If Nigeria Was Working, I Wouldn’t Have Controlled Diesel Market – Otedola

One of Africa’s most prominent businessmen and oil magnates, Femi Otedola, has revealed that his dominance of Nigeria’s diesel market was not driven by sheer ambition, but by necessity and an urgent response to the deep dysfunction within the country’s infrastructure and energy systems.

In his yet-to-be published memoir, “Making It Big”, Otedola explained that his rise in the diesel sector was not part of a grand master plan, but a strategic pivot borne from a national crisis.

He revealed that with a failing power grid and widespread fuel scarcity crippling everyday life in an oil-rich nation, he saw a critical gap, one that needed to be filled not just for profit, but for survival. It was in that void, created by systemic failure, that he found both opportunity and purpose.

He narrated how the crash of the finance sector in the early 1990s also opened the door for him to think independently for the first time, forcing him to carve out a space where his ideas, not his family name, could speak.

In the memoir, which was exclusively obtained by LEADERSHIP WEEKEND, Otedola reflects on how he capitalised on Nigeria’s failed systems, especially its unreliable electricity and broken fuel supply chain to build what would become Zenon Petroleum.

Otedola, in the book, revealed that his personal evolution marked a turning point, transforming him from the son of a former Lagos State governor to a man determined to build something of his own in a crumbling economy.

While many speculated that his wealth came from backdoor deals or privileged access, Otedola said building Zenon Petroleum was a gritty, ground-up hustle.

He shared the painstaking manoeuvring, strategic investments and sheer force of will that it took to dominate Nigeria’s diesel market, a sector, which according to him, was then characterised by inefficiency, scarcity and state failure.

He wrote, “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.”

Laying emphasis on how he utilised the chaos which characterised the country then, to how he took control of the sector, Otedola gave a deeply personal account that offers readers an inside look into the difficult experiences and triumphant comebacks that shaped not just his rise, but also the business landscape in Africa and Nigeria.

He recounts how his entrepreneurial journey was catalysed by the 1993 military coup led by the late General Sani Abacha.

“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 said.

Otedola further disclosed that as financial institutions collapsed, he pivoted to setting up a licensed money-lending venture, a model he described as an early version of today’s micro-financing.

In one of the most revealing passages, he pushes back against the narrative that Zenon Petroleum was the result of favouritism or chance.

On the origins of his entrepreneurial journey, Otedola said, “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 urged readers, especially aspiring African entrepreneurs, to develop the discernment to identify enablers and saboteurs on their path.

“You will encounter people who are waiting like angels to open the door and others intent on slamming it shut in your face,” he says.

He further advised readers to learn to tell the difference early, and curate their network with the same precision they would apply to any business strategy.

The memoir doesn’t just dwell on personal success alone, it also critiques the systemic dysfunction embedded in Nigeria’s governance and infrastructure. From fuel scarcity in an oil-rich nation to chronic power outages that drive up demand for diesel.

Otedola painted a sobering picture of a country where survival often means stepping in to fix what the state has left broken. His story is, in many ways, a case study in resilience, but also a quiet indictment of a system that left room for private empires to be built on public sector failures.