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I Alerted Then-President Jonathan To Fuel Subsidy Fraud, Petroleum Minister Diezani Denied It –Billionaire Businessman Femi Otedola

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Billionaire businessman Femi Otedola has come out swinging against what he described as a “mischievous and malicious” publication by Umar Sani, a former Special Adviser to ex–Vice President Namadi Sambo, accusing him of complicity in Nigeria’s fuel subsidy fraud.

In a press statement issued on Monday, Otedola dismissed the allegations as “false, baseless, and a shameless attempt to rewrite history,” insisting he was the whistleblower who exposed the monumental fraud that shook the country during former President Goodluck Jonathan’s administration.

Otedola clarified that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme.

“Zenon Petroleum was wholly an importer and trader of diesel, which was already deregulated. We never traded in Premium Motor Spirit (PMS), the only product eligible under the subsidy regime. So how can anyone accuse Zenon of subsidy fraud?” he asked.

He accused Umar Sani of either ignorance or deliberate mischief, saying, “It is shocking that someone who once held public office would display such ignorance of basic industry facts just to mislead the public.”

Recounting how the subsidy scandal broke, Otedola said he was a member of Jonathan’s Economic Team when he discovered widespread fraud in the Petroleum Subsidy Fund (PSF).

“I am the one who first alerted President Jonathan to the monumental fraud. When he confronted the then Minister of Petroleum, she denied it. Determined to stop the bleeding, I reached out to 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,” Otedola said.

Diezani Alison-Madueke was the Minister of Petroleum Resources under Jonathan’s administration.

He added: “If I was complicit in subsidy theft, would I be the one to blow the whistle on myself? That alone exposes the mischief in Umar Sani’s publication.”

Otedola also revisited his infamous encounter with former lawmaker Farouk Lawan, who chaired the House committee probing subsidy fraud.

“When it became public knowledge that I blew the whistle, some of the perpetrators fought back. Farouk Lawan and his committee were being manipulated by subsidy thieves and turned the probe into an extortion racket,’ he said.

“I petitioned the authorities and worked with the DSS in a sting operation. The marked money was provided by the DSS and handed over to me before I gave it to Lawan under surveillance. He was later convicted and sentenced for bribery. The facts are on record.”

The businessman urged President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, which he claimed was suppressed during the Jonathan administration.

“Nigerians deserve to know the truth. Let the report be made public so the real subsidy thieves can be unmasked,” he said.

Otedola admitted suffering financial losses during the 2008 global meltdown but said he responsibly settled his obligations.

“My loans were sold to AMCON, and I surrendered assets worth hundreds of billions of naira under a court-ordered settlement. AMCON itself commended my approach and asked other debtors to emulate me,” he stated.

Describing Sani’s allegations as deliberate falsehoods, Otedola said he had instructed his lawyers to file a ₦1 billion libel suit.

“People must learn that reputations are not toys for cheap propaganda. I will pursue this to the very end,” he warned.

He ended by urging Nigerians to ignore Sani’s claims and instead “read my book Making It Big, study the facts, and stop disgracing yourselves with ignorance.”

“I have nothing to hide. Those who benefitted from subsidy fraud know themselves. I will not sit back and allow falsehood to be written into history,” Otedola declared.

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Otedola clarified that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme.

Who is afraid of Goodluck Jonathan? It is all too convenient that Otedola is becoming vocal about this again after news of Jonathan making a comeback gained traction. Jonathan last held power 10 years ago and currently enjoys no immunity. Tinubu should waste no time in persecuting him if he finds him culpable.

Tinubu is using this guy to paint Gej black because of his rumoured return to presidency..Otedola we know you guys better so get lost

This is how to defend oneself before some shameless ridiculous bandits will try to rewrite history.

I love this man, Femi Otedola, he knows his onions, and he sure do know how to fry 'em.

Now, watch how "Mr Corruption is not Stealing" will mellow back into his shell like the periwinkle that he is.

“I petitioned the authorities and worked with the DSS in a sting operation. The marked money was provided by the DSS and handed over to me before I gave it to Lawan under surveillance. He was later convicted and sentenced for bribery. The facts are on record.”

