Lagos, Nigeria – Billionaire businessman Femi Otedola has taken a bold swipe at allegations linking him to subsidy fraud, urging President Bola Ahmed Tinubu to make public the full report of the Aigboje Aig-Imoukhuede-led probe into Nigeria’s fuel subsidy regime.
Otedola, in a strongly worded statement on Sunday, also announced a ₦1 billion libel suit against Umar Sani, former media aide to ex-Vice President Namadi Sambo, describing his publication as “false, baseless, mischievous, and a shameless attempt to rewrite history.”
Otedola Clears the Air on Subsidy Fraud
The business mogul clarified that his company, Zenon Petroleum and Gas Limited, never participated in the fuel subsidy scheme since it only imported diesel (AGO)—a product that was already deregulated long before the Petroleum Subsidy Fund (PSF) began.
“Zenon never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims. How then could we have been involved in subsidy fraud?” Otedola queried.
How He Exposed the “Monumental Fraud”
Recounting events under former President Goodluck Jonathan, Otedola revealed he was the first to raise the alarm on the multi-billion naira scam.
According to him, after alerting Jonathan—whose petroleum minister denied the allegations—he escalated the matter to Senator Bukola Saraki, who took it to the Senate floor, sparking the parliamentary probe that exposed the rot in the subsidy regime.
“If I was complicit, would I have blown the whistle on myself? Nigerians must see through these desperate attempts to smear my name,” he stated.
Revisiting the Farouk Lawan Bribery Scandal
Otedola also revisited the infamous bribery saga involving former lawmaker Farouk Lawan, insisting he acted in collaboration with the Department of State Services (DSS) in a sting operation.
“The money was provided by the DSS, duly marked, and handed over to Lawan. He was later convicted and sentenced to prison. To twist this into an indictment against me is laughable,” Otedola declared.
Calls on Tinubu to Unmask “Real Subsidy Thieves”
In a daring move, Otedola urged President Tinubu to release the Aigboje Aig-Imoukhuede report in full, saying Nigerians deserve to know the identities of those who truly looted the subsidy funds.
“The real subsidy thieves must be unmasked. Nigerians cannot continue to suffer while the truth is hidden,” he added.
Debt Resolution with AMCON
Addressing claims of shady dealings with the Asset Management Corporation of Nigeria (AMCON), Otedola explained that his debts were transparently resolved through a court-supervised process after the 2008 financial crisis, with AMCON itself commending his compliance.
₦1 Billion Libel Suit Against Umar Sani
Otedola vowed to defend his reputation, revealing he has instructed his lawyers to sue Sani for libel.
“Reputations are not toys. Because of these deliberate lies and unfounded allegations, I am filing a ₦1 billion libel suit against Umar Sani,” he said.
The billionaire urged Nigerians to seek the facts in his newly released memoir, Making It Big, stressing that he has “nothing to hide.”
