Billionaire businessman, Femi Otedola, has spoken out in regards to the ongoing dispute between Aliko Dangote and Nigeria’s regulatory authorities within the petroleum sector.
Otedola, an in depth ally of Dangote, emphasised the significance of backing visionaries like his bossom buddy to construct and maintain the nation’s financial system.
In a put up on X on Tuesday afternoon, Otedola, referred to as “the strongman of the cash and capital markets” following his acquisition of the most important shareholding in FBN Holdings Ltd, praised Dangote’s contributions. “Visionaries are wanted to construct a nation’s financial system, and their legacies stay lengthy after they’ve left the stage,” he wrote.
Highlighting Dangote’s achievements, Otedola identified the numerous initiatives Dangote has undertaken throughout Nigeria. “My brother, the Visionary, has constructed the most important single prepare refinery on this planet in Lagos State. He additionally owns the second-largest sugar refinery globally, and the most important cement manufacturing facility in Kogi State,” he famous. Dangote’s ventures embody a fertilizer plant in Lagos that exports globally and is poised to surpass the world’s largest in Qatar.
Otedola additionally emphasised Dangote’s function as a significant employer and taxpayer in Nigeria. “Aliko Dangote is the most important non-public sector employer within the nation. His corporations pay extra in taxes than the highest banks mixed. His contributions lengthen to vital infrastructure, together with main roads just like the Apapa Oshodi-Owonrosoki Specific Street and the Obajana-Kabba Street,” he added.
Drawing parallels with different nations, Otedola cited examples of countries that supported visionary leaders to drive industrialisation. “International locations within the nascent levels of industrialization require visionary leaders. America, constructed by outstanding people like Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, is a chief instance. These males left a legacy that continues to thrive,” he wrote.
He additional famous the function of presidency help in fostering native champions, referencing the substantial backing tech giants like Microsoft and Tesla acquired from the US authorities. “In January 2010, the Division of Power issued a $465 million mortgage to Tesla Motors for the event of all-electric autos and a producing facility in Fremont, California,” he talked about.
Otedola additionally pointed to different nations the place authorities help has been instrumental. “India’s help for enterprise titans like Gautam Adani and Mukesh Ambani has considerably contributed to its financial development. Rising markets like Vietnam, South Africa, Brazil, and China have additionally supported native companies to jump-start industrialization,” he defined.
“In Vietnam, authorities incentives have fostered a quickly rising tech sector. South Africa’s help for its mining trade has maintained international competitiveness, and Brazil’s funding in agriculture has made it a number one meals exporter. In China, authorities backing for corporations like Huawei and Alibaba has propelled them to international management in expertise and e-commerce,” he added.
Otedola concluded by reaffirming the need of supporting native visionaries like Dangote. “In Nigeria, we now have our personal titans. Supporting native champions like Dangote is essential for our nationwide improvement and financial independence. Allow us to proceed to foster and help these visionaries who drive our nation’s progress,” he urged.
