Nigerian businessman, Femi Otedola, has said that he has instructed his lawyers to file a N1 billion libel suit against Umar Sani, a former aide to Vice President Namadi Sambo.
The development followed allegations made by Sani, linking Otedola to the fuel subsidy fraud under the Goodluck Jonathan administration.
News reported that in response to Otedola’s allegation that “over N2 trillion was siphoned through questionable subsidy claims under the Jonathan administration”, Sani had claimed that “Otedola himself enjoyed enormous privileges during the era”.
Sani equally accused Otedola of engaging in “hypocritical, selective, and convenient rewriting of history”.
However, in a statement released late on Sunday night, Otedola described Sani’s claims as “malicious lies”.
Recalling his role in exposing the subsidy scam, Otedola said he was the first to alert former President Goodluck Jonathan and then Senate President Bukola Saraki of the fraud at the time, wondering how he could be accused of benefiting from the same scam he blew the whistle on.
Dismissing Sani’s attempts to link him with the subsidy scandal, Otedola declared that his company, Zenon Petroleum, never traded in petrol and therefore could not have accessed the subsidy funds.
Announcing his decision to sue the former presidential aide over the alleged defamatory remarks, Otedola insisted that he would not allow anyone to toy with his hard-earned reputation.
“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,” Otedola said.
Continuing, the businessman appealed to President Bola Tinubu to release the full report of the Aigboje Aig-Imoukhuede panel set up during the Jonathan administration to probe the monumental petrol subsidy fraud.
According to him, Nigerians deserve to know the truth about those who looted the treasury through the fraud perpetrated under the Petroleum Subsidy Fund scheme.
“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.
Sani had, while alleging that Otedola benefited from the subsidy payments, said empirical evidence showed that Otedola controlled as much as 90 per cent of diesel imports and up to 40 per cent of other products at the time.
Disputing the claim, Otedola maintained that he only sold diesel which had no subsidy at the time he controlled the market in Nigeria.
Otedola said, “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.”
Further shedding light on how the subsidy fraud was uncovered, Otedola stated that he was a member of Jonathan’s Economic Team and was the one who first alerted the then President of the fraud being perpetrated by economic saboteurs.
He added, “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.”
Otedola added that, after it emerged that he was the whistleblower on the subsidy fraud, some of the perpetrators decided to fight back by using the House Committee on the probe, headed by Farouk Lawan, to indict him without any basis.
He said, “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.
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.”
In the same vein, Otedola described Sani’s claims of his (Otedola) involvement in the Asset Management Corporation of Nigeria, AMCON, as a demonstration of mischief and ineptitude.
The businessman stressed that he had never hidden the fact that he suffered financial losses from the global economic meltdown of 2008, which resulted in a huge debt exposure to the Nigerian financial services industry.
He explained that the loans were sold to AMCON, after which he in turn gave up his assets worth hundreds of billions of Naira to settle his obligations under a court-ordered settlement.
Accusing Sani of twisting publicly available information to mislead the public, Otedola added, “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.”
The Nigerian Government has condemned recent allegations suggesting that terrorists operating in the country are engaged in a systematic genocide against Christians.
A statement signed by the Minister of Information and National Orientation, Mohammed Malagi, said such claims are false, baseless, despicable, and divisive.
The Minister said that portraying Nigeria’s security challenges as a targeted campaign against a single religious group is a gross misrepresentation of reality.
He said that while Nigeria, like many countries, has faced security challenges, including acts of terrorism perpetrated by criminals, couching the situation as a deliberate, systematic attack on Christians is inaccurate and harmful.
He warned that such conclusions, simplifies a complex, multifaceted security environment and plays into the hands of terrorists and criminals who seek to divide Nigerians along religious or ethnic lines.
“The violent activities of terrorist groups are not confined to any particular religious or ethnic community,” the statement said.
“These criminals target all who reject their murderous ideology, regardless of faith. Muslims, Christians, and even those who do not identify with any religion have suffered at their hands.”
He added that the Federal Government remains unwavering in its commitment to completely degrading terrorist groups and securing the lives and property of all citizens, and this resolve is already yielding results.
“Between May 2023 and February 2025 alone, over 13,543 terrorists and criminals were neutralized and nearly 10,000 hostages rescued in multiple military operations across the country,” the statement said.
“Only last month, the top leadership of Jama’atu Ansarul Muslimina fi-Biladis Sudan, commonly known as ANSARU, Nigeria’s Al-Qaeda affiliate, was captured in a well-coordinated counter-terrorism operation. They are: Mahmud Muhammad Usman (aka Abu Bara’a/Abbas/Mukhtar), the self-styled Emir of ANSARU; and Mahmud al-Nigeri (aka Mallam Mamuda), Abu Bara’s proclaimed Chief of Staff and Deputy.
“These feats underscore the determination and success of our security forces and expose as unfounded the notion that Nigeria is passively tolerating religiously motivated terrorism. ”
The Minister added that the Federal Government is steadfast in its duty to protect every Nigerian, regardless of ethnic or religious identity, and continues to work with international partners to address the global threat of terrorism.
“The Nigerian Armed Forces and Police have demonstrated their commitment to accountability by conducting several court martials and prosecutions to hold their officials accountable for any misconduct. This effort underscores the importance of discipline and adherence to the rule of law within our security agencies,” he added.
Nigeria is a multi-religious state with large populations of both Christians and Muslims. We are home to one of the largest Muslim communities in the world, alongside some of the biggest Pentecostal churches and the largest Anglican congregation globally. Christianity is neither endangered nor marginalized in Nigeria. It is doubtful that foreign interlopers into Nigeria’s affairs are aware that the current heads of both the Armed Forces and the Police Force are Christians—a fact that underscores the inclusivity of our national leadership.
“In the fight against terrorism, Nigeria has made significant strides in prosecuting Boko Haram suspects. To date, we have successfully prosecuted seven batches of suspects, securing over 700 convictions. We are currently moving into our eighth prosecution cycle, further demonstrating our resolve to tackle terrorism and its sponsors.
“The Nigerian story is not one of religious genocide or persecution. Rather, it is a story of resilience, diversity, and a globally acknowledged commitment to peaceful coexistence. In March of this year, the inaugural Commonwealth Peace Prize was awarded to two Nigerian religious leaders, Rev. Dr. James Movel Wuye and Imam Dr. Muhammad Nurayn Ashafa, co-founders of the Interfaith Mediation Centre.
“Their decades-long work to promote trust and tolerance across faiths now serves as a model for peace building in all 56 Commonwealth countries.
This means that Nigeria is not only exporting culture and music to the world—we are also exporting proven frameworks for interfaith harmony.
“We urge the international media and other commentators to act with responsibility and have respect for facts. All stakeholders are advised to avoid ignorance, sensationalism, and divisive rhetoric, and instead support Nigeria’s ongoing efforts in the fight against terrorism and all forms of criminality.”