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Publish Subsidy Panel Report, Unmask Real Thieves, Otedola Tasks Tinubu
Billionaire businessman, Femi Otedola, has appealed to President Bola Tinubu to release the full report by the Aigboje Aig-Imoukhuede panel carried out under the Goodluck Jonathan administration on the controversial fuel subsidy regime.
Otedola said that Nigerians deserve to know the truth about those who looted public funds under the Petroleum Subsidy Fund (PFA) scheme, which lasted several years.
“I implore President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud as Nigerians deserve to know the truth. It is on record that the Presidency at the time called on the late Economic and Financial Crimes Commission (EFCC) Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the real subsidy thieves can be unmasked,” Otedola said in a statement on Sunday.
Otedola made the appeal to Tinubu while reacting to an allegation by Umar Sani, a former Special Adviser (Media) to ex-Vice President Namadi Sambo, who said that at the peak of the subsidy regime, Otedola, through his company, Zenon Petroleum and Gas Ltd, benefitted from the scam he’s now criticising.
Sani claimed that he has empirical evidence showing that Otedola controlled as much as 90 per cent of diesel imports, and up to 40 per cent of other products at the time. “The same system he now condemns was one in which he was deeply entrenched and from which he personally benefited immensely.”
Yet, Otedola said he has instructed his lawyers to file a N1 billion lawsuit against Sani for defaming him, maintaining that he only sold diesel, which had no subsidy at the time he controlled the market in Nigeria.
“My attention has been drawn to a mischievous and malicious publication written by one Umar Sani, a former Special Adviser (Media) to former Vice President Namadi Sambo, attempting to twist facts and drag my name into disrepute and allegations of complicity in the subsidy fraud. His insinuations are false, baseless, and a shameless attempt to pander to lies and rewrite history. Let me set the record straight for the overall benefit of the discerning public.
“Zenon Petroleum and Gas Limited was wholly an importer and trader of diesel with a market share in excess of 90 per cent, never traded in Premium Motor Spirit (PMS) and as such could not have claimed for subsidy under the Petroleum Subsidy Fund scheme.
Diesel had been long deregulated even before the adoption of the PSF and did not fall under petroleum products to be claimed under the PSF regime.
“PMS was the only product that was eligible for claim under the PSF scheme in a bid by the government to make the product available and affordable to all and sundry. It is therefore shocking that someone like Umar Sani who occupied a position of authority and responsibility could display such ignorance of basic industry facts in public.
“I view this as either mischief (and taking advantage of the uneducated public) or a blatant display of gross ineptitude. If diesel did not fall under the subsidy regime, how can Umar Sani then accuse Zenon Petroleum and Gas Limited of impropriety under the subsidy regime?” Otedola asked.
Writing on the process that led to the exposure of the subsidy fraud, Otedola stated that he was indeed a member of President Goodluck Jonathan’s Economic Team and was the one who first alerted the President of the monumental fraud being perpetrated by economic saboteurs under the PSF scheme.
“When he (Jonathan) called the then Minister of Petroleum, she denied it. With my strong determination to stop the economic malaise and bleeding, I called Senator Bukola Saraki and reported the fraud to him. He took it to the floor of the Senate, and from there the House of Representatives began its investigation.
“These statesmen are alive and my assertions above can be corroborated if necessary. If I was complicit in subsidy theft, would I be the one to raise the alarm and blow the whistle on myself? That alone should question the motive of Umar Sani for his most recent publication on this matter,” he pointed out.
When it became public industry knowledge that he (Otedola) was the whistleblower on the subsidy fraud, he said that some of the perpetrators decided to fight back by using the House Committee on the probe, headed by Farouk Lawan who tried to indict him without any basis.
“As they always say, it’s only natural for corruption to fight back. The House Committee on the subsidy probe was now being manipulated by the subsidy fraudsters and thereby turning the probe panel into an extortion racket. When the harassment and blackmail became incessant on my person, I petitioned the authorities and worked with the Department of State Security (DSS) in a sting operation.
“The money was provided by the DSS, duly marked, and handed over to me under security surveillance. I then gave it to Farouk Lawan in line with the sting operation. That is on record. To twist that carefully documented operation into an indictment against me is laughable and only exposes the ignorance of Mr. Sani. You may be aware that Hon. Lawan was subsequently convicted and sentenced to five years imprisonment for bribery. The facts are very clear and public,” he added.
On the allegations and insinuations about his Asset Management Corporation of Nigeria (AMCON) involvement, Otedola described it as a demonstration of mischief and ineptitude on the part of Sani.
He wondered why someone would twist publicly available information to ‘miseducate’ the populace, highlighting that he had never hidden the fact that he (Otedola) suffered financial losses from the global economic meltdown of 2008 resulting in a huge debt exposure to the Nigerian financial services industry.
The loans, he said, were sold to AMCON, after which he (Otedola) in turn gave up his assets worth hundreds of billions of Naira to settle his obligations under a court-ordered settlement.
“It is on record that AMCON itself publicly commended my approach and told other debtors to follow my example. Court records are there for anyone seeking the truth to investigate. AMCON officials from that time are also alive today to confirm the truth. I even addressed this matter in my book, ‘Making it Big’ which was recently published and released to the public,” Otedola said.
The businessman, therefore, vowed that he would not allow anyone to toy with his hard-earned reputation, announcing his decision to sue the former presidential aide over the alleged defamatory remarks.
“Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a N1billion libel suit against Umar Sani. People must learn that reputations are not to be toyed with for cheap propaganda and to serve as a deterrent for other mischief makers in the future. I will go to every extent that this is achieved.
“To Mr. Sani and others who peddle these half-baked stories: go and read my book Making It Big, study the facts, and stop disgracing yourselves with ignorance. I have nothing to hide and I have always acted in the interest of truth and accountability. Those who benefitted from subsidy fraud know themselves. I will not sit back and allow falsehood to be written into history,” he maintained.
