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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.
Disturbed by the increasing level of terrorism and banditry in the country, the Senate has declared that it will consider the amendments to the 1999 Constitution to provide for the establishment of State Police in the country this week.
In a statement on Monday, the Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central, said that after it is considered by the Senate, it would then be transmitted to the 36 State Houses of Assembly for further legislation.
In the statement issued by his Directorate of Media and Public Affairs, the Leader of the Senate explained that all stakeholders across the federation “are on the same page with the National Assembly on the establishment of State Police.”
Bamidele, who explained that the National Assembly would isolate the aspect from the ongoing constitution amendment and pass it into law due to its national exigency, also revealed that President Bola Tinubu and all the state governors were on the same page with the National Assembly on the State Police.
He added that the legislative week, which begins on Tuesday, would be a crucial one for the Senate as the issue of state police would top their agenda.
Section 214 (1) of the 1999 Constitution says: “There shall be a Police Force for Nigeria, which shall be known as the Nigeria Police Force.”
Bamidele said: “Our position is very clear on state police. We are standing with Nigerians on the issue of state police. All strata of the federation have made it clear that there cannot be a better time to establish a state police than now.
“That is where we stand. Where we are coming in is to now help translate this popular desire of the people into reality as elected representatives of the Nigerian people.
“We came to the conclusion that we are going to pass the constitutional amendment in this respect to make a provision for the State Police. If I can tell you as of today, that will come to fruition this very week because there is no need to allow any further delay
“There have been a series of meetings between the National Assembly. When I say the national assembly, I mean Chairman, Senate Committee on the Review of the 1999 Constitution, Senator Barau I. Jibrin and Chairman, House of Representatives Committee on the Review of the 1999 Constitution, Rt. Hon. Benjamin Kalu, both of whom are representing the National Assembly.
“They had been in a series of meetings with the office of Attorney-General, Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; Inspector-General of Police, Mr. Tunji Disu and other stakeholders in the last one week and that is why I can sit here to tell you that we’re pursuing that this week.
“It is going to be the subject we will be dealing with this week. What we have resolved to do is to isolate it with the rest of the bills that we have proposed under constitutional amendment so that we can vote on this as soon as possible.
“The bill can as well be on its way to the 36 States’ Houses of Assembly as soon as possible because you know we will need two-thirds of the state assemblies to approve it before the president can assent to it.
“The president is also with us on this proposal. I am sure he cannot wait for the bill to come to him for assent. I am sure the majority of our governors, as we know, are in support of this bill. The state assemblies are also waiting for this bill to come. We will initiate the proposal for the creation of state police within the week.”
Chief of Staff to the President, Femi Gbajabiamila, had disclosed that President Tinubu would receive a comprehensive report on the proposed creation of state police as consultations on the constitutional framework for its establishment approached completion.
Abia State governor, Alex Otti, has announced plans to construct a FIFA-standard stadium in Aba with a seating capacity of approximately 35,000, in what is being described as one of the most significant sports infrastructure projects in the State’s development agenda.
The proposed stadium is designed to meet international football standards, making it suitable for hosting top-tier domestic league matches, continental competitions, and other global sporting events.
The facility is expected to feature modern pitch technology, upgraded spectator stands, advanced lighting systems for night games, VIP lounges, media centres, locker rooms, and safety and security installations that align with FIFA requirements.
The project is also expected to include auxiliary facilities such as training pitches, parking spaces, and support buildings that will enhance its overall functionality as a multi-use sports complex.
According to the governor’s vision, the stadium is not just a sports project but part of a broader economic revitalisation plan for Aba.
The city, already known as a major commercial hub in South-eastern Nigeria, is expected to benefit significantly from increased sporting activities, which will drive business for hotels, transport operators, food vendors, and local entrepreneurs.
The initiative is also positioned to strengthen grassroots football development and provide a modern home ground for local teams, especially Enyimba FC, one of Nigeria’s most successful football clubs.
The project is expected to be executed through a structured development approach that may involve partnerships aimed at ensuring timely delivery and high construction standards.
When completed, the stadium is projected to elevate Abia State’s profile in national and African football circles while creating new opportunities for youth engagement, talent development, and sports tourism.
Overall, the Aba stadium plan reflects a strategic push by the state government to combine sports, infrastructure, and economic development into a single long-term growth vision for Abia State.
Suspected gunmen have abducted the sister of a former Minister of Power, Adebayo Adelabu, in Ibadan, the Oyo State capital.
The family of former minister and chieftain of the All Progressives Congress (APC) confirmed the abduction, disclosing that Mrs. Olaide John-Paul and her 12-year-old twin sons were kidnapped by the gunmen on Wednesday, June 3, 2026.
According to a statement issued by Adelabu’s media aide, Femi Awogboro, the victims were kidnapped at about 7:30am while Mrs. John-Paul was taking her children to school.
Mrs. John-Paul, the youngest of five children of Mrs. Olufunmilayo Aduke Adegoke Adelabu, reportedly retired voluntarily from her career at First Bank Pension Custodian in 2025 before relocating to Ibadan with her children.
She was said to be making arrangements to join her husband, who had earlier relocated to the US.
The family expressed deep concern over the development but stated that security agencies had already commenced efforts to rescue the victims and apprehend those responsible.
“We are pleased to confirm that security operatives have swung into action and preliminary investigations have commenced in earnest,” the statement partly read.
While appealing for calm, the family urged members of the public to refrain from spreading unverified information that could undermine ongoing rescue operations.
“We are deeply distressed by this unfortunate incident, but remain hopeful that the victims will be rescued safely. We appeal to the public to remain calm, avoid speculation and support ongoing efforts with prayers,” the statement added.
The family also called on anyone with useful information that could aid the rescue operation to promptly share such intelligence with security agencies through the appropriate channels.
It assured that it would continue to cooperate fully with law enforcement authorities and provide updates as investigations and rescue efforts progress.