I believe you oga Femi. The real thieves are partially in power today and are not with Otedola.
Theae the issues Buhari used to tarnish GEJ rep further. Though GEJ was lax with looters. He saw it as a southern answer to the decades of northern dominance in state theft.

Is he?

How do you sleep at night with your eyes closed without thinking of what falsehood you're bequeathing your generations.

Umar Sani is alive, Goodluck Jonathan is also alive, Madam Dieziani is still breathing. Even Bukola Saraki, and Farouk Lawan are still on earth. Guess who's sueing someone, Femi Otedola. Yet, in your mind, you want us to believe "your falsehood" that he's painting Mr Jonathan black. Haaaa.

Some people are not deaf or dumb, but their hearing is numb, and you are in that category for thinking that FO is playing Uncle Joe for PBAT.

All these, that's gradually unraveling is part of that famous... "Subsidy is gone". You can either enjoy it, or endure it while it last.

Mrfixitt:
Tinubu is using this guy to paint Gej black because of his rumoured return to presidency..Otedola we know you guys better so get lost

May your wisdom increase continually.

CodeTemplarr:
I believe you oga Femi. The real thieves are partially in power today and are not with Otedola.
Theae the issues Buhari used to tarnish GEJ rep further. Though GEJ was lax with looters. He saw it as a southern answer to the decade of northern dominance in state theft.

KingPure:
Is he?

How do you sleep at night with your eyes closed without thinking of what falsehood you're bequeathing your generations.

Umar Sani is alive, Goodluck Jonathan is also alive, Madam Dieziani is still breathing. Even Bukola Saraki, and Farouk Lawan are still on earth. Guess who's sueing someone, Femi Otedola. Yet, in your mind, you want us to believe "your falsehood" that he's painting Mr Jonathan black. Haaaa.

Some people are not deaf or dumb, but their hearing is numb, and you are in that category for thinking that FO is playing Uncle Joe for PBAT.

All these, that's gradually unraveling is part of that famous... "Subsidy is gone". You can either enjoy it, or endure it while it last.

You're naive perhaps and you think everyone falls into your level. Gej left power over a decade ago but it's now that Otedola choose to be singing like a bird left alone in the desert. Dude pack well

Don’t deceive youself you don’t know how politics play… if you truly know you will know that Jona can never rule Nigeria as president again…

AMINDA:
Who is afraid of Goodluck Jonathan? It is all too convenient that Otedola is becoming vocal about this again after news of Jonathan making a comeback gained traction. Jonathan last held power 10 years ago and currently enjoys no immunity. Tinubu should waste no time in persecuting him if he finds him culpable.

We've passed Jonathan now and we are now at Tinubu's era.... U didn't say anything during buhari's 8 year tenure.... No wonder people that are no longer benefiting are now fighting dangote

Are you all trying to pin the whole blame of our current situation on Jonathan?

Yes o

Femi will always say it as it is

I remember his encounter with farook lawan wey hide dollars inside cap😃😃😃

See revelations ooooooooooooooooooooooooooooooooooooooo!



I think we shoud bring GEJ back with Dieziani and Dasuki!

Nigeria needs them to chop us outa sense!

Them never chop una finish!

Mrfixitt:
You're naive perhaps and you think everyone falls into your level. Gej left power over a decade ago but it's now that Otedola choose to be singing like a bird left alone in the desert. Dude pack well

You guys never stop to amaze me.

Did you read the post at all? What triggered Otedola? Was he responding coz someone said something about him that he needed to clear the air abi like you said.... A bird in the desert singing?

Sigh....

That Diezani and the other 2 women I. Pa Otuoke Government are something else

Mrfixitt:
Tinubu is using this guy to paint Gej black because of his rumoured return to presidency..Otedola we know you guys better so get lost

You just said my mind!!! Because why NOW?




Fear APC people

Emeskhalifa:
You guys never stop to amaze me.

Did you read the post at all? What triggered Otedola? Was he responding coz someone said something about him that he needed to clear the air abi like you said.... A bird in the desert singing?

Sigh....

