disputes with national oil regulators. 

In a series of X posts (formerly Twitter) on Tuesday, Otedola joined numerous stakeholders in urging the federal government to support industrialists like Dangote, similar to how other governments back their “local champions.” 

The multi-sectorial business mogul said Dangote has built “the largest single train refinery in the world, the second-largest sugar refinery in the world,” emphasizing that he is the highest taxpayer in Nigeria.  

Otedola said business ‘titans’ like Dangote are necessary in the early stage of a country’s industrialization growth and must be encouraged and protected.  

According to him, such trends can be found in the United States with the likes of “Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford,” adding that these are men who built the country’s industrial landscape.  

He further mentioned other industrialists in India, South Africa, China and other places whose governments have assisted in providing the necessary incentives to grow various industries in their respective nations.  

“In Nigeria, we have our own titans, and it is imperative that we recognize and support them. Aliko Dangote has broken every boundary in worldwide business and industry.  

“His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity.  

“Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress,” Otedola added. 

What you should know 

The Dangote Refinery is currently facing scrutiny from Nigeria’s oil regulatory bodies, notably the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). 

Farouk Ahmed, the head of NMDPRA, has accused the refinery and other local facilities of producing fuel with high sulfur levels, reaching up to 650 parts per million (ppm). 

He also hinted that Aliko Dangote, the CEO of the refinery, might be attempting to dominate the industry, which he believes could jeopardize the country’s energy security. 

In response to these claims, Dangote has invited regulatory authorities to inspect his Lagos plant, confident that their products meet the highest quality standards in Nigeria. 

Furthermore, to dispel any notions of monopolistic behaviour, Dangote halted his plans to invest in Nigeria’s steel industry.