I Alerted Then-President Jonathan To Fuel Subsidy Fraud, Petroleum Minister Diezani Denied It –Billionaire Businessman Femi Otedola
Billionaire businessman Femi Otedola has come out swinging against what he described as a “mischievous and malicious” publication by Umar Sani, a former Special Adviser to ex–Vice President Namadi Sambo, accusing him of complicity in Nigeria’s fuel subsidy fraud.
In a press statement issued on Monday, Otedola dismissed the allegations as “false, baseless, and a shameless attempt to rewrite history,” insisting he was the whistleblower who exposed the monumental fraud that shook the country during former President Goodluck Jonathan’s administration.
Otedola clarified that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme.
“Zenon Petroleum was wholly an importer and trader of diesel, which was already deregulated. We never traded in Premium Motor Spirit (PMS), the only product eligible under the subsidy regime. So how can anyone accuse Zenon of subsidy fraud?” he asked.
He accused Umar Sani of either ignorance or deliberate mischief, saying, “It is shocking that someone who once held public office would display such ignorance of basic industry facts just to mislead the public.”
Recounting how the subsidy scandal broke, Otedola said he was a member of Jonathan’s Economic Team when he discovered widespread fraud in the Petroleum Subsidy Fund (PSF).
“I am the one who first alerted President Jonathan to the monumental fraud. When he confronted the then Minister of Petroleum, she denied it. Determined to stop the bleeding, I reached out to Senator Bukola Saraki and reported the fraud to him. He took it to the floor of the Senate, and from there the House of Representatives began its investigation,” Otedola said.
Diezani Alison-Madueke was the Minister of Petroleum Resources under Jonathan’s administration.
He added: “If I was complicit in subsidy theft, would I be the one to blow the whistle on myself? That alone exposes the mischief in Umar Sani’s publication.”
Otedola also revisited his infamous encounter with former lawmaker Farouk Lawan, who chaired the House committee probing subsidy fraud.
“When it became public knowledge that I blew the whistle, some of the perpetrators fought back. Farouk Lawan and his committee were being manipulated by subsidy thieves and turned the probe into an extortion racket,’ he said.
“I petitioned the authorities and worked with the DSS in a sting operation. The marked money was provided by the DSS and handed over to me before I gave it to Lawan under surveillance. He was later convicted and sentenced for bribery. The facts are on record.”
The businessman urged President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, which he claimed was suppressed during the Jonathan administration.
“Nigerians deserve to know the truth. Let the report be made public so the real subsidy thieves can be unmasked,” he said.
Otedola admitted suffering financial losses during the 2008 global meltdown but said he responsibly settled his obligations.
“My loans were sold to AMCON, and I surrendered assets worth hundreds of billions of naira under a court-ordered settlement. AMCON itself commended my approach and asked other debtors to emulate me,” he stated.
Describing Sani’s allegations as deliberate falsehoods, Otedola said he had instructed his lawyers to file a ₦1 billion libel suit.
“People must learn that reputations are not toys for cheap propaganda. I will pursue this to the very end,” he warned.
He ended by urging Nigerians to ignore Sani’s claims and instead “read my book Making It Big, study the facts, and stop disgracing yourselves with ignorance.”
“I have nothing to hide. Those who benefitted from subsidy fraud know themselves. I will not sit back and allow falsehood to be written into history,” Otedola declared.
SaharaReporters
Otedola clarified that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme.
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