₦airaland Forum

Mr Otedola recounted how he alerted former President Goodluck Jonathan to the fraud in the subsidy scheme, which eventually led to investigations.

Billionaire businessman Femi Otedola has called on President Bola Tinubu to make public the full report of the Aigboje Aig-Imoukhuede-led probe into the fuel subsidy regime, while also announcing a ₦1 billion libel suit against Umar Sani, a former media aide to ex-Vice President Namadi Sambo.

In a statement issued Sunday, Mr Otedola dismissed Mr Sani’s recent publication linking him to subsidy fraud as “false, baseless, mischievous, and a shameless attempt to rewrite history.”

Clarifying his role, Mr Otedola said his company, Zenon Petroleum and Gas Limited, never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims, but was a major diesel importer.

He said diesel was deregulated long before the Petroleum Subsidy Fund (PSF) scheme began, making any claim by Zenon under the scheme impossible.

Mr Otedola recounted that as a member of former President Goodluck Jonathan’s Economic Team, he was the first to alert the government to the “monumental fraud” in the subsidy scheme, which eventually led to parliamentary and other investigations.

He also revisited the Farouk Lawan bribery scandal, insisting that he acted in collaboration with the State Security Service (SSS) in a sting operation that ultimately led to Mr Lawan’s conviction.

The businessman advised Mr Tinubu to release the Aig-Imoukhuede report, saying Nigerians deserve to know the truth and the real subsidy thieves.

On allegations about his dealings with the Asset Management Corporation of Nigeria (AMCON), Mr Otedola explained that his debts were transparently resolved under a court-supervised process after the 2008 financial meltdown, with AMCON itself commending his compliance.

Vowing to defend his reputation, Mr Otedola said: “Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a ₦1 billion libel suit against Umar Sani. People must learn that reputations are not to be toyed with for cheap propaganda.”

He urged the public to seek the facts in his recently released book Making It Big, adding that he has “nothing to hide” and would not allow falsehoods to be written into history.

BELOW IS THE FULL STATEMENT BY FEMI OTEDOLA

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. His insinuations are false, baseless, and a shameless attempt to pander to lies and rewrite history. Let me set the record straight for the overall benefit of the discerning public.

On claiming from the Petroleum Subsidy Fund (PSF)

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. 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. Premium Motor Spirit (PMS) was the only product that was eligible for claim under the Petroleum Subsidy Fund scheme in a bid by the Government to make the product available and affordable to all and sundry. It is therefore shocking that someone like Umar Sani who occupied a position of authority and responsibility could display such ignorance of basic industry facts in public. I view this as either mischief (and taking advantage of the uneducated public) or a blatant display of gross ineptitude. 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.

On Exposing the Subsidy Fraud

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. When he called the then Minister of Petroleum, she denied it. With my strong determination to stop the economic malaise and bleeding, I called Senator Bukola Saraki and reported the fraud to him. He took it to the floor of the Senate, and from there the House of Representatives began its investigation. These Statesmen are alive and my assertions above can be corroborated if necessary. 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 for his most recent publication on this matter.

On the Farouk Lawan affair

When it had become public industry knowledge that I was the whistle blower on the subsidy fraud, some of the perpetrators decided to fight back by using the House committee on the probe, headed by Hon Farouk Lawan who tried to indict me without any basis. As they always say its only natural for corruption to fight back. The House Committee on the subsidy probe was now being manipulated by the subsidy fraudsters and thereby turning the probe panel into an extortion racket. When the harassment and blackmail became incessant on my person, I petitioned the authorities and worked 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. 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 the Hon Lawan was subsequently convicted and sentenced to 5 years imprisonment for bribery. The facts are very clear and public.

On the Aigboje Aig-Imoukhuede report

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 called on the late EFCC Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the real subsidy thieves can be unmasked.

https://www.premiumtimesng.com/news/headlines/824462-otedola-sues-ex-vps-aide-for-%e2%82%a61bn-urges-tinubu-to-release-subsidy-report.html?fbclid=IwY2xjawNG-0hleHRuA2FlbQIxMQABHtyqE_Wn4ZU8-i1m0ZJsG2gJRBFilCHiZOV9NBIb_V2-srweInh9EdOPzpc0_aem_chyNOvgQVPM3dAt647zBVQ

War war war, hope Uncle Otedola is clean as he claimed.

