Femi Otedola Breaks Silence: Denies Fuel Subsidy Fraud Allegations and Moves to Sue Umar Sani
Femi Otedola Speaks Out: Billionaire Denies Fuel Subsidy Fraud, Files ₦1bn Suit Against Umar Sani In a major twist to Nigeria’s ongoing fuel subsidy controversy, billionaire businessman Femi Otedola has strongly denied fresh allegations linking him to subsidy fraud. The accusations, made by Umar Sani, former Special Adviser on Media to ex–Vice President Namadi Sambo, have been described by Otedola as false, misleading, and defamatory. The respected entrepreneur, who built one of Africa’s largest petroleum and energy portfolios, insists that his company Zenon Petroleum & Gas Limited never benefited from the fuel subsidy scheme and is now taking legal action to protect his reputation. Otedola’s Firm Stands by Its Record In a detailed statement shared on his official X (formerly Twitter) account, Otedola clarified that Zenon Petroleum was strictly a diesel importer and distributor, controlling over 90% of Nigeria’s diesel market at its peak. He emphasized that diesel (AGO) was f...