Otedola slams ex-VP’s aide with N1bn libel suit, demands Tinubu release subsidy fraud report

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, baseless, and malicious” allegations linking him to subsidy fraud.

In a strongly worded statement issued on Sunday, the Chairman of Geregu Power Plc also urged President Bola Tinubu to release the full report of the Aigboje Aig-Imoukhuede panel on fuel subsidy, insisting that Nigerians deserve to know the truth and identify the “real subsidy thieves.”

“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,” Otedola said. “His insinuations are false, baseless, and a shameless attempt to pander to lies and rewrite history.”

‘Zenon never claimed subsidy’

Otedola stressed that his company, Zenon Petroleum and Gas Limited, was solely a diesel importer and never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims.

“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.

“Diesel had been long deregulated even before the adoption of the PSF and did not fall under petroleum products to be claimed under the PSF regime. 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?”

Whistleblower, not beneficiary

Recounting his role in exposing the corruption in the subsidy scheme, Otedola said he was the first to alert former President Goodluck Jonathan about the “monumental fraud” being perpetrated by economic saboteurs.

“I was a member of President Goodluck Jonathan’s Economic Team. I am the one who first alerted the President of the monumental fraud being perpetrated by economic saboteurs in the PSF scheme,” he said.

He explained that after Jonathan initially dismissed the warning, he reported the matter to then-Senator Bukola Saraki, who raised it on the floor of the Senate, paving the way for parliamentary and other investigations.

“If I was complicit in subsidy theft, would I be the one to raise the alarm and blow the whistle on myself? That alone should question the motive of Umar Sani,” he declared.

The Farouk Lawan sting

Otedola also revisited the 2012 bribery scandal involving former House of Representatives member Farouk Lawan, insisting that he acted in collaboration 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,” he said.

He added: “To twist that carefully documented operation into an indictment against me is laughable and only exposes the ignorance of Mr. Sani. You may be aware that Hon. Lawan was subsequently convicted and sentenced to five years’ imprisonment for bribery. The facts are very clear and public.”

Call for subsidy report release

Otedola urged President Tinubu to publish the full Aig-Imoukhuede report into the subsidy regime, which he claimed was suppressed by the Jonathan administration.

“I implore President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud as Nigerians deserve to know the truth,” he said. “Let the report be made public so the real subsidy thieves can be unmasked.”

AMCON debts resolved transparently

Responding to allegations about his past debts, Otedola said his obligations to the Asset Management Corporation of Nigeria (AMCON) were transparently resolved under a court-supervised process after the 2008 global financial crisis.

“I suffered financial losses from the global economic meltdown of 2008 resulting in a huge debt exposure to the Nigerian financial services industry. The loans were sold to AMCON. I in turn gave up my assets worth hundreds of billions of naira to settle my obligations under a court-ordered settlement,” he explained.

“It is on record that AMCON itself publicly commended my approach and told other debtors to follow my example.”

‘Reputation not to be toyed with’

Otedola vowed to pursue the N1 billion libel suit against Sani to its logical conclusion.

“Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a N1 billion libel suit against Umar Sani,” he said. “People must learn that reputations are not to be toyed with for cheap propaganda.”

He urged Nigerians to seek the facts in his recently released memoir Making It Big, adding: “I have nothing to hide and I have always acted in the interest of truth and accountability. Those who benefited from subsidy fraud know themselves. I will not sit back and allow falsehood to be written into history.”