Otedola to FG: Why you must Back Dangote

Femi Otedola, Nigerian billionaire and Chairman of First Bank, has called for support for Aliko Dangote, Chief Executive Officer (CEO) of Dangote Refinery. This comes amid the ongoing feud between Dangote and national oil regulators. Dangote and Nigeria’s regulatory authorities have been in dispute in recent weeks over the refinery located in the Ibeju-Lekki area of […]

Femi Otedola, Nigerian billionaire and Chairman of First Bank, has called for support for Aliko Dangote, Chief Executive Officer (CEO) of Dangote Refinery.

This comes amid the ongoing feud between Dangote and national oil regulators.

Dangote and Nigeria’s regulatory authorities have been in dispute in recent weeks over the refinery located in the Ibeju-Lekki area of Lagos State.

It reached a new high when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the government was yet to license the refinery for the commencement of operations.

But as part of moves to resolve the issues, Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, and other players in the oil and gas sector met with Dangote on Monday.

In a lengthy post via X on Tuesday, Otedola joined numerous stakeholders in urging the President Bola Tinubu-led government to support industrialists like Dangote, similar to how other governments back their “local champions.”

He 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.

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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 said.