Business
Making It Big: How My Life Changed With £250,000 Loan – Otedola
Billionaire businessman Femi Otedola has revealed that a £250,000 loan from his father Sir Michael Otedola, a former Lagos State governor-was the lifeline that helped scale up Zenon Petroleum, the oil trading company that cemented his place in Nigeria’s business landscape.
Otedola made the disclosure in his memoir Making It Big, where he draws parallels between the support he received from his father and the guidance he now provides to his children.
According to him, mentorship and financial backing were critical to his rise and remain central to how he nurtures the ambitions of his own protégés.
He recalled financing his daughter DJ Cuppy’s first major show, which featured Davido, with N10 million when they were just 16. The concert, however, flopped, attracting only a handful of older attendees including former Cross River State Governor Donald Duke and his wife Onari, as well as lawyer Jide Coker.
“Papa, people aren’t coming,” his daughter lamented. His response was to open the gates for free an experience he describes as a lesson in tenacity and perseverance. Today, both artistes have grown into household names.
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Davido, who has gone on to become one of Africa’s biggest music exports, boasts multiple hit singles, global tours, and awards, including a Grammy nomination in 2024. He is also one of the most streamed Afrobeats artistes globally, with a loyal fan base spanning Africa, Europe, and the United States. DJ Cuppy, meanwhile, has carved out her own niche as a DJ and producer, releasing hit singles, headlining major international events, and serving as a UN ambassador. She has also become a prominent advocate for philanthropy and youth empowerment.
The billionaire also recalled spending the summer of 2019 in Monaco with his children, where he shared “nuggets of wisdom” passed down from his father alongside lessons picked up throughout his career.
Beyond family, Otedola credits role models such as the late Wahab Folawiyo, whose pioneering business exploits he studied closely, as key influences in shaping his entrepreneurial outlook.
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In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. As owner and chairman, he moved quickly to dominate the industry.
By 2004, he had invested N15 billion in downstream infrastructure, acquiring storage depots in Apapa and Ibafon, as well as four cargo vessels with a combined total storage capacity of 147,000 metric tons.
That same year, Zenon added a fleet of 100 DAF fuel-tanker trucks worth N1.4 billion.
By 2005, Zenon controlled a major share of Nigeria’s diesel market, supplying fuel to some of the country’s largest manufacturers, including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestlé, and Guinness.
Otedola’s aggressive expansion culminated in 2007 when ten banks approved a syndicated loan of $1.5 billion to Zenon to build the largest premium motor spirit storage facility in Africa. Later that year, Zenon acquired a 28.7% stake in African Petroleum, one of Nigeria’s leading fuel marketers.
Zenon also expanded into the kerosene market, solidifying its influence in Nigeria’s energy sector. However, in 2012, the company was named in a controversial fuel subsidy scandal, where it was alleged to have owed $1.4 million to the government. The case drew public attention after a sting operation revealed a lawmaker, Farouk Lawan, demanding bribes from Otedola to clear Zenon’s name. Lawan was later charged with corruption, while Otedola maintained his innocence.
Buy Otedola’s ‘Making it Big’ Memoir At These Bookstores Across The World
The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre if the proposed peace agreement between the United States and Iran is successfully implemented and global crude oil prices continue to decline.
The expectation follows fresh developments in the Middle East, where efforts to end months of hostilities have pushed international oil prices downward. Nigeria market report
Crude oil prices, which climbed sharply during the conflict, have dropped significantly in recent days as investors react positively to reports of a ceasefire framework and plans to reopen the Strait of Hormuz, one of the world’s busiest oil shipping routes.
Industry operators believe the development could eventually reflect in domestic fuel prices, especially as crude oil remains the major raw material for refined petroleum products.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.
During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.
There are now growing expectations that local refiners, including the Dangote Petroleum Refinery, may review their prices if the downward movement in crude oil is sustained.
The refinery had previously reduced its petrol loading price from N1,275 per litre to N1,250 per litre after crude prices softened. Diesel prices were also adjusted downward during the same period.
A source familiar with operations at the refinery said another price cut is possible if the market remains stable. However, the source explained that a large volume of crude purchased at earlier, higher prices is still being processed, which could slow the pace of any immediate reduction.
According to the source, petrol selling at N900 per litre is achievable if global oil prices continue to decline and the market fully adjusts to the new realities.
Fuel marketers have also expressed optimism over the outlook.
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) said petrol prices could fall below N1,000 per litre once the Strait of Hormuz is fully reopened and crude oil returns to pre-conflict levels.
The association noted that Nigerians paid around N800 per litre before the crisis escalated and believes the market could gradually move back toward that range if peace is maintained.
The optimism comes after United States President Donald Trump announced that a peace arrangement with Iran was underway, with both countries expected to reopen the Strait of Hormuz as part of the agreement.
The planned reopening is expected to restore smoother global oil supply and reduce pressure on international energy markets.
Meanwhile, checks across the downstream sector indicate that some fuel marketers have already started adjusting their ex-depot prices below the current benchmark, signalling the possibility of another round of competition in the industry.
The landing cost of imported liquefied petroleum gas (LPG), also called cooking gas, has dropped significantly, offering fresh hope for lower energy prices across the country.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) showed that the cost of bringing fuel products into Nigeria has now fallen below the ex-depot prices offered by the Dangote Refinery.
The development comes as petroleum marketers reportedly imported fuel and gas valued at about N279 billion to boost supply and take advantage of declining international market prices, according to a report by Punch.
Cooking gas prices also witnessed a sharp decline in landing costs, raising expectations that consumers may soon enjoy relief from soaring household energy expenses.
MEMAN disclosed that the landing cost of LPG fell to N950,000 per metric tonne. Based on the latest figures, the expected retail price of cooking gas should hover around N925 per kilogramme.
This contrasts sharply with the N1,410 per kilogramme reportedly sold by Dangote Refinery. Despite the reduction in import costs, many Nigerians have yet to feel the impact at the retail level, as cooking gas prices remain stubbornly high across major cities.
Retailers currently sell cooking gas for as high as N2,400 per kilogramme, while larger distributors maintain average prices around N1,800 per kilogramme.
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
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