Nigeria’s foremost entrepreneur, Femi Otedola, has called on President Bola Ahmed Tinubu to release the full report of the Aigboje Aig-Imoukhuede panel on the controversial fuel subsidy regime carried out under former President Goodluck Jonathan.
In a statement yesterday, Otedola said Nigerians deserve to know the truth about those who looted public funds through the Petroleum Subsidy Fund (PSF) scheme, which lasted for several years.
“I implore President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, as Nigerians deserve to know the truth. It is on record that the Presidency at the time instructed the late EFCC Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the real subsidy thieves can be unmasked,” Otedola stated.
The billionaire’s demand followed allegations by Umar Sani, former Special Adviser (Media) to ex-Vice President Namadi Sambo, who accused Otedola of benefitting from the subsidy scam through his company, Zenon Petroleum and Gas Ltd. Sani claimed Otedola controlled up to 90 per cent of diesel imports and 40 per cent of other products during the peak of the subsidy regime.
Reacting to the claims, Otedola disclosed that he had instructed his lawyers to file a ₦1 billion defamation suit against Sani. He maintained that Zenon Petroleum only traded in diesel — a product that was already deregulated and not covered under the PSF scheme — and therefore could not have benefitted from subsidy payments.
“My attention has been drawn to a mischievous and malicious publication by Umar Sani attempting to twist facts and drag my name into allegations of complicity in the subsidy fraud. His insinuations are false, baseless, and a shameless attempt to rewrite history,” Otedola said.
“Zenon Petroleum and Gas Limited was solely an importer and trader of diesel, with a market share of over 90 per cent. Diesel had been deregulated before the introduction of the PSF scheme and was not among the products eligible for subsidy claims. Only Premium Motor Spirit (PMS) qualified under the PSF regime to make petrol more affordable,” he added.
Otedola further criticised Sani for displaying “ignorance of basic industry facts,” arguing that his comments were either mischievous or a deliberate attempt to mislead the public.
He also revealed that as a member of former President Jonathan’s Economic Team, he was the first to alert the administration to the large-scale fraud being perpetrated under the subsidy scheme — a move that eventually led to the exposure of the scandal.
