Billionaire businessman Femi Otedola has called on President Bola Tinubu to release the full report of the Aigboje Aig-Imoukhuede panel on the fuel subsidy regime under former President Goodluck Jonathan.
Otedola said Nigerians deserve to know the truth about those who looted public funds during the controversial Petroleum Subsidy Fund (PSF) scheme.
In a strongly worded statement, Otedola described recent claims by Umar Sani, former media aide to ex-Vice President Namadi Sambo, as “mischievous, baseless, and ignorant.”
Sani had accused Otedola of benefitting massively from subsidy fraud through his company, Zenon Petroleum and Gas Ltd.
Otedola rejected the allegation, stressing that Zenon only imported diesel, which was already deregulated and not eligible for subsidy claims.
“Zenon Petroleum never traded in Premium Motor Spirit (PMS), the only product covered under the PSF.
To suggest otherwise is a shameless attempt to twist facts,” he said.
The businessman revealed he has instructed his lawyers to file a ₦1 billion libel suit against Sani, warning that reputations should not be toyed with for political propaganda.
“I will not sit back and allow falsehood to be written into history. Nigerians must know the real subsidy thieves,” he declared.
Otedola also recounted how he first alerted then-President Jonathan to massive fraud in the subsidy scheme.
According to him, when his warnings were ignored, he took the matter to Senator Bukola Saraki, who raised it in the National Assembly.
This led to wider investigations by lawmakers. “If I was complicit, would I be the one to blow the whistle?” he asked.
He further recalled the bribery scandal involving former lawmaker Farouk Lawan, who tried to indict him during the subsidy probe.
Otedola explained that he worked with the Department of State Security (DSS) in a sting operation, handing marked money to Lawan, who was later convicted of bribery and sentenced to five years in prison.
On claims linking him to Asset Management Corporation of Nigeria (AMCON) controversies, Otedola admitted he suffered huge losses after the 2008 financial meltdown.
He said he gave up assets worth hundreds of billions of naira to settle debts, with AMCON commending his compliance.
“The records are clear and on public record. I even addressed it in my book, Making It Big,” he stated.
Otedola maintained that his reputation was built on truth, accountability, and transparency.
He insisted the real subsidy beneficiaries remain hidden and urged Tinubu to release the Aig-Imoukhuede report so Nigerians can know those behind the fraud.