Billionaire businessman Femi Otedola has dismissed recent allegations linking him to Nigeria’s gasoline subsidy scandal, describing the claims as false and malicious.
The allegations have been made by Umar Sani, a former media aide to ex-Vice President Namadi Sambo, who accused Otedola of complicity within the Petroleum Subsidy Fund scheme.
In a strongly worded assertion, Otedola pressured that Zenon Petroleum and Gasoline Restricted solely traded in diesel, a deregulated product exterior the subsidy regime, and due to this fact couldn’t have made subsidy claims.
He added that he was the whistleblower who first uncovered the fraud below President Goodluck Jonathan’s administration, and has now filed a N1 billion libel swimsuit in opposition to Sani.
See the total excerpt of the assertion beneath.
My consideration has been drawn to a mischievous and malicious publication written by one Umar Sani, a former Particular Adviser (Media) to former Vice President Namadi Sambo, making an attempt to twist info and drag my title into disrepute and allegations of complicity within the subsidy fraud. His insinuations are false, baseless, and a shameless try to pander to lies and rewrite historical past. Let me set the document straight for the general good thing about the discerning public.
On claiming from the Petroleum Subsidy Fund (PSF)
Zenon Petroleum and Gasoline Restricted was wholly an importer and dealer of diesel with a market share in extra of 90%, by no means traded in Premium Motor Spirit (PMS), and as such couldn’t have claimed a subsidy below the Petroleum Subsidy Fund scheme.
Diesel had been lengthy deregulated even earlier than the adoption of the PS,F and didn’t fall below petroleum merchandise to be claimed below the PSF regime. Premium Motor Spirit (PMS) was the one product that was eligible for declare below the Petroleum Subsidy Fund scheme in a bid by the Authorities to make the product obtainable and inexpensive to one and all.
It’s due to this fact surprising that somebody like Umar Sani, who occupied a place of authority and accountability, might show such ignorance of primary trade info in public. I view this as both mischief (and making the most of the uneducated public) or a blatant show of gross ineptitude. If Diesel didn’t fall below the subsidy regime, how can Umar Sani then accuse Zenon Petroleum and Gasoline Restricted of impropriety below the subsidy regime?
On Exposing the Subsidy Fraud
I used to be a member of President Goodluck Jonathan’s Financial Group. I’m the one who first alerted the President to the monumental fraud being perpetrated by financial saboteurs within the PSF scheme. When he known as the then Minister of Petroleum, she denied it. With my robust willpower to cease the financial malaise and bleeding, I known as Senator Bukola Saraki and reported the fraud to him. He took it to the ground of the Senate, and from there, the Home of Representatives started its investigation.
These Statesmen are alive, and my assertions above could be corroborated if needed. If I have been complicit in subsidy theft, would I be the one to lift the alarm and blow the whistle on myself? That alone ought to query the motive of Umar Sani for his most up-to-date publication on this matter.
On the Farouk Lawan affair
When it had grow to be public trade information that I used to be the whistleblower on the subsidy fraud, among the perpetrators determined to battle again by utilizing the Home committee on the probe, headed by Hon Farouk Lawan, who tried to indict me with none foundation. As they all the time say, it’s solely pure for corruption to battle again.
The Home Committee on the subsidy probe was now being manipulated by the subsidy fraudsters, thereby turning the probe panel into an extortion racket. When the harassment and blackmail turned incessant on my particular person, I petitioned the authorities and labored with the Division of State Safety (DSS) in a sting operation.
The cash was offered by the DSS, duly marked, and handed over to me below safety surveillance. I then gave it to Farouk Lawan consistent with the sting operation.
That’s on document. To twist that rigorously documented operation into an indictment in opposition to me is laughable and solely exposes the ignorance of Mr. Sani. You could bear in mind that the Hon Lawan was subsequently convicted and sentenced to five years’ imprisonment for bribery. The info are very clear and public.
On the Aigboje Aig-Imoukhuede report.
I implore President Bola Ahmed Tinubu to launch the total Aigboje Aig-Imoukhuede report on subsidy fraud as Nigerians need to know the reality. It’s on document that the Presidency on the time known as on the late EFCC Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the actual subsidy thieves could be unmasked.
On AMCON
The allegations and insinuations about my involvement with AMCON are once more an illustration of mischief and ineptitude on the a part of Umar Sani. I’m wondering why somebody who twists publicly obtainable info to miseducate the populace.
I’ve by no means hidden the truth that I suffered monetary losses from the worldwide financial meltdown of 2008, leading to an enormous debt publicity to the Nigerian Monetary Providers Business. The loans have been offered to AMCON. I, in flip, gave up my belongings value lots of of billions of Naira to settle my obligations below a court-ordered settlement.
It’s on document that AMCON itself publicly recommended my strategy and instructed different debtors to comply with my instance. Courtroom data are there for anybody searching for the reality to analyze. AMCON officers from that point are additionally alive right now to verify the reality. I even addressed this matter in my ebook, “Making it Huge”, which was just lately printed and launched to the general public.
Libel motion
Due to these deliberate lies and unfounded allegations, I’ve instructed my attorneys to file a N1 billion libel swimsuit in opposition to Umar Sani. Folks should study that reputations are to not be toyed with for affordable propaganda, and in addition to function a deterrent for different mischief makers sooner or later. I’ll go to each extent to attain this.
To Mr. Sani and others who peddle these half-baked tales: go and browse my ebook Making It Huge, research the info, and cease disgracing yourselves with ignorance.
I’ve nothing to cover, and I’ve all the time acted within the curiosity of fact and accountability. Those that benefited from subsidy fraud know themselves. I can’t sit again and permit falsehood to be written into historical past.
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