Billionaire businessman Femi Otedola has filed a N1 billion libel suit against Umar Sani, a former media aide to ex-Vice President Namadi Sambo, over allegations linking him to Nigeria’s fuel subsidy scandal.
Otedola described the claims as “false, baseless, and malicious” in a statement.
“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 questioned.
According to Otedola, his company, Zenon Petroleum and Gas Limited, only traded in diesel, which was deregulated and outside the subsidy regime, making it impossible for them to claim subsidies.
He emphasized that he was the whistleblower who first exposed the subsidy fraud under President Goodluck Jonathan’s administration.
“I was a member of President Goodluck Jonathan’s Economic Team. I am the one who first alerted the President to the monumental fraud being perpetrated by economic saboteurs in the PSF scheme,” Otedola stated.
The allegations were made by Umar Sani, who claimed that Otedola’s company, Zenon Petroleum and Gas Limited, benefited from the subsidy scheme.
However, Otedola countered that his company never traded in Premium Motor Spirit (PMS), the 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 a subsidy under the Petroleum Subsidy Fund scheme,” Otedola clarified.
Otedola recounted how he alerted former President Goodluck Jonathan to the fraud in the subsidy scheme, which eventually led to investigations.
He also narrated how he worked with the Department of State Security (DSS) in a sting operation against Farouk Lawan, the then-chairman of the House Committee on subsidy probe, who tried to indict him without basis.
“When the harassment and blackmail became incessant on my person, I petitioned the authorities and worked with the DSS in a sting operation.”
The billionaire urged President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, stating that Nigerians deserve to know the truth.
“I implore President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud as Nigerians deserve to know the truth,” Otedola said.
He has instructed his lawyers to file a N1 billion libel suit against Umar Sani, emphasizing that reputations are not to be toyed with for cheap propaganda.
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