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Otedola Demands Release Of Aig-Imoukhuede Subsidy Report To Expose Hidden Beneficiaries
Nigeria’s billionaire businessman, Femi Otedola, has called on President Bola Tinubu to make public the full report of the Aigboje Aig-Imoukhuede panel on the controversial fuel subsidy regime under former President Goodluck Jonathan. According to Nivo News, Otedola stressed that Nigerians deserve to know the truth about those who looted the nation’s treasury through fraudulent subsidy claims.....KINDLY READ THE FULL STORY HERE▶
He explained that at the time of the investigation, the Presidency directed the late EFCC Chairman, Ibrahim Lamorde, to suspend further probes, a move which prevented the exposure of the real culprits. Otedola urged the Federal Government to release the findings so that the actual subsidy thieves could be unmasked.
His reaction followed an allegation by Umar Sani, former media aide to ex-Vice President Namadi Sambo, who claimed that Otedola and his company, Zenon Petroleum and Gas Limited, benefitted massively from the subsidy regime. Sani alleged that Zenon controlled 90 percent of diesel imports and nearly 40 percent of other petroleum products, suggesting that Otedola was part of the system he now criticises.
Dismissing the claims as false and malicious, Otedola said Zenon never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims, but dealt exclusively in diesel, which was already deregulated. He disclosed that he had instructed his lawyers to file a ₦1 billion lawsuit against Sani for defamation, stressing that the allegations were a shameless attempt to distort history.
Otedola narrated how he was the whistleblower who first alerted former President Jonathan to the massive fraud in the Petroleum Subsidy Fund scheme, which later led to legislative probes. He recounted how corrupt interests fought back through blackmail, including the Farouk Lawan bribery scandal, which eventually resulted in Lawan’s conviction.
On the issue of his past debt with the Asset Management Corporation of Nigeria (AMCON), Otedola explained that he had never hidden his financial challenges from the 2008 global meltdown, adding that he surrendered assets worth hundreds of billions to settle his obligations. He pointed out that AMCON publicly commended his transparent approach, which he also documented in his recently released book Making it Big.
The businessman emphasized that he will continue to defend his name and reputation against falsehoods, insisting that history will vindicate his role in exposing the fuel subsidy scam.
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