Otedola To Tinubu: Unmask Real Subsidy Thieves, Release Aig-Imoukhuede’s Report
Nigerian billionaire, Femi Otedola, has called on President Bola Tinubu to release the full Aigboje Aig-Imoukhuede report on Nigeria’s multi-trillion-naira fuel subsidy fraud, insisting that Nigerians deserve the truth and that the real culprits must be exposed.
The report, compiled by a panel set up under former President Goodluck Jonathan, investigated the controversial Petroleum Subsidy Fund (PSF) and uncovered racketeering, fictitious claims, and fraudulent payments worth billions of dollars.
Otedola, in a post on his X (formerly Twitter) account on Monday, alleged that Jonathan’s presidency suppressed the explosive findings and directed the late EFCC chairman, Ibrahim Lamorde, to halt further investigations.
“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 EFCC Chairman, Ibrahim Lamorde, to halt the investigation. Let the report be made public so the real subsidy thieves can be unmasked,” Otedola wrote.
He also disclosed that he was the whistleblower who exposed the monumental fraud during Jonathan’s administration. According to him, as a member of Jonathan’s Economic Team, he raised the alarm, but the then Minister of Petroleum, Diezani Alison-Madueke, denied the allegations.
“I am the one who first alerted President Jonathan to the monumental fraud. When he confronted the then Minister of Petroleum, she denied it. Determined to stop the bleeding, I reached out to 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,” he recounted.
Otedola further clarified that his company, Zenon Petroleum and Gas Limited, never benefitted from the subsidy scheme, stressing that it only imported and traded diesel, which had been deregulated.
“Zenon Petroleum was wholly an importer and trader of diesel, which was already deregulated. We never traded in Premium Motor Spirit (PMS), the only product eligible under the subsidy regime. So how can anyone accuse Zenon of subsidy fraud?” he asked.
He also dismissed allegations from Umar Sani, a former Special Adviser to ex–Vice President Namadi Sambo, who accused him of complicity in the subsidy scam. Otedola described Sani’s claims as ignorance or deliberate mischief aimed at misleading the public.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
