Femi Otedola, Nigerian billionaire and Chairman of First Bank, has called for support for Aliko Dangote, CEO of Dangote Refinery, amid an ongoing dispute between Dangote and national oil regulators.
The controversy, centered around the refinery located in Ibeju-Lekki, Lagos State, intensified when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the refinery had not yet received government licensing to commence operations.
In efforts to resolve the conflict, Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, and other key figures in the oil and gas sector met with Dangote on Monday.
In a detailed post on X on Tuesday, Otedola urged the President Bola Tinubu-led government to support industrialists like Dangote, akin to how other nations back their “local champions.”
He highlighted Dangote’s accomplishments, stating, “Dangote has built the largest single-train refinery in the world and the second-largest sugar refinery globally,” and emphasized his status as Nigeria’s highest taxpayer.
Otedola underscored the importance of supporting business leaders like Dangote during the early stages of a country’s industrialization. Drawing parallels with historical figures in the United States such as Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, he noted that these individuals were pivotal in shaping America’s industrial landscape. He also mentioned industrialists from India, South Africa, China, and other nations who have received government support to grow their respective industries.
“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 asserted.