FIFA has thrown South Africa’s World Cup dream into turmoil after ruling that Bafana Bafana fielded an ineligible player in their March 21 clash against Lesotho.
The disciplinary committee announced on Monday that South Africa must forfeit the match, which they had originally won 2-0, awarding a 3-0 victory to Lesotho.
The punishment stems from the appearance of midfielder Teboho Mokoena, who should have been serving a one-match suspension after picking up two yellow cards earlier in the campaign.
By allowing him to play, the South African Football Association (SAFA) breached Article 19 of the FIFA Disciplinary Code as well as Article 14 of the 2026 World Cup preliminary competition regulations.
In addition to the forfeit, SAFA has been hit with a fine of 10,000 Swiss francs, while Mokoena has been issued with a formal warning.
The ruling is effective immediately, and South Africa’s points tally in Group C has now dropped from 17 to 14, leaving their qualification hopes hanging in the balance.
The impact on the standings is significant. South Africa had been clear leaders, but the deduction now places them level on points with Benin.
Nigeria and Rwanda, just three points behind, suddenly see their chances revived, with two decisive fixtures still to be played in the group. Lesotho, who are officially credited with a 3-0 win, also benefit from the ruling, though their prospects of qualifying remain slim.
SAFA has been given ten days to request a detailed, motivated decision from Fifa, which would later be published on the governing body’s legal website. The association also has the right to appeal the sanction before the FIFA Appeal Committee.
While SAFA has yet to issue a detailed response, officials previously played down the risk of disciplinary action, insisting they were focused on the remaining qualifiers. Rival coaches and observers, however, have already voiced frustration at the delay in delivering the ruling, with Benin coach Gernot Rohr describing the process as “very, very strange.”
For South Africa, the road to the 2026 World Cup is suddenly far more complicated, with little margin for error in their remaining fixtures.
A former Chinese Minister of Agriculture, Tang Renjian, has been sentenced to death with a two-year reprieve by the Intermediate People’s Court of Changchun in Jilin Province, concluding a high-profile bribery case that exposed corruption to the tune of over 268 million yuan (approximately $38 million) spanning from 2007 to 2024.
The court ruled that Tang abused multiple positions at both central and local government levels to accept bribes in cash and property, dealing severe damage to the interests of the state and the public.
While the gravity of his offenses justified the death penalty, Tang’s full confession, cooperation, and restitution of the illicit gains earned him leniency in the form of a suspended execution.
Tang’s fall from grace underscores the far-reaching anti-corruption campaign spearheaded by President Xi Jinping, aimed at rooting out graft within China’s political and military ranks.
Tang was expelled from the Communist Party in November 2024, six months after investigations began by party watchdogs.
Prior to his ministerial role, Tang served as governor of Gansu Province and vice chairman of the Guangxi Autonomous Region.
His sentencing follows similar cases of former defence ministers Li Shangfu and Wei Fenghe, who were removed from office amid corruption probes, highlighting the campaign’s scope across multiple government sectors.
The court also confiscated all Tang’s personal property and mandated the recovery of all illegal earnings for transfer to the national treasury. The verdict included lifetime deprivation of Tang’s political rights, emphasizing the severe consequences of corruption.
During the trial held in July, Tang admitted guilt and expressed remorse, factors which the court acknowledged in suspending the death sentence execution for two years— a measure which often leads to commutation or reduction of the sentence if no further crimes are committed .
This landmark case is a stark message from the Chinese leadership about the zero-tolerance stance on corruption, reflecting President Xi’s ongoing campaign since 2012 to maintain absolute loyalty, purity, and reliability within the Communist Party and government institutions.
The crackdown has disciplined over a million officials, aiming to curb corruption that is widely seen as the greatest threat to party governance.
Dangote Petroleum Refinery has cautioned that the recent directive by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to cut crude oil and gas supplies to its facility could plunge Nigerians into another round of fuel scarcity, trigger price hikes, and cause revenue losses for the government.
In a statement released on Saturday, the refinery said: “The products that would be disrupted and stopped include but are not limited to aviation fuel, petrol, kerosene, diesel and cooking gas – all products that are used and required by all stripes of Nigerians and persons living in Nigeria, whether high and mighty or lowly and ordinary.”
Beyond the immediate effect on citizens, the refinery highlighted the impact on government revenue. “Dangote Refinery is one of the largest contributors to the revenue purse of the Nigerian governments – both Federal and sub-nationals. That contribution is currently threatened by PENGASSAN and would of course be paused if and as soon as and for as long as the PENGASSAN directive is implemented by its branches,” the statement noted.
The company also argued that the directive had no legal basis. “Absolutely no law gives PENGASSAN the right to direct its branches to ‘cut off’ gas and crude oil supplies to Dangote Refinery at all. Besides, it constitutes misconduct for PENGASSAN or its members to disrupt or interfere in the contract between Dangote Refinery and its various vendors for the supply of gas and crude oil,” it stated.
Describing the refinery as a strategic national asset, the statement continued: “Dangote Refinery is the only refinery of its type in Africa and ordinarily should be the pride of all Nigerians as well as the governments of Nigeria. It should ordinarily have special protection and status.”
The company urged swift intervention. “We call on the Federal Government and security agencies to act swiftly. Nigerians should take note of the hardship which PENGASSAN wishes to inflict on all of us if not checked. Fuel queues, energy shortages and price hikes could quickly resurface,” it warned.
Concluding, Dangote Refinery appealed for dialogue: “We urge PENGASSAN to submit to amicable and legal resolution and not resort to actions that could introduce mayhem, disrupt the economy, and discourage investment in Nigeria’s oil and gas sector.”