FO was the one that talked first before Umar Sani tried to clear the air and FO responded back again

Mrfixitt:
Tinubu is using this guy to paint Gej black because of his rumoured return to presidency..Otedola we know you guys better so get lost

Paint GEJ black as in how? Did you read the same story we all read?

Mrfixitt:
You're naive perhaps and you think everyone falls into your level. Gej left power over a decade ago but it's now that Otedola choose to be singing like a bird left alone in the desert. Dude pack well

You're the one who is naive.Is there a specific time frame for issues to be unravelled?Why do cases get unbundled 15yrs/20 yrs after in the United States and other Western countries?Why are we still dealing with the Ogoni issue that happened during Abacha days?

Don't be myopic!

"Describing Sani’s allegations as deliberate falsehoods, Otedola said he had instructed his lawyers to file a ₦1 billion libel suit.

“People must learn that reputations are not toys for cheap propaganda. I will pursue this to the very end,” he warned."


Don't leave his neck...hold am...he must proof his allegations or pay for damages.

Otedola the fraudster


Is singing like a canary bird



Others are guilty but you alone is innocent

The word *Dude* gave you away, and I completely know who's naive right now.
Enjoy your delusion in peace. And this, be my last response to you.

Mrfixitt:
You're naive perhaps and you think everyone falls into your level. Gej left power over a decade ago but it's now that Otedola choose to be singing like a bird left alone in the desert. Dude pack well

KingPure:
This is how to defend oneself before some shameless ridiculous bandits will try to rewrite history.

I love this man, Femi Otedola, he knows his onions, and he sure do know how to fry 'em.

Now, watch how "Mr Corruption is not Stealing" will mellow back into his shell like the periwinkle that he is.

There is indeed a distinction between corruption and stealing however it was extremely unwise for GEJ to say that.

Sir, he's not worthy of your response. Soon, they'll turn it into ethnic and tribal arguement.

thorpido:
You're the one who is naive.Is there a specific time frame for issues to be unravelled?Why do cases get unbundled 15yrs/20 yrs after in the United States and other western countries?Why are we still dealing with the Ogoni issue that happened during Abacha days?

Don't be myopic!

KingPure:
Is he?

How do you sleep at night with your eyes closed without thinking of what falsehood you're bequeathing your generations.

Umar Sani is alive, Goodluck Jonathan is also alive, Madam Dieziani is still breathing. Even Bukola Saraki, and Farouk Lawan are still on earth. Guess who's sueing someone, Femi Otedola. Yet, in your mind, you want us to believe "your falsehood" that he's painting Mr Jonathan black. Haaaa.

Some people are not deaf or dumb, but their hearing is numb, and you are in that category for thinking that FO is playing Uncle Joe for PBAT.

All these, that's gradually unraveling is part of that famous... "Subsidy is gone". You can either enjoy it, or endure it while it last.

Let me ask this: when you guys praised Buhari as the best for 8 whole years, not 1 year, but 2 3 4 5 6 7 8years, how did you go to bed every single day 365 times every year, knowing you were lying to Nigerians and the economy was being destroyed? and some of you are very religious

Otedola seem to be worried about Jonathan returning to power

Mrfixitt:
You're naive perhaps and you think everyone falls into your level. Gej left power over a decade ago but it's now that Otedola choose to be singing like a bird left alone in the desert. Dude pack well

When people turn conspiracy theory to wisdom and smartness, this is what you get... Who's singing like a bird between him and his accuser. So if someone comes writes something against you, you will keep quiet. You won't put the record straight. Don't be an hypocrite!

OTEDOLA should pls FREE that UMAR SANNI(Whatever he kal himself) He don use masara,tunwo and cap 🚫 him sense.

Very good.
So now Otedola has clarified that he did not benefit from the petrol subsidy. Diesel was not subsidized though.

Mrfixitt:
Tinubu is using this guy to paint Gej black because of his rumoured return to presidency..Otedola we know you guys better so get lost

Same man plead with the President to release subsidy report...

Wetin Otedola wan gain from Such 😒 🤔? Abi why mama Diezani nor gree show face in 9JA 😒 🤔/

OLAADEGBU:
Otedola clarified that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme.

yawns

if you counter his BS he hits you with 1 billion lawsuit trump style

believe this federal nepo baby at your own risk