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Publish Subsidy Panel Report, Unmask Real Thieves, Otedola Tasks Tinubu

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10 months ago

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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.

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UK PM Burnham Unveils 10-Year Plan, Begins Cabinet Overhaul

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3 days ago

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July 21, 2026

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The new British Prime Minister, Andy Burnham, on Monday, unveiled a 10-year plan to tackle the country’s economic and social challenges as he began reshaping his government, with Chancellor Rachel Reeves among senior ministers leaving the Cabinet.

In his first speech outside 10 Downing Street, Burnham said his government would introduce measures to ease the cost-of-living crisis, end rough sleeping, build more council homes and devolve more powers away from Westminster.

“This moment will be a circuit breaker for Britain,” Burnham said, adding that details of the government’s cost-of-living package and how it would be funded would be announced from Tuesday.

According to the BBC, Reeves announced on X that she was stepping down as Chancellor of the Exchequer, describing it as “the privilege of my life” to have served in the role. The broadcaster reported that Burnham had offered her another senior cabinet position, but she declined.

The cabinet reshuffle also saw Foreign Secretary, David Lammy, Housing Secretary, Steve Reed and Business Secretary, Peter Kyle leave government as Burnham assembled his own team.

Speaking to reporters after his Downing Street address, Burnham said he would examine the tax-free personal allowance ahead of his first Budget in the autumn but acknowledged that raising the threshold would have significant fiscal implications.

He also pledged to reform England’s social care system, saying he did not want to leave office without fixing a problem that had persisted for decades, while reaffirming his commitment to existing fiscal rules.

The BBC also reported that Burnham held his first conversation with a foreign leader after taking office, speaking with U.S. President Donald Trump.

The resignation of the outgoing Prime Minister Keir Starmer saying he was leaving office “with good grace” and “a smile.”

Burnham is expected to continue announcing appointments to his new Cabinet as his administration takes shape, according to the BBC.

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Finance Minister Oyedele Defends Nigeria’s Rising Debt

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3 days ago

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July 21, 2026

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified the sharp increase in Nigeria’s public debt.

Speaking before the Senate Committee on Finance on the state of the nation’s economy on Monday, Oyedele attributed the increase to naira depreciation and accounting adjustments rather than fresh borrowing by the Bola Tinubu administration.

Oyedele was responding to questions from the senator representing Kebbi Central, Adamu Aliero, over claims that the current administration had borrowed about N80 trillion in addition to the N75 trillion public debt it inherited.

According to the minister, comparing the country’s debt stock at the start of the administration with the current figure without accounting for exchange rate movements created a misleading impression.

“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.

“However, it is important to note that, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in Naira. That accounting adjustment alone added more than N40 trillion to the public debt figure,” he said.

He added that the securitisation of the Ways and Means advances inherited from the previous administration also contributed significantly to the increase in the debt stock.

The minister further said that much of the government’s domestic borrowing was used to refinance existing debt rather than accumulate new obligations.

According to him, the Tinubu administration had adopted a prudent borrowing strategy focused on infrastructure and long-term economic growth.

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ADC Tells Tinubu to Resign As World Bank Reveals 139million Nigerians Live in Poverty

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4 days ago

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July 20, 2026

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The African Democratic Congress (ADC) on Saturday asked President Bola Ahmed Tinubu to resign rather than seek re-election, asserting that the World Bank’s recent report showing that 139 million Nigerians live below the poverty line is his scorecard.

The ADC, in a statement by its spokesperson, Bolaji Abdullahi, said the World Bank’s report, which also estimated that 17 million Nigerians are at risk of starvation, was “disturbing.”

“The evidence of 139 million people living in poverty and 17 million at risk of starvation is President Tinubu’s scorecard,” the party said. “On account of this catastrophic failure alone, President Tinubu should be contemplating resigning from office rather than seeking re-election.”

It decried that the “catastrophic” situation was occasioned by the Tinubu administration’s policies, which it said, “have favoured money over people and statistics over survival.”

The opposition party maintained that the economic growth Mr Tinubu’s government has repeatedly boasted of as a result of its economic reforms is “meaningless” if the livelihoods of people at the grassroots have yet to improve since 2023, when he assumed office.

“Instead of changing course, the government has stubbornly stuck with its ruinous economic policies and even continues to market recklessness as courage and wickedness as ‘necessary pains.’

“However, three years down the line, it is now clear that the chicken has come home to roost,” the ADC said.

According to the party, Nigeria desperately needs a leader who truly cares about citizens’ well-being and understands that economic reforms should improve citizens’ lives, not worsen their misery.

“A president whose government is not openly feasting while asking the people to continue fasting. A government that does not wallow in profligacy while handing the people palliatives,” it added.

The party condemned the ruling APC’s social intervention programmes aimed at cushioning the effects of its economic policies, adding, “Poverty cannot be defeated through palliatives.”

The ADC pledged that if elected in 2027, it would tackle the root causes of hunger by reducing energy costs, enhancing food production, and ensuring that farmers returned to their farmlands.

It also vowed to rehabilitate the 264 abandoned dams, improve access to fertilisers and quality seeds, and invest in storage facilities.

According to the party, transportation, waste, and food prices would be reduced while creating productive jobs.

“Hunger cannot be separated from poverty, education, or healthcare. That is why an ADC government will prioritise nutrition, primary healthcare, quality basic education, and skills development because no nation can build a prosperous economy while millions of its children are hungry, out of school, or cannot read simple texts,” the party said.

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