Otedola Slams ₦1bn Suit on Ex-VP’s Aide, Demands Tinubu Release Subsidy Report

Nigerian billionaire businessman Femi Otedola has filed a ₦1 billion libel suit against Umar Sani, a former media aide to ex-Vice President Namadi Sambo, over what he described as false and damaging claims linking him to the fuel subsidy scandal. In a statement issued on Sunday, Otedola dismissed the allegations as baseless and mischievous, insisting they were part of an attempt to rewrite history and malign his reputation.

Otedola explained that his company, Zenon Petroleum and Gas Limited, never participated in the fuel subsidy scheme because it did not trade in Premium Motor Spirit (PMS), the only product eligible for subsidy under the Petroleum Subsidy Fund. According to him, Zenon was a diesel importer, and diesel had already been deregulated before the subsidy scheme was introduced, making it impossible for his firm to make subsidy claims.

The businessman recalled that he was among the first to raise alarm about fraud in the subsidy regime while serving as a member of former President Goodluck Jonathan’s Economic Management Team. He said his revelations triggered parliamentary and official probes into the scheme. He also addressed the infamous Farouk Lawan bribery scandal, stressing that he acted in collaboration with security agencies during a sting operation that eventually led to Lawan’s conviction, contrary to attempts to portray him as complicit.

On his past financial dealings with the Asset Management Corporation of Nigeria (AMCON), Otedola admitted that the 2008 global financial crisis left him exposed but said he repaid his debts through a transparent court-supervised process, after which AMCON commended his conduct.

Otedola urged President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on fuel subsidy payments so that Nigerians can know the identities of the real perpetrators of subsidy fraud. He alleged that at one time, the presidency instructed the then EFCC chairman, Ibrahim Lamorde, to suspend investigations into the matter, a move which he believes shielded the actual culprits.

Describing Sani’s allegations as an orchestrated attempt to tarnish his legacy, Otedola said he would not allow lies to be entrenched into the nation’s historical record. He called on Nigerians to disregard the claims, insisting that his record in business and public life speaks for itself. The businessman added that the lawsuit would serve as both a personal defense of his integrity and a deterrent to others who might attempt to spread falsehoods for propaganda purposes.