Nigerian billionaire businessman and philanthropist, Femi Otedola, has vehemently denied allegations linking him to subsidy fraud, describing the claims as “false, baseless, and a shameless attempt to pander to lies and rewrite history.”
Otedola, who is the former Chairman of Forte Oil Plc and the current Executive Chairman of Geregu Power Plc, was reacting to a publication credited to Umar Sani, former Special Adviser on Media to ex-Vice President Namadi Sambo, alleging complicity in the Petroleum Subsidy Fund (PSF) scandal.
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In a strongly worded statement, Otedola dismissed the claims as mischievous and malicious. He said:
“My attention has been drawn to a mischievous and malicious publication written by one Umar Sani, a former Special Adviser (Media) to former Vice President Namadi Sambo, attempting to twist facts and drag my name into disrepute and allegations of complicity in the subsidy fraud. His insinuations are false, baseless, and a shameless attempt to pander to lies and rewrite history.”
Setting the record straight, Otedola explained that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme as it only dealt in diesel, which had long been deregulated.
“Zenon Petroleum and Gas Limited was wholly an importer and trader of diesel with a market share in excess of 90%. We never traded in Premium Motor Spirit (PMS) and as such could not have claimed for subsidy under the Petroleum Subsidy Fund scheme,” he clarified.
He expressed shock that a former government official such as Umar Sani could “display such ignorance of basic industry facts in public,” adding that the accusations were either “a blatant display of gross ineptitude” or a deliberate attempt to misinform the public.
Otedola further recounted his role as a whistleblower in exposing subsidy fraud during the administration of President Goodluck Jonathan. According to him, he was the one who alerted the President and subsequently reported to Senator Bukola Saraki, which triggered legislative probes.
“If I was complicit in subsidy theft, would I be the one to raise the alarm and blow the whistle on myself?” he asked.
The billionaire businessman also revisited his ordeal with the Farouk Lawan-led House of Representatives subsidy probe committee, describing it as an extortion attempt that backfired.
“When the harassment and blackmail became incessant on my person, I petitioned the authorities and worked with the Department of State Security (DSS) in a sting operation. The money was provided by the DSS, duly marked, and handed over to me under security surveillance. I then gave it to Farouk Lawan in line with the sting operation. That is on record. To twist that carefully documented operation into an indictment against me is laughable and only exposes the ignorance of Mr. Sani.”
Otedola urged President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, which he believes will expose the “real subsidy thieves.”
He also addressed claims relating to his past financial obligations with the Asset Management Corporation of Nigeria (AMCON), clarifying that he had settled his debts by surrendering assets worth hundreds of billions of naira.
“AMCON itself publicly commended my approach and told other debtors to follow my example. Court records are there for anyone seeking the truth to investigate. AMCON officials from that time are also alive today to confirm the truth,” he stated.
Otedola confirmed that he has instructed his lawyers to institute a ₦1 billion libel suit against Umar Sani to protect his reputation.
“Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a ₦1 billion libel suit against Umar Sani. People must learn that reputations are not to be toyed with for cheap propaganda,” he warned.
Concluding, Otedola maintained that he has nothing to hide and would not allow falsehood to be written into history.
“I have always acted in the interest of truth and accountability. Those who benefitted from subsidy fraud know themselves. I will not sit back and allow falsehood to be written into history.”