Business

How Obasanjo insulted me over diesel deregulation – Otedola

Published

3 weeks ago

August 8, 2025

Nigerian billionaire, Femi Otedola, has disclosed a heated confrontation with former President Olusegun Obasanjo over the deregulation of diesel importation in 2004, in which Obasanjo was so angry that he accused Otedola of misleading him to deregulate the importation of the product.

Otedola revealed this in his memoir, ‘Making It Big: Lessons from a Life in Business,’ published by FO Books and slated for release on August 18, 2025.

In excerpts from the book seen by TheCable, the oil magnate elaborated on how Obasanjo flew into a rage after being told that there was diesel scarcity across the country because of deregulation.

Otedola, who owned Zenon Petroleum at the time, had convinced Obasanjo that the private sector could meet Nigeria’s diesel demand without the involvement of NNPC, which had been selling imported diesel below market price and getting subsidy reimbursement from the federal government.

The business tycoon wrote, “When President Obasanjo deregulated diesel in 2004, Zenon took an unassailable lead in the market.

“My opponents’ reaction was to tell the president that we’d turned the market upside down (and that the) economy was about to be brought down because there was no diesel, and Obasanjo was mad at me because he’d sought and received assurances from us that NNPC’s exit from diesel importation wouldn’t affect supply. “My critics then fanned the flames by telling him there was no diesel in the country, that trucks couldn’t move and that industries were shutting down.”

He continued, “The President called me at 2am, shouting through the phone. ‘You’re a stupid boy! God will punish you! You persuaded me to deregulate diesel, and now there’s no diesel in the country!’ He was livid. I flew to Abuja the following day. As soon as Obasanjo saw me, he flew into a rage again. ‘What kind of rubbish is this? What kind of nonsense is this?’ He was right in my face, screaming at the top of his lungs.

“I allowed him to cool down, and when he stopped talking, I tried to explain the situation. ‘Baba, they’re lying to you. It’s all lies. I have six ships waiting to discharge big supplies of diesel.’”

Otedola argued that diesel was available across the country and that he was even paying demurrage fees due to delays in offloading his shipments.

“I was even paying demurrage. I told the president that I was the victim of competitors’ backbiting,” he wrote, saying he asked Obasanjo to “see what they come up with next… You’ll see that it’s me who’s telling you the truth.”

To disprove the misinformation, Otedola said he proposed to Obasanjo that they advertise the availability and price of diesel on the front pages of national newspapers, aiming to reassure the public and address pricing concerns.

“I knew it was people in NNPC – the state monopoly, in their now – teetering positions of power, who were against deregulation – who’d been telling him these lies. They wanted to continue to import, and rake in the subsidy money.

“Obasanjo was a determined and robust president. Jealous people did not easily sway him. Once he made up his mind that someone was trustworthy and genuine, as he seemed to do about me that day, he stopped listening to the naysayers,” he added.

Nigerian government liberalised the diesel market in 2004, making it the first petroleum product to be fully free of subsidy and ending the associated rent culture.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 186

Business

GTCO injects N365.9bn into GTBank to meet CBN capital requirement

Published

22 hours ago

August 29, 2025

Newsbreak365_Admin

Guaranty Trust Holding Company Plc has injected N365.9bn into its banking subsidiary, Guaranty Trust Bank Limited, to meet the new minimum capital requirement set by the Central Bank of Nigeria for commercial banks with international authorisation.

The company, in a statement filed with the Nigerian Exchange Limited and the London Stock Exchange on Friday, said the capital injection was executed through the issue and allotment of 6,994,050,290 ordinary shares of 50k each by the bank to the holding company by way of a rights issue.

“Through this capital injection, the share capital of GTBank has been increased from N138,186,703,485.78 to N504,037,107,058.45 and ensures the bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria,” the statement partly read.

It added that the transaction was funded through the two-phased equity capital raising programme approved by shareholders of the holding company at its 2024 Annual General Meeting and subsequently executed in line with regulatory approvals.

Following the completion of the capital injection, GTCO confirmed that it continues to hold 100 per cent of the entire issued and paid-up share capital of GTBank.

It also noted that none of the directors of the holding company has any interest, direct or indirect, in the bank.

According to the statement signed by the Group General Counsel and Company Secretary, Erhi Obebeduo, the additional funds will be deployed for growth and expansion across strategic areas.

