Billionaire businessman Femi Otedola has strongly rejected allegations linking him to Nigeria’s fuel subsidy fraud, calling the claims “false, baseless, and a shameless attempt to pander to lies.” His response came after Umar Sani, a former Special Adviser (Media) to ex-Vice President Namadi Sambo, accused him of benefiting from the controversial subsidy regime during the Goodluck Jonathan administration.
In a statement posted on X, Otedola clarified that his company, Zenon Petroleum and Gas Limited, never participated in the subsidy scheme, as it exclusively dealt in diesel, which was deregulated at the time. He emphasized that only Premium Motor Spirit (PMS) was eligible for subsidy claims.
Otedola stated, “Zenon Petroleum and Gas Limited was wholly an importer and trader of diesel with a market share in excess of 90%. We never traded in PMS and as such could not have claimed for subsidy under the Petroleum Subsidy Fund scheme.” He expressed disbelief that someone with Sani’s background could misunderstand such basic industry facts.
Furthermore, Otedola claimed he was among the first to expose subsidy fraud during the Jonathan era, having raised the issue directly with the former president and later involving Senator Bukola Saraki in Senate discussions about the allegations. He questioned Sani’s motives for the publication, asserting that if he were complicit in the fraud, he would not have blown the whistle on himself.
Sani, in his article, accused Otedola of hypocrisy, alleging that his company controlled significant portions of diesel imports while condemning the same system he benefited from. The controversy has intensified following Otedola’s recent criticism of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) over alleged subsidy fraud and outdated practices.