They are all thieves who all have their hands in the cookie jar. They deceived Nigerians into believing random unknowns are the beneficiaries of the subsidy scheme but na them them if not, why hasn't any govt after GEJ released the probe or carried out theirs?

28 more characters needed28 more characters needed


If you believe Uncle Otedola hands are clean LIKE this post

A billion Naira matter.

Otedola be forming saint,... But he has quickly forgotten he is among those who stole from the system and brought us to where we are today

Nbotee:
They are all thieves who all have their hands in the cookie jar. They deceived Nigerians into believing random unknowns are the beneficiaries of the subsidy scheme but na them them if not, why hasn't any govt after GEJ released the probe or carried out theirs?

Lol, the report of the committee need to be made public. The solution to fake news is for government to provide factual news.

This is good, let the Umar of a guy come and defend his statement.

I saw this coming! Otedola has garnered a repute for being on a strictly business level and values his name more than anything. Recall the situation some foreign ladies that tried to blackmail him and how they were trailed, arrested, prosecuted and deported from Nigeria. Farouk Lawan's case is another example.

Hon. Sani is about to learn a hard lesson on why its very important to speak what you know and not just muddle facts with baseless lies.

Is oga Otedola aware that the forensic probe by pWC on NNPC revealed that subsidy was still being paid on diesel till at least 2014?
More importantly, how exactly did he know that he was the 1st to "alert" Jonathan to the subsidy fraud? Jonathan's team already tried to remove subsidy as early as 2012 and some people stood against it. Those people are today's messaiah thumping their chest for removing subsidy after enabling it to remain to the benefit of the fraudsters. Oh wait! They are Otedola's paddies

joeyswift:
This is good, let the Umar of a guy come and defend his statement.

Defend what...
He's about to be in serious trouble.
Baseless allegations gone wrong

This is good one he that alleges must provide the evidents,let Mr Umar go and substantiate his allegations in the law court, enough of media mud slinging.

Facidio:
Otedola be forming saint,... But he has quickly forgotten he is among those who stole from the system and brought us to where we are today

Any evidence he stole from the system? You cannot just out of the blues allege someone stole from the system because he is astronomically rich. The man has said he never dealt in pms but rather diesel and ofcourse you know diesel was not part of the subsidy wahala. Unless you have evidence to the contrary and have money to defence yourself from billion naira lawsuit, better be careful of what you spew cos this otedola man has a reputation for holding people accountable for any infraction no matter the cost to him.

Kukutente23:
Is oga Otedola aware that the forensic probe by pWC on NNPC revealed that subsidy was still being paid on diesel till at least 2014?
More importantly, how exactly did he know that he was the 1st to "alert" Jonathan to the subsidy fraud? Jonathan's team already tried to remove subsidy as early as 2012 and some people stood against it. Those people are today's messaiah thumping their chest for removing subsidy after enabling it to remain to the benefit of the fraudsters. Oh wait! They are Otedola's paddies

he was among the President Jonathan economy committee.

Femi has shown that univeristy education doesn't make you rich or smart. Before you accuse him of anything, make sure you have made a thorough check. From the way this man operates, he covers his tracks very well, and he doesn't go into battles he cannot win. This is a huge strength he has. Femi quit some battles he knew he couldn't win, like the battle he had with Elumelu. But Femi overtook the guy again using another route. His book contains some "smarties". And no wonder he has very brilliant daughters. He may not be good with the usual formal academic studies, but this man is intelligent and very smart. I won't be surprised that his IQ will be high if he releases the result.

Aboki go collect.


Not enough original content
Please take a moment to write a quality post with at least 40 characters.
This will make the forum more interesting for everyone.

Facidio:
Otedola be forming saint,... But he has quickly forgotten he is among those who stole from the system and brought us to where we are today

You people always point fingers at successful people. Go and challenge him if you have evidence against him.

