Billionaire Femi Otedola has vehemently denied new claims, which he called “false and malicious,” connecting him to Nigeria’s extended fuel subsidy scandal.
The accusations, which alleged his involvement in the Petroleum Subsidy Fund scheme, were publicised by Umar Sani, a former media aide to ex-Vice President Namadi Sambo.
In a detailed statement released on Monday, Otedola explained that his company, Zenon Petroleum and Gas Limited, only traded in diesel—a product that was deregulated and not eligible for subsidy payments.
He stressed that Zenon never dealt in Premium Motor Spirit (petrol), the only product covered by the government subsidy.
Otedola, who served on President Goodluck Jonathan’s economic team, maintained he was the whistleblower who first exposed the subsidy fraud to the presidency and the National Assembly.
He recounted how his tip-off prompted legislative investigations, despite subsequent attempts by vested interests to implicate him.
He also referred to his role in a 2012 sting operation against former House Committee chairman Farouk Lawan, who was later convicted of bribery.
Addressing other claims, Otedola acknowledged past financial difficulties during the 2008 global meltdown, which led to a debt settlement with the Asset Management Corporation of Nigeria (AMCON).
He noted that the agency publicly commended his cooperation and that court records supported his account.
Condemning Sani’s statements as “mischief and gross ineptitude”, Otedola announced he has instructed his lawyers to file a ₦1 billion libel suit.
He also called on President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud so Nigerians can see the true culprits.
