metro

Otedola to Tinubu: Make fuel subsidy report public, name those who looted funds

Published

9 months ago

September 29, 2025

Femi Otedola

Otedola to Tinubu: Make fuel subsidy report public, name those who looted funds

Renowned Nigerian entrepreneur, Femi Otedola, has called on President Bola Ahmed Tinubu to make public the full findings of the Aigboje Aig-Imoukhuede panel set up during the Goodluck Jonathan administration to investigate the controversial fuel subsidy regime.

In a statement issued yesterday, Otedola emphasized that Nigerians deserve transparency on the matter, stressing the need to expose individuals who allegedly siphoned billions of naira through the Petroleum Subsidy Fund (PSF) scheme, which ran for 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 stated.

The renowned philanthropist was 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 stated he had 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.”

READ ALSO:

Riled by the imputation, Otedola in the statement, disclosed that he has already instructed his lawyers to slam a N1 billion suit on 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.

READ ALSO:

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 emphasised 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 N1 billion 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.

Otedola to Tinubu: Make fuel subsidy report public, name those who looted funds

(Nation)

Up Next

Omokri faults U.S. talkshow host on alleged killing of Christians

Don't Miss

APC blames Atiku for Nigeria’s security woes

metro

Court grants Sowore ₦200m bail in cybercrime trial, sets July 6 for defence

Published

43 minutes ago

June 30, 2026

Trends Admin

Omoyele Sowore

Court grants Sowore ₦200m bail in cybercrime trial, sets July 6 for defence

The Federal High Court in Abuja has granted ₦200 million bail to Omoyele Sowore, publisher of Sahara Reporters and the 2023 presidential candidate of the African Action Congress (AAC), in his ongoing cybercrime and criminal defamation trial.

Justice Mohammed Umar, who delivered the ruling on Tuesday, admitted Sowore to bail with two sureties in like sum.

As part of the bail conditions, the court directed that one of the sureties must be a traditional ruler from Sowore’s community in Ese Odo Local Government Area of Ondo State, while the second must own landed property within the Federal Capital Territory (FCT).

The judge further ordered that both sureties must be verified by the prosecution counsel, Akinlolu Kehinde (SAN), before the bail can take effect.

In addition, Justice Umar directed Sowore to deposit his international passport with the Deputy Chief Registrar of the Federal High Court for safekeeping pending the conclusion of the trial.

However, Sowore’s lawyer, R.O. Adakole, informed the court that his client’s passport was currently with the United States Embassy in Lagos for visa processing. Following the explanation, the judge granted the request that Sowore be released to his legal team to facilitate the retrieval of the passport before complying with the court’s order.

READ ALSO:

The court subsequently adjourned the matter until July 6, 2026, when Sowore is expected to begin presenting his defence.

Before ruling on the bail application, Justice Umar dismissed a separate application filed by Sowore seeking the judge’s withdrawal from the case over alleged bias.

Sowore had argued that the court could no longer guarantee him a fair hearing following the revocation of his earlier bail and the issuance of a bench warrant against him. The court, however, held that the application lacked merit and declined to recuse itself from the proceedings.

The activist was remanded at the Kuje Correctional Centre on June 16, 2026, after Justice Umar revoked the bail earlier granted to him on self-recognition in December 2025.

The court also issued a bench warrant for his arrest after he failed to appear for trial in the case.

At the previous hearing, Justice Umar declined to immediately restore Sowore’s bail and instead fixed June 30 for ruling on his application seeking to set aside the revocation order and the bench warrant.

The Department of State Services (DSS) is prosecuting Sowore on charges bordering on cybercrime and criminal defamation.

According to the prosecution, the activist allegedly referred to President Bola Tinubu as a “criminal” in posts published on his verified X (formerly Twitter) and Facebook accounts.

Sowore has pleaded not guilty to the charges, insisting that the case is politically motivated and that his comments were protected under the constitutional right to freedom of expression.

Security was heightened around the Federal High Court complex in Abuja during Tuesday’s proceedings, with operatives of the DSS and the Nigerian Correctional Service maintaining a strong presence while supporters of the activist gathered outside the court.

The July 6 hearing is expected to mark the commencement of the defence in one of Nigeria’s most closely watched cybercrime cases involving a prominent opposition figure.

Court grants Sowore ₦200m bail in cybercrime trial, sets July 6 for defence

metro

Soldiers Sent After Me Are My Boys, Says Bandit Kingpin Kachalla

Published

21 hours ago

June 29, 2026

Trends Admin

Soldiers Sent After Me Are My Boys, Says Bandit Kingpin Kachalla

A notorious bandit leader, Kachalla Maha, has made a series of startling claims, alleging that soldiers deployed to raid his camps are secretly working for him and boasting that he has the capacity to abduct state governors and other top government officials.

In a recorded audio message that surfaced on Sunday and was shared by verified X user Abdool Moh, the wanted terrorist claimed he enjoys access to sensitive security intelligence, insisting he is routinely tipped off about military operations before they are launched.

