In a major escalation of the public debate surrounding Nigeria’s controversial fuel subsidy regime, billionaire businessman Femi Otedola has announced a ₦1 billion libel suit against Umar Sani, a former Special Adviser (Media) to ex-Vice President Namadi Sambo. Simultaneously, Otedola has issued a strong call to President Bola Tinubu to immediately release the complete report of the Aigboje Aig-Imoukhuede-led committee that probed the subsidy fraud during the Goodluck Jonathan administration.
Mr. Otedola's action follows a recent publication by Sani linking the businessman to complicity in the multi-trillion naira subsidy scam. In a statement issued Sunday, September 28, 2025, Otedola dismissed the claims as “false, baseless, mischievous, and a shameless attempt to rewrite history”. The suit, according to Otedola, is intended to be a deterrent to those who "peddle these half-baked stories" and an effort to protect his reputation.
The core of Otedola's defence rests on the nature of his company's operations at the time. He clarified that his company, Zenon Petroleum and Gas Limited, never traded in Premium Motor Spirit (PMS), the only product eligible for subsidy claims under the Petroleum Subsidy Fund (PSF) scheme, stating the company was primarily a major importer of diesel, which was deregulated long before the PSF scheme began.
Otedola, who was a member of the then-President Goodluck Jonathan's Economic Team, reaffirmed his stance as the whistleblower on the "monumental fraud" within the scheme. He recounted that his report to the former President and his subsequent contact with former Senate President Bukola Saraki ultimately triggered the parliamentary and other investigations into the scam. He further addressed the high-profile scandal involving former House of Representatives member Farouk Lawan, explaining that the money he handed over was part of a sting operation coordinated with the Department of State Security (DSS).
To substantiate his narrative and ensure public accountability, the businessman implored President Tinubu to make the Aigboje Aig-Imoukhuede report public. He stated that the Presidency at the time allegedly called on the then-EFCC Chairman, Ibrahim Lamorde, to halt the investigation, and that the report's release is vital for Nigerians to know the truth and unmask the "real subsidy thieves". Otedola also used the statement to clarify his past dealings with the Asset Management Corporation of Nigeria (AMCON), noting that his debt obligations were transparently resolved under a court-supervised process and that AMCON itself publicly commended his approach.