Otedola denies subsidy fraud involvement
Femi Otedola
Otedola denies subsidy fraud involvement
Abdullateef Fowewe
Femi Otedola has strongly refuted recent allegations linking him to subsidy fraud, describing the claims as a “mischievous and malicious publication” by Umar Sani, a former media aide to ex-VP Namadi Sambo.
Otedola in a statement shared on X on Monday insisted the accusations are “false, baseless, and a shameless attempt to pander to lies and rewrite history.”
Otedola clarified that Zenon Petroleum and Gas Limited, his company, only traded in diesel—not Premium Motor Spirit (PMS), the only product eligible for claims under the Petroleum Subsidy Fund (PSF).
He stated, “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,” calling the claim against his company a “blatant display of gross ineptitude.”
On his role in exposing the subsidy fraud, Otedola emphasised, “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.”
He also highlighted his cooperation with Senator Bukola Saraki and the House of Representatives in probing the case.
“If I was complicit in subsidy theft, would I be the one to raise the alarm and blow the whistle on myself?” he questioned.
Regarding the Farouk Lawan bribery scandal, Otedola revealed he was targeted by fraudsters using the House committee probe to intimidate him.
He explained, “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,” adding that Lawan was later convicted and sentenced to five years in prison for bribery.
However, Otedola urged President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, insisting Nigerians deserve transparency.
“Let the report be made public so the real subsidy thieves can be unmasked,” he stated.