“The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth (loans/advances and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence,” the company stated.

“The additional equity capital will be deployed by GBank primarily for branch network expansion and asset growth (loans/advances and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking p r e s e n c e,” the statement partly reads.

Guaranty Trust Holding Company made history on Thursday by becoming the first West African financial institution to have its shares listed on the London Stock Exchange.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 67

Business

Access Holdings appoints Innocent Ike new GMD/CEO

Published

2 days ago

August 28, 2025

Newsbreak365_Admin

Access Holdings Plc has appointed Mr. Innocent Ike as its substantive Group Managing Director/Chief Executive Officer, effective August 29, 2025, following regulatory approval.

The announcement, contained in a statement released on Wednesday and signed by the company secretary, Sunday Ekwochi, comes hours after Roosevelt Ogbonna resigned from the company’s board in compliance with new corporate governance rules issued by the Central Bank of Nigeria.

Ike takes over from Ms. Bolaji Agbede, who has steered the company in acting capacity for the past 18 months after the death of former Group CEO, Herbert Wigwe, in 2024.

She will now return to her role as Executive Director, Business Support.

According to the statement, Access Holdings Chairman, Aigboje Aig-Imoukhuede, said Ike’s appointment signals a new phase for the group.

He said, “We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede.

“Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Under Agbede’s leadership, the company achieved major milestones, including workforce stability, the execution of a N351bn rights issue, and the seamless hosting of two annual general meetings.

Speaking on the appointment, Ike said, “I am honoured to take on the role of Group Managing Director/Chief Executive Officer and excited to work alongside the talented team at Access Holdings.

“I look forward to building on the strong legacy established by Herbert Wigwe and Bolaji Agbede, and driving our vision forward, ensuring we continue to deliver exceptional value to our shareholders and stakeholders.”

Ike, a graduate of the University of Lagos and Best Graduating Student in Accounting in 1988, is a Fellow of both the Chartered Institute of Bankers of Nigeria and the Institute of Chartered Accountants of Nigeria.

He is also a certified IFRS expert.

With over 30 years’ experience in banking and financial services, Ike previously spent a decade at Access Bank, rising to General Manager before serving as Managing Director/CEO of Polaris Bank from 2020 to 2022, where he introduced VULTe, the bank’s award-winning digital platform.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 67

Business

APC’s gov candidate slams Otti’s ‘harsh’ tax hike on Aba traders

Published

3 days ago

August 27, 2025

Newsbreak365_Admin

A former All Progressives Congress governorship candidate in Abia State, Paul Ikonne, has called on Governor Alex Otti to roll back what he described as “harsh” tax policies on traders in Aba and provide a transparent account of funds reportedly spent on school renovations and market projects.

In a statement released Wednesday by his Chief Press Secretary, Dr. Ujo Justice, Ikonne said traders at Ariaria International Market, who previously paid ₦18,000 per shop annually, are now required to pay over ₦36,000. With more than 88,000 shops in the market, this translates to roughly ₦3.1 billion yearly.

“The same situation is being experienced at Ekeoha Shopping Centre, Timber Market, and other trading clusters in Aba,” Ikonne said, noting that this contradicts the governor’s campaign promise of lower taxes.

The APC chieftain also demanded clarity on ₦54 billion reportedly spent on renovating 51 schools and ₦7 billion on recreational centres. “Governor Otti, fear God and show us the 51 schools you claimed to have renovated with ₦54 billion,” he said.

Ikonne further urged the governor to honour the Memorandum of Understanding signed with traders under the previous administration, which allowed them to reclaim their shops after remodelling.

“Instead, traders are being asked to pay as high as ₦15 million to re-acquire their shops. That is an anti-trader policy that adds untold hardship and suffering,” he stated.

He added that with a monthly federal allocation exceeding ₦30 billion, plus local government funds, the state has the resources to provide modern markets with basic amenities such as electricity, potable water, fire services, and security, without overburdening traders.

“There is no justification for squeezing Aba traders dry when the government has the financial capacity to provide these amenities. This ₦15 million shop fee and ₦36,000 levy are exploitative and run contrary to President Bola Ahmed Tinubu’s Renewed Hope Agenda,” Ikonne declared.

He emphasised that Aba, the economic heartbeat of the state, must not be “strangled by taxation without development,” stressing that a government punishing traders has failed in its duty to the people.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 94