Uncategorized
Otedola Makes Shocking Revelation About 2014 Subsidy Scam

Billionaire Businessman, Femi Otedola has told an Abuja court how he blew open the subsidy scam that shook Nigeria during the Goodluck Jonathan administration.
He revealed that he as the MD/ CEO of Zenon Oil & Gas as well as Chairman, African Petroluem( Later named Forte Oil), saw what was happening where companies were being paid huge amounts without making any supply of Petroleum products, he was so disgusted that he raised an alarm.
He first reported the matter to the President who asked the Petroleum Minister, Mrs Diezani Allison-Madueke to investigate the matter
According to Otedola who is serving as a prosecution witness in the bribery case involving former House of Representatives member, Farouk Lawan. when he saw the President again on the matter, he was informed that nothing of the sort was happening.
Otedola did not stop at that, he then approached the current Senate President, Bukola Saraki who exposed the can of.worms on the floor of the Senate.
The murky affair was also discussed by the House of Representatives which then set up a committee headed by Lawan- and that was when the events that led to this suit unfolded.
According to Otedola “Between January to April 2012, I was resident in Lagos. I knew the defendant (Lawan) as the chairman of ad-hoc committee investigating the subsidy scam. The committee was set up by the house of representatives.
“In 2010, being the chairman of African Petroleum Ltd and also the CEO of Zenon Oil and Gas Ltd, I realised that companies in Nigeria were claiming money for subsidy on petroleum products they never imported. When I saw how much was being stolen, I went to the then President, Dr Goodluck Jonathan. I told him my observations. He told me later that he had consulted with the Minister of Petroleum and that there was nothing of such.
“I then reached out to Senator Bukola Saraki who raised the issue on the floor of the senate and thereafter, the house of reps set up the panel to investigate the allegation. The defendant reached out to me and I gave him the background information as to how the monies were being stolen. I gave relevant information to the ad hoc committee. I have two companies which are in the oil and gas industry which are AP and Zenon oil.
“The two companies had something to do with the defendant’s panel. AP submitted to the committee documents regarding all the importations of the company. Mr Otaru, general manager AP, had direct contact with the defendant’s committee.
“On 18th of April, 2012, the defendant came to see me at my house in Abuja after the report of the committee had been laid before the house of reps in plenary. He told me that pursuant to what we discussed on phone while I was in the UK, he told me that he was going to indict Zenon Oil and Gas Ltd. He demanded for the sum of $3m USD to exonerate Zenon Oil. I said to him that why will he indict a company that does not import petrol but diesel. He said most of the companies indicted have paid bribe. I told him this is extortion.
“I was in Nigeria when the report was laid before the house of reps. I saw it on the television, NTA on the 18th of April 2012 and I saw that my company was listed as one of the companies involved in subsidy scam. I wrote a petition to the DG DSS to complain. When the report was laid, I was shocked and I had several calls from my international partners and my bankers.
He said it was after his petition to the DSS that a sting operation was set up against Lawan.
He continued: “After my petition to the DG DSS, I received a call from the DSS official, one Mr Caleb ,who told me that they were going to carry out a sting operation. He told me that I would be provided with serialised USD to give to the defendant and they were going to install video recording gadgets in my living and dining rooms. About six operatives of the DSS did the installation.
“I was given 620,000 USD serialised dollars. After the report was laid on the floor of the House of Reps, the defendant called me that if I made $3million USD available, he would exonerate my company. I said to him that this is unfair to a country that has lost about the sum of N1trn to subsidy scam. I took the instruction of the DSS and I agreed to play along.
“On Exhibit PW1 B7 page 29, I can see the name of my company on No. 6; Zenon Oil and Gas Ltd, titled ‘Those who obtained forex but did not import petroleum product.’ On 23rd April 2012, I was in my house in Abuja. The defendant came to my house and I handed over to him the $500,000 USD given to me by the DSS. After handing over the $500,000 USD to the defendant, I asked him what next, he said would go to the House and discuss with its leadership. He said I should watch House plenary on the television.
“He claimed that my company obtained $232m USD from the CBN. I said it is not possible to obtain such money from the CBN without importing any product. Shortly after, I watched it on the television where the defendant applied to the House in plenary that the name of Zenon Oil be removed from the subsidy scam which was then removed.
“The EFCC investigated the subsidy scam and investigated my companies and found out that we were not involved in the subsidy scam. The defendant was at my house on 24/4/2012 at about 12 midnight and 1.00AM.
“In the morning of 24/4/12, my GM Mr Otaru did mention to me that the PW1 needed to collect money from me as the secretary of the committee. PW1 came to me and I handed over $120,000 USD to him.
“After the removal of the name of Zenon oil from the report, the defendant called me for the balance of $2.5m USD. I told him its being arranged that it will be loaded into an aircraft to Abuja. He said I should inform him when the aircraft arrives that he will give me the name of person who would pick up the money.
“The meeting I had with the defendant in my house was captured by a video recorded by the DSS. I saw the video on YouTube and social media.”
He said he was later invited by the police
“I honoured the invitation. I was asked to write a statement by the police of what happened, which I did. I did not put any pressure on the committee. I could not have put pressure on the committee because Zenon oil was not involved in the theft of subsidy fund. Eventually, the EFCC investigated the companies involved and prosecuted the indicted companies,” he said.
“Moreover, the company Zenon oil does not import PMS and never applied for the petroleum support fund. The defendant did demand 3million USD and if he did not demand, why would he collect $500,000 USD from me and still expect $2.5 million USD? My company did not supply documents to be exonerated. The defendant did mention to me that the $3million USD is going to be shared by himself and other officials of the house. I did not offer him 3million USD . My company is one of the biggest players in the industry. I reported the scam on my part and I could not have offered him money.”
After the testimonies, Angela Otaluka, the judge, adjourned the matter till January 28, 2019.
Uncategorized
Madam Beatrice Abiodun Awomosu Thanks God at 80

