Femi Otedola’s memoir Making It Big: Lessons from a Life in Business offers far more than the typical rags-to-riches or boardroom drama narrative. It opens a candid window into the complex interplay between politics, business, and the volatile oil market in Nigeria. At its heart lies one of the most striking episodes in the country’s recent economic history—the deregulation of diesel importation in 2004—and the fiery exchange between the oil magnate and former President Olusegun Obasanjo. The recollection is raw, unpolished, and without the varnish of retrospective diplomacy. According to Otedola, Obasanjo’s outburst—calling him a “stupid boy” and invoking divine punishment—came in the wake of a national diesel scarcity that the president believed was caused, or at least worsened, by Otedola’s influence in policy direction.
In reconstructing the scene, Otedola does not merely revel in the drama; he uses it as a prism to explore how market deregulation, while theoretically designed to create efficiency and competition, can also trigger supply shocks when state oversight is removed too abruptly. His version of events suggests that in 2004, the shift from government-controlled pricing and distribution to open importation was not accompanied by the institutional safeguards and logistics planning that Nigeria’s downstream oil sector desperately needed. In the diesel market, deregulation meant freedom for traders to import and sell at competitive prices, but it also opened the floodgates to speculative hoarding, price volatility, and uneven distribution—issues that were compounded by Nigeria’s infrastructural weaknesses.
The memoir situates Otedola’s business maneuvers in this policy environment, portraying him as both a participant and a lightning rod in the unfolding drama. He recounts how his company, Zenon, became a key player in diesel supply at a time when Nigeria’s economy, driven by its booming telecommunications and industrial sectors, was becoming ever more dependent on diesel-powered generators due to chronic electricity shortages. The deregulation decision, in his telling, was an opportunity—but also a gamble—given the volatility of global oil prices and Nigeria’s own capacity bottlenecks. When scarcity hit, the public anger was palpable, and political blame was swift.
Critically evaluating this section of Making It Big, one sees how Otedola balances self-justification with business philosophy. He defends deregulation as an inevitable step for Nigeria to modernize its oil sector, arguing that long-term market liberalization benefits outweigh the short-term pains. Yet, he also underlines how the Nigerian state often underestimates the need for transition mechanisms—buffer stocks, transparent import licensing, robust transport and storage infrastructure—that can cushion the immediate impact on the public. His account of Obasanjo’s fury captures the political dimension of economic reform, where policy architects are quick to seek scapegoats when reforms meet turbulence.
The memoir’s strength lies in this unfiltered depiction of the political-business interface. Otedola does not sanitize the language or the emotions. Obasanjo’s harsh words, recorded without softening, serve as a reminder that in Nigeria, business leaders in strategic sectors are not mere private actors; they are perceived as custodians of national economic stability. The exchange also underscores how deregulation debates in Nigeria are never just about economics—they are about trust, control, and the public’s fragile relationship with both government and private capital.
From a broader economic standpoint, Otedola’s retelling prompts critical reflection on Nigeria’s approach to deregulation. Diesel, unlike petrol, has long been the lifeblood of industries, commercial transport, and private power generation. A shortage is not simply an inconvenience—it can paralyze factories, cripple logistics, and inflate operating costs across the economy. The 2004 scarcity exposed the systemic risks of introducing market freedom without ensuring supply security. For policymakers, the lesson is clear: deregulation must be accompanied by a parallel strengthening of supply chains, anti-hoarding regulations, and market monitoring mechanisms to prevent abuse.
As a memoir, Making It Big succeeds in weaving personal narrative with economic history. Otedola’s prose in these sections is urgent, almost confrontational, mirroring the high-stakes nature of the events. The confrontation with Obasanjo is not just anecdote—it is emblematic of the larger theme of the book: that success in Nigeria’s business environment requires navigating a minefield where politics, perception, and performance are inseparably intertwined. The fact that he is willing to recount an episode in which he was publicly humiliated suggests a calculated vulnerability, aimed at underscoring the resilience needed to survive in the Nigerian marketplace.
In the end, this episode in Making It Big is more than a clash of egos; it is a snapshot of Nigeria’s perpetual struggle to reconcile market liberalization with social stability. Otedola emerges from his own telling as a shrewd but embattled player—one who understood the opportunities deregulation offered, but who also bore the brunt of its early missteps. Whether the reader sympathizes with him or not, the account forces us to confront the uncomfortable truth that in Nigeria’s oil economy, policy shifts can turn heroes into villains overnight, and that the real test of leadership—whether political or corporate—lies in managing the storms that inevitably follow change.
If this section is any indication, Otedola’s memoir will be both a lightning rod and a mirror—provoking debate, exposing fault lines, and reminding Nigerians that in the high-wire act of oil politics, no one stands far from the fire.
