Femi Otedola says he has instructed his lawyers to file a N1 billion libel suit against Umar Sani, the former media aide to former Vice-President Namadi Sambo, who alleged that the billionaire entrepreneur benefitted from subsidy payments when President Goodluck Jonathan was in power.
Otedola also called on the federal government to release the
full report of the Aigboje Aig-Imoukhuede committee which investigated the
alleged N2 trillion subsidy scam in 2012.
In a statement released on Sunday, Otedola said: “Zenon
Petroleum and Gas Limited was wholly an importer and trader of diesel with a
market share in excess of 90%, never traded in Premium Motor Spirit (PMS) and
as such could not have claimed for subsidy under the Petroleum Subsidy Fund
scheme.”
He said he was the one who exposed the subsidy scam and
could therefore not have been a beneficiary.
“I was the one who first alerted the President of the
monumental fraud being perpetrated by economic saboteurs in the PSF scheme.
When he 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,”
he said.
THE FULL STATEMENT
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 straightfor the overall benefit of the
discerning public.
1. On claiming from the Petroleum Subsidy Fund (PSF): Zenon
Petroleum and Gas Limited was wholly an importer and trader of diesel with a
market share in excess of 90%, 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.
Premium Motor Spirit (PMS) was the only product that was eligible for claim
under the Petroleum Subsidy Fund 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 ablatant display of gross ineptitude. If Diesel did not fall under the
subsidy regime, how can Umar Sanithen accuse Zenon Petroleum and Gas Limited of
impropriety under the subsidy regime.
2. On Exposing the Subsidy Fraud: I was a member of
President Goodluck Jonathan’s Economic Team. I am the one who first alerted the
President of the monumental fraud being perpetrated by economic saboteurs in
the PSF scheme. When he 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.
3. On the Farouk Lawan affair: When it had become public
industry knowledge that I was the whistle blower on the subsidy fraud, some of
the perpetrators decided to fight back by using the House committee on the
probe, headed by Hon Farouk Lawan who tried to indict me without any basis. As
they always say its 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 the Hon Lawan was subsequently convicted and
sentenced to 5 years imprisonment for bribery. The facts are very clear and
public.
4. On the Aigboje Aig-Imoukhuede report: 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.
5. On AMCON: The allegations and insinuations about my
involvement with AMCON are again a demonstration of mischief and ineptitude on
the part of Umar Sani. I wonder why someone who twist publicly available
information to miseducate the populace. I have never hidden the fact that I
suffered financial loses from the global economic meltdown of 2008 resulting in
a huge debt exposure to the Nigerian Financial Services Industry. The loans
were sold to AMCON. I in turn gave up my assets worth hundreds of billions of
Naira to settle my 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.
6. Libel action: Because of these deliberate lies and
unfounded allegations, I have instructed my lawyers to file a ₦1 billion libel
suit against Umar Sani. People must learn that reputations are not to be toyed
with for cheap propaganda and also 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.
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