Otedola Denies Subsidy Fraud Allegation, Files ₦1bn Suit

Billionaire investor Femi Otedola has urged President Bola Tinubu to release the full findings of the Aigboje Aig-Imoukhuede probe into subsidy fraud, while simultaneously launching a ₦1 billion legal battle against a former presidential aide.

Otedola said allegations by Umar Sani, once spokesman to ex-Vice President Namadi Sambo, linking him to subsidy abuse were “mischief dressed as truth.” He insisted his company, Zenon Petroleum, never handled Premium Motor Spirit, the only fuel product eligible for government subsidy claims.

The businessman said it was he who first alerted the Jonathan administration to massive fraud in the system, triggering investigations by the National Assembly. He also recalled working with the State Security Service (SSS) during the bribery scandal involving lawmaker Farouk Lawan, which led to Lawan’s conviction.

Otedola argued that his clean record with AMCON after the 2008 financial crash should end the debate, vowing to defend his reputation against what he called “a shameless attempt to rewrite history.”