“Zenon Petroleum never traded in PMS and could not have claimed subsidy,” Otedola said.
Billionaire businessman Femi Otedola has denied allegations linking him to Nigeria’s fuel subsidy fraud, calling them “false, baseless, and a shameless attempt to pander to lies.”
The claims were made by Umar Sani, former media aide to ex-Vice President Namadi Sambo, who accused Otedola of benefitting from the subsidy regime under Goodluck Jonathan.
In a statement on X, Otedola maintained that his company, Zenon Petroleum and Gas Limited, only imported diesel, which was deregulated, and never participated in the subsidy scheme.
“Zenon Petroleum and Gas Limited was wholly an importer and trader of diesel with a market share in excess of 90%. We never traded in Premium Motor Spirit (PMS) and as such could not have claimed for subsidy,” he said.
Otedola added that he was among the first to expose subsidy fraud, alerting former President Jonathan and later Senator Bukola Saraki. He questioned Sani’s motives, describing his publication as misleading