Femi Otedola, the primary owner of Geregu Power and chair of FBN Holdings, has joined the group of well-known Nigerians rallying support for Aliko Dangote, the wealthiest man in Africa, who has been at odds with the government over his new refinery venture.
The head of Nigeria's capital markets, Mr. Otedola, detailed the accomplishments and wide-ranging influence his longstanding partner has had both domestically and internationally in a post on Tuesday on X that was largely praised and compared to the heroic deeds of major American investors such as Andrew Carnegie, J.P. Morgan, and Henry Ford alongside modern Indian billionaires like Mukesh Ambani and Gautam Adani.
"We have our own giants in Nigeria, and we must acknowledge and encourage them. "Aliko Dangote has redefined global business and industry," he declared.
Encouraging local leaders like Dangote is essential to the growth and economic independence of our country. Let's keep encouraging and helping these visionaries who propel the development of our country.
Earlier in the day, Akinwunmi Adesina, the head of the African Development Bank, praised the president of Dangote Group in a statement that he sent to a few prominent Nigerians and which Mr. Otedola also posted on X.
"No prudent investor would desire to invest $19.5 billion." to be undercut by importers," Mr. Adesina was cited as saying, making reference to Mr. Dangote. The multibillionaire jumped to the multibillionaire's defense after it was claimed that he was trying to monopolize the nation's gasoline supply by requesting that imports be blocked by regulators.
Built on a peninsula in Lagos, Mr. Dangote's enormous oil refinery began operations in January with the intention of supplying all of Nigeria's petroleum needs and having enough left over to serve some other African markets.
Some foreign oil corporations, according to the Dangote Group, are allegedly undermining the plant's operations by refusing to deliver crude or by selling it at a premium over market rates.
It has also had disagreements with the Nigerian energy industry's regulators, including as the Nigerian Midstream and Downstream Regulatory Authority, which asserted that the refiner's diesel had higher than permitted amounts of sulfur.
Mr. Dangote disproved the claim by showing lawmakers who were touring the refinery to a lab where two distinct import samples were tested alongside refinery fuel last week. The diesel sample from the refinery had far less sulfur than the imported samples, according to the data.
"The Dangote Group frequently pays more in taxes than all of the major banks put together. We would still be importing cement if it weren't for him, Mr. Otedola wrote in his post.
"Having constructed important roads like the Wharf Road, the Obajana-Kabba Road, and the Apapa Oshodi-Owonrosoki Express Road, he has made contributions to critical infrastructure that go beyond industrial facilities." He continued.
HERE IS THE WHOLE STATEMENT OF MR. OTEDOLA
Not in Kano, but in Lagos State, my brother, the Visionary, has constructed the biggest single train refinery in the world. He is the owner of the largest cement factory in the world, located in Kogi State rather than Kano, and the second-largest sugar refinery in the world, located in Lagos State. Furthermore, he has built one of the second-biggest fertilizer plants in the world, which will soon overtake the largest one in Qatar, which is also located in Lagos State. In addition, he constructed a fertilizer facility in Lagos that is currently exporting to other countries. God made the titan Aliko Dangote especially for humanity.
Additionally, Aliko Dangote employs more people in the private sector than any other company in the nation.These businesses are some of the biggest taxpayers. The Dangote Group really frequently pays more in taxes than all of the major banks put together. We would still be importing cement if it weren't for him. Having constructed important highways like the Wharf Road, the Obajana-Kabba Road, and the Apapa Oshodi-Owonrosoki Express Road, he has made contributions to vital infrastructure in addition to industrial facilities.
Nations that are just beginning to industrialize need leaders with vision. Because of this, it should come as no surprise that a small group of extraordinary people—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—were instrumental in creating the industrial environment of the United States via their vision and perseverance. Despite leaving the world without these things, these guys left a legacy that has maintained their nation prospering for successive generations. Their lasting institutions and industries—rather than the tangible money they accumulated—served as a testament to their efforts. Additionally, the government of that country, which saw the value of cultivating local heroes, backed these visionaries.
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