Femi Otedola, billionaire businessman, has broken his
silence on the face-off between Aliko Dangote and federal government officials
in the petroleum ministry.
Otedola, reputed as “the strongman of the money and capital
markets” after acquiring the single largest shareholding in FBN Holdings Ltd,
said in a post on X on Tuesday afternoon that visionaries are needed to build a
nation’s economy and their legacies remain long after they have left the stage.
“My brother, the Visionary, has built the largest single
train refinery in the world, not in Kano, but in Lagos State. He is the owner
of the second-largest sugar refinery in the world, also in Lagos State, and the
largest cement factory in the world, not in Kano, but in Kogi State.
Additionally, he has established one of the second-largest fertilizer plants in
the world, soon to surpass the biggest one in Qatar, also in Lagos State.
Furthermore, he has built a fertilizer plant in Lagos that already exports
globally. Aliko Dangote is a titan that God created specially for mankind,” he
wrote.
“Aliko Dangote is also the largest private sector employer
of labor in the country, and his companies are among the largest taxpayers. In
fact, the Dangote Group often pays more in taxes than the top banks combined.
If not for him, we would still be importing cement. His contributions extend
beyond industrial facilities to critical infrastructure, having built major
roads such as the Apapa Oshodi-
Otedola, who is also chairman of Geregu Power Plc, gave
examples of countries where a few individuals laid the foundation for national
development and were supported by their government.
“Countries in the nascent stages of industrialization
require visionary leaders. This is why it’s no surprise that the United States
was built by the vision and tenacity of a few remarkable individuals—Cornelius
Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry
Ford—THE MEN WHO BUILT America’s industrial landscape. These men left the world
without these assets but left behind a legacy that has kept their country
thriving generation after generation,” he wrote.
“Their contributions were immortalized not in the material
wealth they amassed but in the enduring institutions and industries they
established. These visionaries were also supported by their government, which
recognized the importance of fostering local champions. Similarly, today’s tech
giants like Microsoft and Tesla received substantial support from the US
government. For example, in January 2010, the Department of Energy issued a
$465 million loan to Tesla Motors to produce specially designed, all-electric
plug-in vehicles and to develop a manufacturing facility in Fremont, California
to produce battery packs, electric motors, and other powertrain components for
powering these innovative vehicles,” he wrote.
“This initiative is
part of broader efforts, such as the federal EV-charging program supported by
the infrastructure law known as the National Electric Vehicle Infrastructure
program, or NEVI. In India, the government has been instrumental in supporting
business titans like Gautam Adani and Mukesh Ambani. Their companies have
received significant backing to grow and expand, contributing substantially to
India’s economic growth and global business footprint. There are also records
of emerging market countries like Vietnam, South Africa, Brazil, and China
where their governments have supported local businesses to jump-start
industrialization.
“In Vietnam, the government has provided various incentives
to tech companies, fostering a rapidly growing technology sector. In South
Africa, government support for the mining industry has been crucial in
maintaining its global competitiveness. Brazil has seen substantial government
investment in its agricultural sector, transforming it into one of the world’s
leading food exporters. In China, government backing for companies like Huawei
and Alibaba has propelled them to global leadership in technology and
e-commerce. “
Otedola said Dangote has broken “every boundary” in
worldwide business and industry.
“In Nigeria, we have our own titans, and it is imperative
that we recognize and support them. 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,” he wrote.
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