Billionaire businessman Femi Otedola has said his control of Nigeria’s diesel market was not driven by a grand ambition but by “necessity” and the urgent need to respond to the country’s chronic infrastructure and energy failures.
In his upcoming memoir, Making It Big, Otedola recounts how widespread power outages, fuel scarcity, and a broken supply chain in an oil-rich nation created an urgent need he decided to fill.
Why he says he entered the diesel market
“If Nigeria had been working well, I would have no business controlling the diesel market. There was no good reason for diesel to be scarce in an oil-producing country. But scarce it was. I simply saw a gap and capitalised on the inefficiency in the system,” he states. The memoir paints the move as pragmatic rather than predatory — a business response to persistent shortages that affected homes, hospitals and businesses alike.
Otedola frames his entry into diesel distribution as an attempt to solve a real problem: hospitals unable to rely on grid power, manufacturers losing productive hours, and everyday citizens coping with the cost of running generators. For him, supplying diesel was a private-sector response to public-sector weaknesses — a decision shaped by necessity rather than a premeditated desire to build market dominance.
Memoir excerpts and personal backstory
He recounts how the 1993 military coup led by General Sani Abacha and the collapse of finance houses pushed him to seek a business entirely his own. “In a sense, it took the coup for me to start thinking of a line of business that would be entirely my own, not connected to my father or the family in any way,” he writes. The upheaval of those years, he says, forced a deeper self-reliance and recalibration of ambition.
Otedola describes the early years of Zenon Petroleum as a scramble: identifying reliable supply lines, negotiating storage and logistics, and building the trust of customers who needed dependable deliveries during times of short supply. The memoir emphasizes long hours, personal risk, and incremental investments that collectively built the company’s capacity over time.
On allegations of unfair advantage
Contrary to claims that backdoor deals gave birth to Zenon Petroleum, he described the venture as a “blood, sweat and tears” effort, built through strategic investments and persistence. “The collapse of the finance houses provided the opportunity for me to put my brains and talent to use. I was not going to get involved in collecting deposits and promising big returns. Not many know this behind-the-scenes origin story of Zenon, and how we came to dominate the market. Some seem to think we came out of nowhere and were handed a monopoly on a silver platter. In fact, there is a story behind every success… It took blood, sweat and tears for me to build Zenon from the ground up.”
He pushes back on narratives that reduce his path to luck or state favour, arguing instead for recognition of entrepreneurial skill, risk-taking and years of operational work. Still, he acknowledges that operating in Nigeria inevitably involves navigating opaque regulations, bureaucratic barriers, and political dynamics that complicate market behaviour and public perception alike.
Advice to entrepreneurs
Otedola also offers guidance to aspiring African entrepreneurs: be discerning about your networks and cautious about the company you keep. “You will encounter people who are waiting like angels to open the door and others intent on slamming it shut in your face,” he warns. The advice blends practical cautions — on due diligence, reputation, and capital discipline — with broader reflections on resilience and integrity in challenging markets.
He stresses building businesses that solve real problems and cautions against short-term gains that jeopardise long-term credibility. For him, the lesson of Zenon is not merely market success, but the responsibility that comes with operating in sectors tied to public welfare — energy, transport and health — where reliability can literally be life-saving.
Wider critique of governance and market outcomes
Beyond his personal story, the memoir also critiques Nigeria’s systemic dysfunction, from fuel scarcity in an oil-rich nation to chronic power outages, portraying his rise as both a testament to resilience and an indictment of governance failures that create space for private empires to thrive on public sector weaknesses. He argues that such failures distort market signals and create rent-seeking opportunities that are ultimately costly to the public.
Otedola’s reflections raise broader policy questions: how can an oil-producing country reduce dependence on diesel, improve grid reliability, and prevent private actors from monopolising critical supplies? While he presents his actions as a corrective to immediate needs, critics will point to the importance of stronger institutions, transparent regulation, and competitive markets to prevent concentration and ensure fair access.
Public reaction and next steps
The memoir’s revelations are likely to prompt debate among policymakers, industry stakeholders and the public. Supporters may praise his candour and entrepreneurial response to a service gap; critics may press for investigations into market concentration and regulatory compliance. Either way, the book adds texture to conversations about how private enterprise interacts with public failure in Nigeria’s economic landscape.
As readers digest the account, observers will watch for any official responses from regulators or clarifications from Otedola’s rivals. For now, the memoir stands as a personal chronicle and a pointed commentary on the structural problems that shaped his career choices.
— End of expanded report —