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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.
Iran’s military, on Saturday, declared the Strait of Hormuz closed again, hours after reopening it and with more than a dozen commercial ships passing through the vital waterway.
The toing and froing over the strait cast doubt on US President Donald Trump’s optimism the day before, that a peace deal to end the US-Israeli war with Iran was “very close”.
Tehran had on Friday declared the strait, which usually carries a fifth of the world’s oil and liquefied natural gas, open on Friday after a ceasefire was agreed in Lebanon to halt Israel’s war with Hezbollah.
That prompted elation in global markets and sent oil prices plunging, but with Trump insisting that a US naval blockade of Iranian ports would continue until a deal was concluded, Tehran threatened to shutter the strait once more.
Then, late on Saturday morning, citing a statement from military central command, Iranian state TV reported that “control of the Strait of Hormuz has returned to its previous status” and “is under strict management and control of the armed forces”, blaming the continued US blockade.
The announcement came as maritime tracking sites showed several ships making a dash through the narrow waterway, hugging close to Iranian territorial waters as instructed by Tehran and, for some, broadcasting their identity as Indian or Chinese in an apparent attempt to show their neutrality.
The same sites showed that late on Friday, a number of ships began heading for the strait before suddenly turning back amid the uncertainty.
By 0900 GMT on Saturday, several ships had fully transited the strait in both directions, but at least two tankers headed eastwards from the Gulf towards India after loading in UAE ports appeared to have turned around and aborted their journeys.
There are just four days remaining before the end of the two-week ceasefire in the US-Israeli war with Iran, launched by Washington and its ally on February 28.
Nevertheless, President Trump appeared convinced that a deal could be finished shortly.
He declared Friday “GREAT AND BRILLIANT,” and made a series of social media posts praising talks mediator Pakistan.
Islamabad’s powerful military chief, Field Marshal Asim Munir, on Saturday finished a three-day visit to Iran aimed at securing the peace deal, during which he met Iran’s top leadership.
While Munir was in Iran, Pakistani Prime Minister Shehbaz Sharif visited Saudi Arabia, Qatar and Turkey to push the peace process.
Islamabad has emerged as the lead mediator during the conflict, hosting a marathon round of direct peace talks last weekend attended by US Vice President JD Vance.
A second round of talks is expected in the Pakistani capital this coming week, with envoys hoping to end the war that was started by the US and Israel on February 28.
The allies launched a massive wave of surprise attacks on Iran, despite Washington and Tehran being engaged in diplomatic talks, that killed Iranian supreme leader Ali Khamenei and numerous senior leaders.
The war rapidly spread across the region, with Iran targeting US interests in the Gulf and Hezbollah dragging Lebanon into the conflict by launching rockets at Israel.
In a sign that the two-week ceasefire remained stable, Iran’s civil aviation agency declared its airspace was open again, with international flights able to transit Iran via the east of the country.
Nevertheless, two major sticking points in the peace talks — Iran’s stockpile of near-weapons-grade enriched uranium and the future of the Strait of Hormuz — appeared up in the air.
Speaking by phone with AFP on Friday, Trump said “we’re very close to having a deal,” adding that there were “no sticking points at all” left with Tehran.
Later the same day, at an event in Arizona, the president declared that Iran had agreed to hand over its 440 or so kilogrammes of uranium enriched to 60 percent — close to that needed for a bomb.
“We’re going to get it by going in with Iran, with lots of excavators,” he said.
But hours before, Iran’s foreign ministry had said its stockpile, thought to be buried deep under rubble by US bombing in last June’s 12-day war, was not going anywhere.
“Iran’s enriched uranium is not going to be transferred anywhere,” Iranian foreign ministry spokesman Esmaeil Baqaei told state TV.
“Transfer of Iran’s enriched uranium to the US has never been raised in negotiations.”
Ordinary Iranians, meanwhile, remained cut off from the international internet, with monitor netblocks announcing on Saturday that the blackout implemented at the start of the war had reached its 50th day.
AFP
Veteran journalist and chieftain of the African Democratic Congress (ADC), Chief Dele Momodu, has declared that a joint presidential ticket between Atiku Abubakar and Peter Obi represents the strongest strategy for the opposition to defeat the ruling All Progressives Congress in the 2027 general elections.
Speaking on Politics Today on Channels Television, Momodu said the emerging ADC coalition is gaining momentum as a credible alternative to President Bola Tinubu’s administration, which he accused of promoting “one-man rule” and weakening democratic institutions.
Momodu argued that an Atiku–Obi ticket offers both experience and electoral appeal, noting that both politicians already command significant national followings from previous elections. He recalled their collaboration in 2019, adding that Obi’s performance in the 2023 presidential election provides a ready base of supporters that can be consolidated.
According to him, the coalition is further strengthened by the involvement of political heavyweights such as Rabiu Kwankwaso and Rotimi Amaechi, making it a formidable opposition alliance.
“The candidates who placed second, third, and even fourth are aligning. That naturally builds a strong challenge,” Momodu said, suggesting that this development could unsettle the APC ahead of 2027.
He also accused the Tinubu administration of centralising power and undermining democratic processes, claiming that key institutions—including the legislature and electoral system—are increasingly influenced by the executive arm of government. He warned that such a trend poses risks to Nigeria’s democracy.
Momodu further alleged that opposition parties face systemic obstacles, including difficulties in accessing venues, legal pressures, and institutional interference. He argued that these challenges have made opposition unity not just strategic, but necessary.
Dismissing concerns about possible cracks within the ADC coalition, Momodu described such fears as speculative, insisting that current political realities have effectively forced major opposition figures to work together.
The Supreme Court has scheduled hearing for April 22 in the appeal filed by the National Chairman of the African Democratic Congress (ADC), Senator David Mark, in relation to the leadership dispute in the party.
Mark’s appeal is against the March 12 judgment of the Court of Appeal, which dismissed his appeal against the September 4, 2025 ruling by Justice Emeka Nwite of the Federal High Court in Abuja refusing to grant some injunctive reliefs contained in an ex-parte application filed by a chieftain of the party, Nafiu Bala Gombe.
A five-member panel of the Supreme Court, led by Justice Mohammed Garba chose the date on Tuesday after granting accelerated hearing in the appeal marked: SC/CV/180/2026.
The court ordered Mark’s lawyer, Jibril Okutepa (SAN) to file the appellant’s brief and serve on Wednesday.
It ordered the respondents to each file and serve on the appellant, a respondent’s brief within three days of being served with the appellant’s brief.
The appellant, according to the court, is to file a reply brief, if needs be, within one day of being served with the respondents’ briefs.
