The demand for the Federal Government to publish the full list of those who exploited Nigeria’s fuel subsidy regime has resurfaced, following recent revelations by billionaire businessman Femi Otedola. His remarks have reignited public anger over a scandal that has drained trillions from the nation’s treasury and enriched a powerful few while ordinary Nigerians bear the cost.
For over a decade, the subsidy system has loomed as one of Nigeria’s most controversial financial scandals. Meant to keep petrol affordable, it became a loophole for fraud. Reports documented claims for fuel that was never imported, while politically connected marketers pocketed vast sums. Despite multiple panels and probes, the identities of those who benefited most remain shielded.
Otedola’s intervention last week added fresh momentum to calls for disclosure. The former oil magnate accused marketers of siphoning more than ₦2 trillion during the Goodluck Jonathan administration, sparking heated debate and backlash. His claim revived lingering questions: who exactly stole Nigeria’s wealth under the guise of subsidies, and why have successive governments refused to unmask them?
President Bola Tinubu scrapped the subsidy immediately upon assuming office in 2023, arguing that the funds only enriched a select cartel. Though he had opposed removal in 2012, Tinubu said he had long held the view that subsidies had outlived their usefulness. He stressed that trillions spent on fuel could have gone into infrastructure, healthcare, education, and security. Still, his administration has yet to open any formal investigation into past fraud, and anti-graft agencies remain silent.
Otedola, once a member of Jonathan’s Economic Management Team and a dominant player in the downstream sector, reignited the controversy during the recent dispute between Dangote Refinery and fuel marketers. His comments prompted a sharp rebuttal from Umar Sani, a former spokesperson for ex-Vice President Namadi Sambo. Sani accused Otedola of hypocrisy, arguing that he too profited massively from the petroleum trade during the same era.
He cited Otedola’s company, Zenon Petroleum, which once controlled up to 90% of diesel imports, insisting that the billionaire benefited from the very system he now condemns. He also recalled the Farouk Lawan scandal, where Otedola admitted giving marked money to a lawmaker during a subsidy probe. Critics still question whether his actions were whistleblowing or image laundering.
In response, Otedola denied ever receiving subsidy payments, noting that diesel was deregulated and therefore outside the scheme. He maintained that he was, in fact, the whistleblower who first raised the alarm on fraudulent claims, insisting that his role in the Lawan scandal was part of a sting operation with the DSS.
Most significantly, Otedola urged President Tinubu to release the full findings of the Aigboje Aig-Imoukhuede-led committee, which audited subsidy claims in 2012 and uncovered widespread fraud. Portions of the report leaked years ago, but successive administrations have kept the complete document hidden. According to Otedola, its release would finally expose the true beneficiaries of the scam.
The renewed controversy has pushed subsidy fraud back into the national spotlight. Nigerians are again demanding accountability: who stole trillions meant for the people, and why has no one faced justice? The clash between Otedola and his critics may end in court, but the larger issue remains,will the Tinubu administration summon the political will to publish the list of subsidy looters, or will the truth remain buried
