Business News of Saturday, 7 June 2025

Source: www.legit.ng

Billionaire Otedola gives Dangote's Refinery a nickname, commends Tinubu

Femi Otedola and Aliko Dangote have maintained the decades-long personal and business relationship Femi Otedola and Aliko Dangote have maintained the decades-long personal and business relationship

Nigerian entrepreneur Femi Otedola has hailed the Dangote Refinery as the "eighth wonder of the modern era" following President Bola Tinubu's recent visit to the Lagos-based facility.

Tinubu, who toured the $20 billion refinery and petrochemical plant owned by Aliko Dangote on Thursday, called it a “massive investment and a point of reference” for the country’s future.

In a post on X (formerly Twitter) on Friday, Otedola shared his admiration for the groundbreaking project and its leadership.

Otedola wrote: "Today, I witnessed history. President Bola Ahmed Tinubu, our visionary leader, visited the $20 billion Dangote Refinery and Petrochemical Plant, the single largest single-train refinery in the world — an eighth wonder of the modern era, built by my dear friend and brother, Aliko Dangote."

Otedola and Dangote have maintained a long-term personal and business relationship.

In 2024, Otedola made a strategic investment by acquiring a substantial number of shares in Dangote Cement, describing it as a smart financial move that could help generate foreign exchange for Nigeria.

Otedola also praised Tinubu for inaugurating the Deep Sea Port Access Road in the Lekki area, noting that the road, which connects the Dangote Fertiliser Plant to Eleko Junction, plays a critical role within the Lekki Free Trade Zone.



Reflecting on Tinubu’s long-term vision, Otedola added:

"Over two decades ago, as Governor of Lagos State, President Tinubu envisioned an economic powerhouse on the Atlantic coast what we now know as the Lekki Free Trade Zone. Today, that vision stands tall in steel, concrete, and ambition."

He further praised the president's leadership, stating,

"A great leader takes people where they don’t necessarily want to go, but ought to be. That is the essence of President Tinubu."

With optimism for Nigeria's future, Otedola reiterated his unwavering support for the administration’s ongoing reforms, saying;

"Nigeria is rising, and those of us who believe in her will continue to support the bold reforms that will make her the greatest transformation story of the 21st century."

Dangote names road after President Tinubu

In recognition of President Bola Ahmed Tinubu's pivotal role in the development of the Dangote Petroleum Refinery & Petrochemicals, Aliko Dangote revealed that the road leading to the refinery will be named in his honour.

Dangote praised Tinubu for his consistent support of the private sector and credited him as the visionary force behind the creation of the Free Trade Zone during his time as Lagos state governor.

The newly named road will connect the Lekki Deep Sea Port, the Free Trade Zone, and the Dangote Refinery to the Sagamu-Benin Expressway through Ijebu Ode.

Dangote told the President:

“The Dangote refinery complex is, in many ways, your brainchild. Mr President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road.”

The announcement was met with applause as President Tinubu stood to shake hands with Dangote.