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Publish Subsidy Panel Report, Unmask Real Thieves, Otedola Tasks Tinubu
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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.
Headlines
Hardship: Nigeria Won’t Survive Fallout of Bad Leadership, Obasanjo Warns
Former President Olusegun Obasanjo has fired his most direct warning yet to Nigeria’s political class: the country will not survive another generation of leadership failure.
Speaking during the 2026 Leadership Empowerment International Conference in Abeokuta at the weekend, Obasanjo declared that Nigeria’s crisis is no longer about identifying bad leadership — it is about the danger of tolerating it.
The two-day conference, themed “The Gravity of Leadership Failure & Correction Methodologies”, was organized by the Perspective Leadership Development Institute in collaboration with the Olusegun Obasanjo Leadership Institute. It holds in over 50 countries and is the brainchild of PLDI Founder, Prof. Olusesi Obateye.
But in Nigeria, Obasanjo turned it into a national diagnosis.
Without mentioning President Bola Ahmed Tinubu by name, the former President’s remarks landed squarely in the present. His target: an administration pushing controversial economic reforms amid widespread hardship, rising insecurity, and collapsing public trust.
Obasanjo’s core argument was blunt: Nigerians can no longer be sold promises while they pay with pain.
“A government may present itself as reformist, transformational or determined to rescue the country,” he said. “But if its decisions ultimately deepen hardship, weaken institutions, erode trust or leave citizens more vulnerable, the consequences become the more important measure of leadership.”
He took a swipe at governments that measure success by policies announced, projects commissioned, or reforms introduced— without accounting for what ordinary Nigerians feel in their pockets.
“Leadership failure in the ongoing circumstance should be judged by its consequences rather than by the intentions proclaimed at the beginning of tenure,” he stated.
The ex-President zeroed in on the human cost of current policies.
“The immediate effects of reforms and policies introduced by government have imposed considerable pressure on households and businesses,” Obasanjo noted, in an apparent reference to fuel subsidy removal, floating of the naira, and inflation.
He added: “And when the leader continues to say that hunger and hardship has been there before he was born, then that tells you clearly that there is leadership failure.”
For Obasanjo, that line is not an excuse. It is evidence.
He reminded current leaders that they will be judged not by what they inherited, but by what they leave behind.
“While it is admissible that governments frequently inherit serious problems from their predecessors, they also leave behind new consequences of their own decisions,” he said.
“The argument, therefore, is not merely about who created Nigeria’s problems. Good leadership is about who is responsible for solving them now.”
He warned that economic hardship, insecurity, institutional decay, and loss of hope are not abstract concepts. They are the direct bill paid by citizens for bad decisions at the top.
“Nigerian citizens cannot be asked indefinitely to endure pain on the promise of a better future,” Obasanjo declared. “This is where good leadership becomes critical.”
Obasanjo has long maintained that Nigeria does not lack resources or potential.
Its problem, he reiterated in Abeokuta, is the failure of those entrusted with power to convert possibilities into development.
“The fundamental danger is not merely that leaders can make mistakes,” he warned. “It is that leadership failure, when left unchecked, can impose consequences on an entire generation.”
Delivered in his hometown and at an institute bearing his name, Obasanjo’s message was both personal and national.
Nigeria’s problem, he said, has moved past diagnosis.
The question now is: Will we correct it before the consequences become irreversible?
As delegates from 50 countries watched, the elder statesman left no doubt where he stands: leadership is not about occupying office. It is about the capacity and willingness to use power responsibly, make difficult decisions in the public interest, and accept the consequences.
Anything less, he warned, and Nigeria may not survive it.
Headlines
Atiku, Obi Salute Adeleke on Re-election As Osun Gov
Former Vice President Atiku Abubakar, and a former Governor of Anambra State, Peter Obi, have congratulated Governor Ademola Adeleke on his re-election in the Osun State governorship election.
The two opposition figures separately reacted to Adeleke’s victory in posts on their X accounts on Sunday, commending Osun voters and highlighting the significance of the election to Nigeria’s democracy.
Atiku described Adeleke’s victory as a reflection of the choice made by the people of Osun at the ballot box.
“I congratulate Governor Ademola Adeleke, @AAdeleke_01, on his re-election as Governor of Osun State. His victory demonstrates the choice of the people of Osun as expressed at the ballot box,” Atiku said.
He also commended the electorate for what he described as their passion and peaceful participation in the election, while wishing Adeleke success in his second term.
“I commend the people for their passion and peaceful participation. I wish Governor Adeleke continued success as he continues to serve them,” he added.
Obi, in his reaction, titled “Osun: When the People Stand, Democracy Wins,” also congratulated Adeleke and the people of the state.
He said the election had demonstrated the power of citizens to determine their leaders, adding that Adeleke’s performance and commitment to the people had earned him renewed confidence from the electorate.
Obi particularly praised young voters in Osun for what he described as their vigilance in protecting their democratic mandate.
“The lesson from Osun is clear: democracy is strongest when citizens are alert, conscious of their civic responsibility, and determined to ensure that their votes count,” he said.
The former presidential candidate also used the occasion to urge Nigerians to remain actively involved in the democratic process ahead of the 2027 general elections.
He called on citizens to register, vote and protect their ballots, arguing that Nigerians experiencing hardship, insecurity and deprivation possess the power to demand change through the ballot box.
Obi further urged political actors to prioritise the interests of Nigerians and embrace peace and the rule of law.
“Elections should never be battles of violence, but contests of ideas, competence, character, and service,” he said.
INEC declared Adeleke the winner of the Osun governorship election after he polled 511, 067 votes to defeat his closest challenger, Bola Oyebamiji of the All Progressives Congress, who secured 444, 815 votes.
Headlines
Adeleke Wins Reelection As Osun Governor
By Eric Elezuo
Governor Ademola Adeleke of Osun State has won state’s governorship election. The result was announced by the Returning Officer of the Osun State governorship election, Prof Joshua Olalekan Ogunwale.
The governor polled a total of 511, 067 votes to defeat his closest rival, Bola Oyebamiji of the All Progressives Congress (APC), who score 444, 815 votes. The African Democratic Congress (ADC), Salaam Najid (Iwaloye), came a distant third with 17, 180 votes
Adeleke took an early lead as results uploaded by the Independent National Electoral Commission (INEC) showed him establishing a commanding lead over his closest challenger, and sustained the lead till the final counting
As at 2.06 a.m. on Sunday, INEC had uploaded results from 3,612 polling units, representing 95.99 per cent of the 3,763 polling units in the state, to its Result Viewing Portal (IReV).
With results from only 151 polling units yet to be uploaded, Adeleke, candidate of the Accord Party, had polled 509,057 votes, representing 51.7 per cent of the votes available on IReV.
The emerging outcome came despite a formidable APC campaign effort that drew about 10 governors and leading figures of the ruling party to Osun to canvass support for Oyebamiji.
Eecall that the Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas were among senior APC figures who stormed Osun, and campaigned for the party’s candidate.
Governors who joined the campaign included Hope Uzodimma of Imo State, Monday Okpebholo of Edo State, Usman Ododo of Kogi State, AbdulRahman AbdulRazaq of Kwara State, Babajide Sanwo-Olu of Lagos State, Biodun Oyebanji of Ekiti State, Dapo Abiodun of Ogun State, Mai Mala Buni of Yobe State and Lucky Aiyedatiwa of Ondo State. Delta State Governor Sheriff Oborevwori was represented by his deputy, Monday Onyeme.
By this victory, Adeleke is expected to pilot the affairs of the state for the next four years, till 2031.






