It is never quiet for long in Nigeria’s business and political corridors, and billionaire Femi Otedola has just reminded everyone of that. On September 29, 2025, the oil mogul came out swinging, denying allegations that he benefited from Nigeria’s infamous fuel subsidy regime. And he is not stopping at words. Otedola says he has instructed his lawyers to slam a ₦1 billion libel suit on Umar Sani, a former aide to ex–Vice President Namadi Sambo, who accused him of reaping big from the scheme.
The accusations hit like wildfire. Sani alleged that Otedola, through his company Zenon Petroleum & Gas, was among those who milked the subsidy system during the Jonathan administration. For anyone who remembers how subsidy scandals rocked the country a decade ago, this was a bombshell. But Otedola insists the story is not only false but dangerous. According to him, Zenon never traded in petrol, the very product tied to subsidies. Instead, he says the company only dealt in diesel, which was deregulated and free of government payments.
In a strongly worded statement, Otedola dismissed Sani’s claims as “malicious lies” and “half-baked stories” meant to drag his name into the mud. He also accused his accuser of ignorance about how the subsidy scheme even worked. That kind of blunt clapback is rare from Otedola, who usually prefers boardrooms to public fights. But this time, he seems intent on clearing his name.
Not stopping there, the billionaire challenged the federal government to release the full report of the Aigboje Aig-Imoukhuede panel, the probe that uncovered how billions vanished through subsidy fraud. He insists that the truth in that report would expose the real actors behind the scandal. He even reminded Nigerians that back then he was the one raising alarm to President Goodluck Jonathan and lawmakers, warning of the rot in the system. In other words, Otedola is painting himself not as a beneficiary, but as a whistleblower.
Of course, in the world of Nigerian politics and power, nobody backs down quietly. Umar Sani has already responded, daring Otedola to go ahead with the lawsuit. If the case actually makes it to court, the fireworks could be intense. Billionaire reputation versus political insider allegations, this is the kind of clash that keeps both the serious press and gossip circles buzzing.
For now, Nigerians are left asking who is telling the truth. Did Otedola truly stay clear of the subsidy fraud that drained the nation’s coffers, or is this just a rich man’s attempt to rewrite the story? What is certain is that the fight has only just begun. And in the usual fashion, the public will be watching closely, sipping tea while waiting for the next round of revelations.
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