Nigerian billionaire Femi Otedola has shared details of a tense encounter with former President Olusegun Obasanjo, revealing how deregulation of the diesel market in 2004 sparked a furious reaction from the then–head of state.

In his soon-to-be-released memoir, Making It Big: Lessons from a Life in Business, Otedola recalls that Obasanjo deregulated diesel imports after assurances from him that the private sector could handle supply without the Nigerian National Petroleum Corporation (NNPC), which at the time had a monopoly and was benefiting from government subsidies.

According to Otedola, the move disrupted entrenched interests. Competitors and elements within NNPC, opposed to deregulation, allegedly told Obasanjo that the policy had caused a nationwide shortage, crippling transport and industry.

The businessman recounts that the president called him in the early hours of the morning, hurling insults and blaming him for the crisis. Otedola says he flew to Abuja the next day to defend himself, presenting letters of credit and evidence of ships loaded with diesel waiting to offload.

“I told him the scarcity claims were fabricated by those who wanted to maintain the subsidy system,” Otedola writes, adding that he later countered the misinformation by placing adverts in newspapers to show that diesel was available and prices were stable.

Obasanjo, he notes, was not easily swayed once convinced of someone’s integrity. The incident, Otedola believes, cemented the president’s trust in him despite the intense pressure from detractors.

The memoir, published by FO Books, is set for release on August 18, 2025, and has already drawn praise from high-profile figures including World Trade Organization chief Ngozi Okonjo-Iweala, African Development Bank president Akinwumi Adesina, and industrialist Aliko Dangote.