Billionaire businessman Femi Otedola, has filed a ₦1 billion libel suit against Umar Sani, a former media aide to ex-Vice President Namadi Sambo. The lawsuit stems from Sani’s publication linking Otedola to fuel subsidy fraud, which Otedola vehemently denies.
“Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a ₦1 billion libel suit against Umar Sani. People must learn that reputations are not to be toyed with for cheap propaganda” Otedola said promising to clear his name and reputation, also stating that he has “nothing to hide”.
Sani accused Otedola of complicity in the Petroleum Subsidy Fund (PSF) scheme, claiming his company, Zenon Petroleum and Gas Limited, benefited from subsidy claims.
Otedola asserts that Zenon Petroleum only traded in diesel, a deregulated product outside the subsidy regime, and therefore couldn’t have made subsidy claims.
Otedola claims he was the one who exposed the monumental fraud in the subsidy scheme during former President Goodluck Jonathan’s administration. He also clarified that the money handed to former lawmaker Farouk Lawan was part of a Department of State Security (DSS) sting operation, which led to Lawan’s conviction for bribery.
Otedola explained that he settled his debts with the Asset Management Corporation of Nigeria (AMCON) by surrendering assets worth hundreds of billions of naira under a court-ordered settlement.
Otedola has also urged President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, insisting that Nigerians deserve to know the truth and that the real subsidy thieves should be unmasked.