Kukutente23:
Is oga Otedola aware that the forensic probe by pWC on NNPC revealed that subsidy was still being paid on diesel till at least 2014?
More importantly, how exactly did he know that he was the 1st to "alert" Jonathan to the subsidy fraud? Jonathan's team already tried to remove subsidy as early as 2012 and some people stood against it. Those people are today's messaiah thumping their chest for removing subsidy after enabling it to remain to the benefit of the fraudsters. Oh wait! They are Otedola's paddies

Subsidy being paid on AGO till 2014 but can you produce any evidence that Zenon oil got paid? If you do please forward the evidence to the guy being sued by Ote$$dollar.
Regarding the fact that he's the first or the 25th to call the attention of Jonathan to the subsidy fraud, if you spent some time to read his submission you will find out that his actions weren't just a mere report. He said he notifoed the Ogogoro president and equally called the attention of the Senate President Saraki and when Farouk wanted to fight back to protect the interest of the subsidy fraudsters Otedola made sure he was jailed pronto.
Why is Tinubu not releasing these reports? Who are the people he's trying to protect? Nigerians or the theives?

Otedola understands the system

Sani better be prepared to retract his statement, pay up or spend time in kirikiri

I just like this guy. No long talk. Swift libel Swift. People should learn to keep quiet when they have nothing to say.

Parydelegate:
28 more characters needed28 more characters needed


If you believe Uncle Otedola hands are clean LIKE this post

It is not a case of believing or not believing Otedola. This is about educated and objective people using established facts to logically discern the veracity of Otedola's claim.

Did he lie that he only imported diesel subsidy had been removed from ages ago?

Did he lie that PMS, he did not engage in importing, was the only refined derivative of crude being subsidized under Jonathan?


Of what use is education if we cannot use it to think progressively and productively?

Clarifying his role, Mr Otedola said his company, Zenon Petroleum and Gas Limited, never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims, but was a major diesel importer.

He said diesel was deregulated long before the Petroleum Subsidy Fund (PSF) scheme began, making any claim by Zenon under the scheme impossible.

Kukutente23:
Is oga Otedola aware that the forensic probe by pWC on NNPC revealed that subsidy was still being paid on diesel till at least 2014?
More importantly, how exactly did he know that he was the 1st to "alert" Jonathan to the subsidy fraud? Jonathan's team already tried to remove subsidy as early as 2012 and some people stood against it. Those people are today's messaiah thumping their chest for removing subsidy after enabling it to remain to the benefit of the fraudsters. Oh wait! They are Otedola's paddies

Jonathan was spineless during his tenure. He let everyone used him because he is a gentleman, you can’t be a gentle man in a democracy politics in africa and make impact. You will always have oppositions discrediting every of your moves both the good ones and the bad ones. A good politician who wants to make impact have to be cold and honest, cold enough to block all the noises and honest enough to do the right thing always.
Atiku, Obi, Sowere and other strong oppositions are throwing everything they’ve got to Tinubu and yet he is not compromising neither altering his plans. If he listen to them.. then he is weak and will never do anything good for the people. Those things they are all criticizing him for would be the first things they would do when they get to the position.

Maxymilliano:
BELOW IS THE FULL STATEMENT BY FEMI OTEDOLA

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. His insinuations are false, baseless, and a shameless attempt to pander to lies and rewrite history. Let me set the record straight for the overall benefit of the discerning public.

On claiming from the Petroleum Subsidy Fund (PSF)

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. 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. Premium Motor Spirit (PMS) was the only product that was eligible for claim under the Petroleum Subsidy Fund scheme in a bid by the Government to make the product available and affordable to all and sundry. It is therefore shocking that someone like Umar Sani who occupied a position of authority and responsibility could display such ignorance of basic industry facts in public. I view this as either mischief (and taking advantage of the uneducated public) or a blatant display of gross ineptitude. 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.

On Exposing the Subsidy Fraud

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. When he called the then Minister of Petroleum, she denied it. With my strong determination to stop the economic malaise and bleeding, I called Senator Bukola Saraki and reported the fraud to him. He took it to the floor of the Senate, and from there the House of Representatives began its investigation. These Statesmen are alive and my assertions above can be corroborated if necessary. 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 for his most recent publication on this matter.

