Nigerian billionaire businessman, Femi Otedola, has announced plans to file a N1 billion libel suit against Umar Sani, a former aide to Vice President Namadi Sambo, over allegations linking him to the fuel subsidy fraud during the Goodluck Jonathan administration.
Sani had claimed that Otedola personally benefited from the scandal, asserting that the businessman “controlled as much as 90 percent of diesel imports and up to 40 percent of other petroleum products” at the time. He also accused Otedola of engaging in “hypocritical, selective, and convenient rewriting of history.”
In a detailed statement released late Sunday, Otedola dismissed the claims as “malicious lies,” emphasizing that his company, Zenon Petroleum and Gas Limited, never traded in petrol and therefore could not have accessed subsidy funds.
Otedola, who described himself as the whistleblower of the subsidy scam, recalled that he was the first to alert former President Jonathan and then Senate President Bukola Saraki about the fraudulent activities. He questioned how he could be accused of benefiting from a fraud he exposed.
“Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a N1 billion libel suit against Umar Sani. People must learn that reputations are not to be toyed with for cheap propaganda,” Otedola said.
He also urged President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on the subsidy scandal, noting that Nigerians deserve to know the truth about those who looted public funds.
Otedola further clarified that while his company dominated the diesel market, diesel was deregulated and not eligible for subsidies under the Petroleum Subsidy Fund (PSF) scheme. Only Premium Motor Spirit (PMS) qualified for subsidy claims.
Highlighting his role in exposing the fraud, Otedola added, “If I was complicit in subsidy theft, would I be the one to raise the alarm and blow the whistle on myself?” He also recounted how a sting operation coordinated with the Department of State Security (DSS) led to the prosecution of some perpetrators, including former House Committee Chairman Farouk Lawan, who was convicted of bribery.
Otedola dismissed Sani’s attempts to link him to the Asset Management Corporation of Nigeria (AMCON), stressing that his financial losses from the 2008 global economic meltdown were publicly documented and resolved transparently.
He concluded by urging Sani and others to “study the facts” in his book, Making It Big, and stop spreading misinformation.
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