Mkpoikana Udoma
Port Harcourt — Business mogul, Femi Otedola, has denied allegations linking him to the petroleum subsidy fraud, insisting that he was in fact the whistleblower who first exposed the scam to former President Goodluck Jonathan.
He described the claims by Umar Sani, a former Special Adviser (Media) to ex-Vice President Namadi Sambo, as “false, baseless, mischievous, and a shameless attempt to rewrite history.”
In a strongly worded statement, Otedola accused Sani of ignorance and deliberate mischief. “Zenon Petroleum and Gas Limited was wholly an importer and trader of diesel with a market share in excess of 90%, never traded in Premium Motor Spirit, PMS, and as such could not have claimed for subsidy under the Petroleum Subsidy Fund scheme,” he said.
According to him, diesel had long been deregulated before the subsidy regime began. “If diesel did not fall under the subsidy regime, how can Umar Sani then accuse Zenon Petroleum and Gas Limited of impropriety under the subsidy regime?” Otedola queried.
Otedola insisted that he played a key role in uncovering the monumental subsidy fraud, which cost the country billions of naira.
“I am the one who first alerted President Goodluck Jonathan of the monumental fraud being perpetrated by economic saboteurs in the PSF scheme. When he called the then Minister of Petroleum, she denied it. I then called 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,” he said.
He argued that it would be illogical to accuse him of the very fraud he exposed. “If I was complicit in subsidy theft, would I be the one to raise the alarm and blow the whistle on myself?” he asked.
Speaking on the infamous Farouk Lawan bribery case, Otedola recalled how he collaborated with security agencies to expose corruption in the House probe.
“When the harassment and blackmail became incessant, 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 surveillance. I then gave it to Farouk Lawan in line with the sting operation. That is on record,” he explained.
He noted that Lawan was later convicted and sentenced to five years’ imprisonment, insisting that any attempt to twist the episode against him was “laughable and ignorant.”
Otedola urged President Bola Tinubu to make public the full Aigboje Aig-Imoukhuede report on subsidy fraud. “Nigerians deserve to know the truth. It is on record that the Presidency at the time called on the late EFCC Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the real subsidy thieves can be unmasked,” he said.
He also dismissed insinuations about his dealings with the Asset Management Corporation of Nigeria, AMCON, clarifying that his debts arose from the 2008 global economic meltdown.
“I gave up my assets worth hundreds of billions of naira to settle my obligations under a court-ordered settlement. AMCON itself publicly commended my approach and told other debtors to follow my example,” he stated.
Vowing to defend his reputation, Otedola revealed he has instructed his lawyers to institute a N1 billion libel suit against Umar Sani. “Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a N1 billion libel suit. People must learn that reputations are not to be toyed with for cheap propaganda,” he declared.
The billionaire concluded with a warning to his accuser: “To Mr. Sani and others who peddle these half-baked stories: go and read my book Making It Big, study the facts, and stop disgracing yourselves with ignorance. I have nothing to hide and 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.”