On the Farouk Lawan affair

When it had become public industry knowledge that I was the whistle blower on the subsidy fraud, some of the perpetrators decided to fight back by using the House committee on the probe, headed by Hon Farouk Lawan who tried to indict me without any basis. As they always say its only natural for corruption to fight back. The House Committee on the subsidy probe was now being manipulated by the subsidy fraudsters and thereby turning the probe panel into an extortion racket. When the harassment and blackmail became incessant on my person, I petitioned the authorities and worked 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. 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 the Hon Lawan was subsequently convicted and sentenced to 5 years imprisonment for bribery. The facts are very clear and public.

On the Aigboje Aig-Imoukhuede report

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 called on the late EFCC Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the real subsidy thieves can be unmasked.
https://www.premiumtimesng.com/news/headlines/824462-otedola-sues-ex-vps-aide-for-%e2%82%a61bn-urges-tinubu-to-release-subsidy-report.html?

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. 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. Premium Motor Spirit (PMS) was the only product that was eligible for claim under the Petroleum Subsidy Fund scheme in a bid by the Government to make the product available and affordable to all and sundry. It is therefore shocking that someone like Umar Sani who occupied a position of authority and responsibility could display such ignorance of basic industry facts in public. I view this as either mischief (and taking advantage of the uneducated public) or a blatant display of gross ineptitude. 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.

Maxymilliano:
https://www.premiumtimesng.com/news/headlines/824462-otedola-sues-ex-vps-aide-for-%e2%82%a61bn-urges-tinubu-to-release-subsidy-report.html?fbclid=IwY2xjawNG-0hleHRuA2FlbQIxMQABHtyqE_Wn4ZU8-i1m0ZJsG2gJRBFilCHiZOV9NBIb_V2-srweInh9EdOPzpc0_aem_chyNOvgQVPM3dAt647zBVQ

Hmmm if all this is true .. well why now What's all this whitewashing about . Or you wan contest .. sir .. I dey with you .. if na to contest ..

Atleast we will have a smart person in office lol .... Maybe cuppy asked Daddy to contest .. so she can be presidents daughter .. 🤣.. it's funny tho but it's a possibility.. and I will be on that team anyways .. as a stunch critic of Mr femi .. he is still far far better than any of these inexperienced oles we have in power today .. and Nigeria needs polished people .. that my 2 cent advice to you all .. if he contests .. there is no one I will rather work for .. than the master mind himself Mr femi

This one don use him mouth put himself for palava. Unfortunate

epainos:
he covers his tracks very well, and he doesn't go into battles he cannot win. ...Femi quit some battles he knew he couldn't win, like the battle he had with Elumelu. But Femi overtook the guy again using another route.

He overtook him how?
Where? How exactly did he overtake him in another route?


**Characters completion**

Freedom of speech is guaranteed indeed, but freedom after speech is not a guarantee. Be ready to defend whatever spurious claims come out of your mouth.......

If you are sure of your integrity especially when your accusers do not have all the facts and evidences to back up their claim, slamming them serious lawsuits is the best way to go..

This is one of the reasons I don't rate politicians like Peter Obi who couldn't teach folks like Premium Times and Deji Adeyanju a lesson of their lives despite being the ones even daring him to take them to court if his hands are clean..

It goes to show he is not different from the average hypocritical Nigerian politician.

Love or hate Otedola, dude is beginning to set the precedence of sending fears into the hearts of potential defamers or blackmailers in the future with these bold moves..

You will definitely think twice before picking him as a target unless you have all the arsenals in your possession to nail him to the wall.

You have done your part and the government should also help to release the report so that every one can know who is our problem

Otedola shoulda also clarify if his power company has ever received electricity subsidy payments from the govt ? It's good he clears up all this rumours

I don't why but poor people just revel in knowing that rich people also have problems. And there are just too many on nairaland.

If you find yourself afflicted with this terrible spirit, please and please, find a cure.

Or at least wake up daily and recite these words, "A back biter is there, not because he/she can bite but because he/she deserves to be at the back".