Billionaire businessman Femi Otedola has denied any involvement in Nigeria’s fuel subsidy fraud, calling recent allegations against him misleading and unfounded.
He was reacting to public comments made by Umar Sani, a former media aide to ex-Vice President Namadi Sambo, who had accused Otedola of benefiting from the subsidy system under the Goodluck Jonathan administration.
In a strong rebuttal, Otedola described the claims as “false, baseless, and a shameless attempt to pander to lies.” His response came after Sani alleged that Otedola’s business dealings during the subsidy era placed him at the center of a system he is now publicly condemning. Otedola has recently been vocal about the corruption surrounding the fuel subsidy regime, claiming over ₦2 trillion was looted through fraudulent claims.
Umar Sani, however, criticized Otedola for what he described as an attempt to rewrite history. In a statement posted online, Sani reminded Nigerians that the subsidy programme did not originate under Jonathan’s government and that Otedola’s own company, Zenon Petroleum and Gas Limited, was one of the dominant players during the height of the scheme. “Zenon at some point controlled up to 90% of diesel imports into the country,” Sani noted.
Sani further argued that Otedola had been involved in subsidy-related controversies himself, pointing to past investigations including the Farouk Lawan bribery scandal. He claimed that Otedola’s recent outspokenness could be viewed as an attempt to distance himself from a history he actively participated in. “Those who lived in glass houses should not throw stones,” Sani stated, accusing Otedola of selective criticism.
Otedola, in his comments, said the subsidy system was riddled with fraud and sustained by oil marketers operating under a corrupt cartel. He specifically criticized DAPPMAN, the Depot and Petroleum Products Marketers Association of Nigeria, alleging that it preserved a broken system. “I founded DAPPMAN, but it has failed to evolve and continues to protect a corrupt regime,” he was quoted as saying.
Sani dismissed Otedola’s attacks on the Jonathan administration as politically motivated and urged for an independent investigation covering all administrations involved in the subsidy policy. He emphasized that blame should not be pinned on a single era or government. “If we are serious about justice, then the entire history of subsidy fraud must be reviewed,” he said.
The public exchange between the two men has reignited national debate on fuel subsidy corruption and accountability. With both figures trading allegations, the issue of who truly benefited from Nigeria’s subsidy regime remains contentious, and the call for a broader probe across administrations continues to grow louder.
