Nigerian billionaire businessman Femi Otedola has advised owners of oil depots in the country to dismantle their facilities and sell them as scrap. This comes after the announcement that Dangote Refinery, owned by Aliko Dangote, is now fully operational and set to produce 650,000 barrels of petroleum products, including petrol, per day.
Otedola’s statement follows the President of Dangote Refinery’s declaration that petrol from the refinery will be available in the Nigerian market within 48 hours, subject to the Nigerian National Petroleum Company Limited’s logistics.
In a post on X, Otedola praised Dangote’s achievement, stating that it has ended the business of fuel importers in the country. He emphasized that the launch of the refinery marks a significant shift in the industry, urging depot owners to adapt to the new reality or risk being left behind.
“‘You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long,’ Otedola wrote. ‘Now, with your refinery in full swing…the depot owners should take heed—it’s time to dismantle those depots and sell them as scrap while the market is still high.'”
