Billionaire Otedola Denies Link to Subsidy fra¥d, Sues Umar Sani for ₦1 billion

Billionaire businessman Femi Otedola has denied allegations of complicity in the petroleum subsidy fra¥d, describing a publication by Umar Sani, former media aide to ex-Vice President Namadi Sambo, as “false, baseless, and malicious.”

In a statement, Otedola said his company, Zenon Petroleum and Gas Limited, was strictly a diesel importer and never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy under the Petroleum Subsidy Fund (PSF). 

“Diesel was deregulated long before the PSF. How then can Zenon be accused of benefiting from it?” he asked.

Otedola insisted he was the whistleblower who first alerted former President Goodluck Jonathan to subsidy fra¥d, which later triggered probes in the Senate and House of Representatives. 

He recalled working with the Department of State Security (DSS) on a sting operation that exposed extortion attempts by the Farouk Lawan-led House committee. Lawan was later convicted and jailed for bribery.

“To twist that documented operation into an indictment against me is laughable,” Otedola said, urging President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fra¥d to expose the real culprits.

He also dismissed claims linking him to misconduct in the Asset Management Corporation of Nigeria (AMCON) process, saying he had fully settled his obligations after the 2008 global financial crisis by forfeiting assets worth hundreds of billions of naira. He noted that AMCON publicly commended his approach.

Citing reputational damage, Otedola said he has instructed his lawyers to file a ₦1 billion libel suit against Sani, warning that lies and propaganda must not be used to rewrite history. “I have nothing to hide and will go to every extent to protect my name,” he stated.