Prominent businessman and billionaire, Mr. Odetola, has slammed a N1 billion libel suit against Umar Sani, the former Special Adviser to ex-Vice President Namadi Sambo, accusing him of deliberately spreading falsehoods to tarnish his reputation and drag his name into the controversial petroleum subsidy fraud.
In a statement, Odetola dismissed the allegations as baseless and malicious, insisting that neither he nor his company, Zenon Petroleum and Gas Limited, ever benefitted from the Petroleum Subsidy Fund (PSF). He explained that Zenon was strictly a diesel importer and held a commanding 90 percent share of that market, while diesel had long been deregulated and was never part of the subsidy scheme. Premium Motor Spirit (PMS), he noted, was the only product eligible under the PSF regime.
“It is shocking that someone like Umar Sani, who once held a position of authority, could display such ignorance about basic industry facts. To accuse Zenon of complicity in subsidy fraud is either mischief or a clear display of ineptitude,” Odetola declared.
The billionaire further reminded Nigerians that he was among the first to raise alarm over subsidy fraud during the administration of President Goodluck Jonathan. He disclosed that he personally alerted the President, who initially received denials from the then Minister of Petroleum, before he escalated the matter to Senator Bukola Saraki, leading to a Senate probe that exposed the monumental fraud.
“Would I blow the whistle on myself if I were complicit? The record speaks for itself. Those who benefitted from the fraud know themselves,” he stated.
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Odetola also revisited the Farouk Lawan bribery scandal, stressing that the incident was part of a DSS-orchestrated sting operation after the subsidy probe committee allegedly turned into an extortion racket. He reminded the public that Hon. Lawan was later convicted and sentenced to five years’ imprisonment, insisting that attempts to twist that operation against him only reveal the ignorance of his accuser.
On the issue of his dealings with the Asset Management Corporation of Nigeria (AMCON), Odetola admitted to suffering huge losses during the 2008 global financial meltdown, which left him with significant debts. However, he said he voluntarily surrendered assets worth hundreds of billions of naira to settle his obligations under a court-supervised arrangement, a move which AMCON officials publicly praised as exemplary.
He also called on President Bola Ahmed Tinubu to release the full Aigboje Aig-Imoukhuede report on subsidy fraud, arguing that Nigerians deserve to know the real culprits who bled the economy.
On why he is going to court, Odetola stressed that his libel suit was meant to protect his name and serve as a deterrent. “Because of these deliberate lies and unfounded allegations, I have instructed my lawyers to file a N1 billion libel action against Umar Sani. People must learn that reputations are not playthings for cheap propaganda,” he declared.
He concluded by urging Nigerians to read his recently released book Making It Big, which details his business journey and addresses many of the controversies around his career.
“I have nothing to hide. My record of truth and accountability is clear. History will not be rewritten by lies,” he said.
