By Obinna Uballa
Billionaire businessman Femi Otedola has slammed a N1 billion libel suit against Umar Sani, former spokesman to ex-Vice President Namadi Sambo, over allegations linking him to fuel subsidy fraud.
In a statement on Sunday, the Geregu Power Plc chairman dismissed Sani’s publication as “false, baseless, mischievous, and a shameless attempt to rewrite history.”
“My attention has been drawn to a mischievous and malicious publication written by one Umar Sani… attempting to twist facts and drag my name into disrepute. His insinuations are false and a shameless attempt to pander to lies,” Otedola said.
Clarifying his business record, Otedola stressed that Zenon Petroleum and Gas Limited, his flagship company, only imported diesel and never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims.
“Zenon… never traded in PMS and as such could not have claimed for subsidy under the Petroleum Subsidy Fund scheme. Diesel had been deregulated long before the adoption of the PSF regime,” he said.
He accused Sani of “gross ignorance or mischief,” adding that it was impossible for Zenon to benefit from subsidy claims that did not cover diesel.
Otedola maintained that far from being a beneficiary, he was the first to alert former President Goodluck Jonathan about “monumental fraud” in the subsidy system.
“I am the one who first alerted the President… When he called the then Minister of Petroleum, she denied it. I then reported to Senator Bukola Saraki who took it to the Senate floor, leading to parliamentary investigations,” he said.
He also revisited the 2012 scandal involving Farouk Lawan, insisting he worked with the Department of State Security (DSS) in a sting operation.
“The money was provided by the DSS, duly marked, and handed to me. I then gave it to Farouk Lawan under surveillance. To twist that into an indictment against me is laughable,” Otedola said, noting that Lawan was later convicted and jailed for bribery.
Otedola urged President Bola Tinubu to release the full report of the Aigboje Aig-Imoukhuede panel on subsidy fraud, which he said was suppressed by the Jonathan presidency.
“Let the report be made public so the real subsidy thieves can be unmasked,” he declared.
The businessman also dismissed claims about his dealings with AMCON, saying his debts were transparently resolved through court-ordered settlements after the 2008 financial crisis.
“Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a N1 billion libel suit against Umar Sani. People must learn that reputations are not to be toyed with for cheap propaganda,” Otedola vowed.
