Nigerian billionaire businessman, Femi Otedola, has called on President Bola Ahmed Tinubu to make public the full report of the fuel subsidy investigation carried out under the Goodluck Jonathan administration by the panel led by Aigboje Aig-Imoukhuede. Otedola, in a statement yesterday, insisted that Nigerians deserve to know the identities of those who benefitted from the Petroleum Subsidy Fund scheme and drained public resources for years.
He dismissed allegations by Umar Sani, a former media aide to ex-Vice President Namadi Sambo, that his company, Zenon Petroleum and Gas Limited, was a major beneficiary of the fraud. Sani had claimed that Otedola dominated diesel and fuel imports at the time and profited from the system he now condemns. But Otedola, describing the allegations as false and malicious, said he has directed his lawyers to institute a ₦1 billion libel suit against Sani.
The businessman clarified that Zenon only traded in diesel, a deregulated product not covered by the subsidy regime. According to him, Premium Motor Spirit (PMS) was the sole product eligible for subsidy claims, making it impossible for his company to have benefitted from the Petroleum Subsidy Fund. He described Sani’s claims as a deliberate distortion of facts, accusing him of exploiting public ignorance for mischief.
Otedola maintained that far from being complicit, he was the first to raise the alarm on the fraud, reporting directly to then President Jonathan and subsequently alerting Senator Bukola Saraki, who took the matter to the Senate floor. He said this triggered the probe by the House of Representatives, which later became mired in scandal as some members of the probe panel allegedly sought to intimidate and extort him on behalf of subsidy beneficiaries.
Recalling his role in the sting operation that led to the conviction of former lawmaker Farouk Lawan, Otedola argued that corruption had fought back against him for exposing the scam. He stressed that documented evidence showed that the Department of State Services provided the marked funds used in the operation that eventually nailed Lawan for bribery.
On the issue of his debts taken over by the Asset Management Corporation of Nigeria (AMCON) following the 2008 global financial crisis, Otedola said he had never hidden his financial challenges and had fully settled his obligations through asset forfeiture under a court-ordered process. He noted that AMCON officials had publicly commended his transparent approach, urging other debtors to emulate his example.
The businessman insisted that his reputation was hard-earned and would not be tarnished by unfounded allegations. He vowed to pursue legal action against Sani to its logical conclusion, both as a personal defense and as a deterrent to what he called the reckless spread of falsehood. Otedola further urged anyone in doubt to consult his recently published book, Making It Big, where he addressed the subsidy controversy, his role as a whistleblower, and his financial restructuring after the global meltdown.
According to him, the real subsidy thieves are known and should be unmasked through the release of the full Aig-Imoukhuede panel report, which he said was prematurely shut down during Jonathan’s presidency. He argued that President Tinubu has an opportunity to end the speculation and ensure accountability by publishing the findings in full.
“I will not sit back and allow falsehood to be written into history,” Otedola declared, insisting that those who looted under the guise of subsidy must face public scrutiny.