Maha alleged that the government’s refusal to release his arrested associates and seized cattle had hardened his resolve to intensify attacks across affected communities.

According to him, repeated appeals for the release of his men were ignored, leaving him with no intention of backing down.

“You arrested my men, and I asked for their release. You refused. I promised that I would abduct many people, and I already have targets.

READ ALSO:

“I asked why my men and Aminu were arrested. Since they were not released, I don’t care if they send thousands of soldiers. I am not tired, and I will not stop until I leave this world. I can kidnap top government officials, even a state governor.

“I swear to Almighty God that all the security forces sent to attack my camp are my boys. They inform me whenever they are coming. I receive information about security strategies, including those involving the President. It is only because I allow them to operate. Otherwise, they would not even be able to use the roads,” he claimed.

The authenticity of the audio and the allegations made by the bandit leader could not be independently verified, and security authorities had yet to respond to the claims as of the time of filing this report.

The audio surfaced amid renewed security concerns following recent attacks by armed groups in parts of northern Nigeria, including the abduction of students from Government Day Secondary School in Lassa, Borno State.

The spokesperson for the Borno State Police Command, Nahum Daso, had earlier confirmed that security operatives engaged the attackers, preventing what could have been a larger-scale abduction.

“Around 9 a.m., ISWAP attacked Lassa Day Secondary School. They shot sporadically. An unspecified number of students have been abducted,” Daso said.

The latest incident underscores the persistent insecurity in the North-East and North-West, where bandit and terrorist groups continue to launch deadly attacks despite sustained military operations.

Soldiers Sent After Me Are My Boys, Says Bandit Kingpin Kachalla

metro

Troops Arrest Suspected ISWAP Operative Over Planned Attack on Military Bases in Borno

Published

21 hours ago

June 29, 2026

Trends Admin

Troops Arrest Suspected ISWAP Operative Over Planned Attack on Military Bases in Borno

Troops of Operation Hadin Kai have arrested a suspected operative of the Islamic State West Africa Province (ISWAP) over an alleged plot to launch coordinated attacks on two military formations in Borno State, in what security sources described as a significant intelligence breakthrough in Nigeria’s ongoing counter-insurgency operations.

The suspect, identified as Muhammad Shuaibu, was apprehended by troops of the 212 Battalion at the Forward Operating Base (FOB) Chabbol following intelligence reports indicating that terrorists were planning an imminent assault on military installations in the area.

According to counter-insurgency publication Zagazola Makama, the arrest occurred during a routine perimeter patrol conducted about 500 metres from the anti-vehicle ditch protecting the military base.

Military sources quoted in the report said the operation followed credible human intelligence that suspected ISWAP fighters were preparing coordinated attacks on key military positions within southern Borno State.

The sources disclosed that troops had heightened surveillance around strategic locations after receiving intelligence of the planned operation, leading to the suspect’s arrest before the alleged attack could be carried out.

Preliminary investigations reportedly linked Shuaibu to a planned assault on the 199 Special Forces Battalion, popularly known as Mosquito Camp, as well as the Forward Operating Base, Chabbol.

READ ALSO:

Security sources alleged that the suspect was conducting reconnaissance around the military facility when he was intercepted by soldiers on patrol.

During preliminary interrogation, the suspect allegedly admitted that an attack had been planned and claimed that members of the terrorist group intended to continue with the operation despite his arrest.

However, these claims have not been independently verified, and the Nigerian Army has yet to issue an official statement confirming details of the interrogation or the alleged confession.

Following the arrest, troops reportedly reinforced security around the targeted military formations by increasing patrols, strengthening defensive positions and placing personnel on heightened operational alert.

The suspect has since been handed over to the 7 Military Intelligence Brigade for further investigation aimed at identifying possible collaborators, uncovering the wider network behind the alleged plot and preventing any future attacks.

The arrest comes as Operation Hadin Kai continues to intensify intelligence-driven operations against ISWAP and Boko Haram insurgents across Nigeria’s North-East.

In recent months, the military has sustained offensive operations targeting terrorist enclaves, logistics routes and supply chains, while also recording the arrest of suspected collaborators accused of providing intelligence and logistical support to insurgent groups.

Security experts say intelligence gathering and community collaboration have become increasingly important in disrupting planned attacks, as terrorist groups continue to rely on informants and reconnaissance missions to target military formations and civilian communities.

Military authorities have repeatedly urged residents across Borno State and neighbouring communities to report suspicious movements and unusual activities to security agencies, noting that timely intelligence remains one of the most effective tools in combating terrorism.

The latest arrest underscores the military’s continued efforts to prevent attacks before they occur and enhance the security of military personnel and civilians in conflict-affected areas of the North-East.

As of the time of filing this report, investigations into the suspect’s alleged role in the planned attacks were ongoing, while security around military formations in the area remained on high alert.