Omotayo Adigun
Nigerian billionaire businessman, Femi Otedola, has strongly denied allegations linking him to the controversial fuel subsidy scam investigated under the Goodluck Jonathan administration. In a detailed weekend statement, Otedola described the claims by Umar Sani, a former aide to ex-Vice President Namadi Sambo, as “malicious lies” driven by ignorance and mischief.
Otedola revealed that he has instructed his lawyers to file a N1 billion libel suit against Sani, stressing that his reputation should not be toyed with for propaganda. “Reputations are not to be toyed with. I will go to every extent to achieve justice,” he said.
Recalling his role in exposing subsidy fraud, Otedola noted he was the first to alert then-President Goodluck Jonathan and Senator Bukola Saraki of the fraud within the Petroleum Subsidy Fund (PSF) scheme. He insisted that his company, Zenon Petroleum and Gas Ltd, never traded in petrol, the only product covered under the subsidy regime. Instead, Zenon dealt solely in diesel, which had already been deregulated.
“To accuse Zenon Petroleum of subsidy fraud is not only false but displays ignorance of basic industry facts,” Otedola stated. He further challenged Sani to read his book, Making It Big, which documents his role in unmasking subsidy racketeers.
The businessman also urged President Bola Tinubu to release the full report of the Aigboje Aig-Imoukhuede panel set up during Jonathan’s tenure. He argued that Nigerians deserve to know the truth about those who looted public funds under the subsidy regime.
READ ALSO: Otedola Exposes Banking Tactics, Business Collapse in Upcoming Memoir
Highlighting past attempts to tarnish his name, Otedola referenced the sting operation against former lawmaker Farouk Lawan, who was later convicted for bribery. He maintained that efforts to rewrite history only serve the interests of those complicit in subsidy fraud.
On suggestions that he benefitted from Asset Management Corporation of Nigeria (AMCON) interventions, Otedola clarified that he had repaid his debts through asset forfeitures during the 2008 global financial crisis, a process publicly commended by AMCON itself.
“I have nothing to hide. I have always acted in the interest of truth and accountability,” Otedola maintained, vowing not to allow his name to be dragged into subsidy scandals by “mischief makers.”