Billionaire businessman Femi Otedola has filed a N1 billion libel suit against Umar Sani, former media aide to ex-Vice President Namadi Sambo, over what he described as “false and malicious” claims linking him to fuel subsidy fraud.
In a statement on Sunday, the Chairman of Geregu Power Plc urged President Bola Tinubu to release the suppressed report of the Aigboje Aig-Imoukhuede panel on fuel subsidy, insisting that Nigerians must know the truth and identify the “real subsidy thieves.”
“My attention has been drawn to a mischievous and malicious publication by Umar Sani, attempting to twist facts and drag my name into subsidy fraud. His insinuations are false, baseless, and a shameless attempt to rewrite history,” Otedola said.
‘Zenon never claimed subsidy’
He clarified that Zenon Petroleum and Gas Limited, his company, only imported diesel and never dealt in Premium Motor Spirit (PMS), which was the only product covered by the subsidy scheme.
“Zenon never traded in PMS and as such could not have claimed under the Petroleum Subsidy Fund scheme. Diesel had been deregulated even before the PSF regime,” he explained.
Whistleblower, not culprit
Otedola maintained he was the whistleblower who first exposed subsidy fraud to former President Goodluck Jonathan.
“I was a member of Jonathan’s Economic Team and the first to alert him about the monumental fraud. When he dismissed it, I reported to Senator Bukola Saraki who raised it in the Senate, triggering investigations,” he recalled.
“If I was complicit, would I blow the whistle on myself? That alone questions Sani’s motive,” he added.
Farouk Lawan sting
He also revisited the 2012 Farouk Lawan bribery case, stressing that he acted under a DSS sting operation.
“The marked money was provided by the DSS and handed to me. I then gave it to Farouk Lawan under surveillance. To twist that into an indictment is laughable. Lawan was later convicted and jailed,” he said.
AMCON debts settled transparently
Responding to allegations about his debt history, Otedola said his obligations to AMCON after the 2008 crash were resolved under a court-supervised process.
“I gave up assets worth hundreds of billions to settle my loans. AMCON publicly commended my approach,” he said.
‘My reputation not for propaganda’
The billionaire vowed to pursue the N1 billion suit against Sani to its logical end.
“Reputations are not to be toyed with for cheap propaganda. I have nothing to hide and Nigerians can find the facts in my memoir Making It Big,” he said.
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