By Ruth Udeme
Joy indescribable, was written all over the face of Madam Beatrice Awomosu, when close family members and friends gathered in Ibadan, Oyo state to celebrate her entry into the octogenarian club.
The elegant matriarch, who is the mother of the stylish CEO of Jummhy Exclusive Fabrics, Mrs Jumoke Oyeneyin, marked her special 80th birthday in the house of the Lord, a recognition of His grace and divine mercies in her life over the years.
The thanksgiving service, which was held at Christ The Good Shepherd Catholic Church, Ibadan was a glorious outpouring of hymns, songs, praises and prayers all the way.
The officiating minister, who delivered the sermon, described the celebrator as an unwearied leader in the vineyard of the Lord, praying that God will shower her with excellent health and keep her alive to continue enjoying her children and grand children.
In her remarks, during the ceremony, her elated daughter, Mrs Jumoke Oyeneyin, who was filled with happiness that her mother was healthy and strong at 80, also noted that the hand of God was indeed upon the family.
The lively service was soon concluded after which guests moved to the Sunlight Royal Event Center, in the heart of Ibadan, for a classy one-in-town reception.
The venue had been creatively transformed by the inimitable Finesse Events who planned the event. Guests were pampered like royals, Choice drinks and gourmet dishes of various kinds flowed freely.
The ceremony was compered by Gbenga Adeyinka 1st, and had excellent music contents from great performers such as Beejay Sax, King Sunny Ade and Aristos Band.
Phots: Ken Ehimen
Uncategorized
Senate Approves Tinubu’s ₦1.77trn Loan Request

The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.
The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.
The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.
Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act.
The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.
The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.
The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.
Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.
March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.
The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.
July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.
Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.
Channels TV
Boss Picks
DIAMED CENTRE: Kesington Adebutu is a Father in a million – Daughter, Abiola Olorede

By Eric Elezuo
A United States and United Kingdom trained prolific doctor, Dr. Abiola Olorede, the first daughter of accomplished businessman and renowned philanthropist, Sir Kesington Adebukunola Adebutu, is not a run-off-the-mill medical practitioner. She knows her onions, her worth and the mandate she is programmed to fulfill.
She is the Chief Medical Director of the just opened DIAMED CENTRE, a fully equipped diagnostic and medical facility saved with the responsibility of catering to the medical needs of the Nigerian public.
The hospital, which was built and handed over to her by her philanthropic father, is located at Kuboye Street, in the heart of Lekki Island, Lagos.
In this brief chat, the achiever, who lived most of her educational life in Dublin, Poland, expressed her gratitude to a father like no other, and how she and her team intends to make the best of the facility and equipment to totally affect humanity for the better.
Excerpts:
CAN YOU TELL US THE IDEA BEHIND THIS GREAT PROJECT?
Thank you very much, my name is Abiola Olorede, I am a medical doctor by profession. I schooled in Dublin, worked in the United Kingdom and in United States of America. When I came back home to Nigeria after my education including postgraduate studies, I realized that one of the major challenges is that a lot of the diagnostic tools that we need to use for evident-base treatment of our patient were lacking. Since then, I have always had a dream that when i am able to afford it, I will like to have a place that Nigerians can go to as comparable as those round the world because, just as I have always spoken about it, every Nigerian should have any treatment obtainable anywhere in the world in their home country.
CAN I DEDUCE THEREFORE, THAT YOU INTEND TO STOP MEDICAL TOURISM BY ESTABLISHING THIS ALL INCLUSIVE MEDICAL CENTRE?
Hmmm…Intend to stop is a very big word. I am hoping by the service we would offer here, a lot of Nigerians will see it as comparable to anywhere in the world and would want to use it instead of going out of the country. So, a lot of people that go out of the country can benefit from world class treatment in Nigeria.
SO OUT OF ALL YOUR DAD’S PHILANTHROPIC GESTURES, HOW DOES THIS ONE MAKE YOU FEEL?
If you noticed, the Kensington Adebutu Foundation, KAF, as it is fondly referred to, has major pillars and that’s education and health. It does a lot of other projects no doubt. I know that in any society, if the people are not educated, it’s a big loss to the country, if you don’t have the healthy workers too, it’s a big loss. So this brings out much of my pride in the service of Nigeria.
AS A PROUD DAUGHTER, WHAT MORE COULD YOU SAY ABOUT YOUR FATHER?
First of all, I would like to thank him. I tell everybody that he is father in a million. He supported his children over the years, financially, and with wisdom. I’m going up to 60, and my father still supports me pursue my dreams; it’s very rare. I want to thank him from the bottom of my heart. He’s always there, so thank you dad, you are a wonderful dad.
CAN YOU JUST ANALYZE THE KIND OF EQUIPMENT WE HAVE HERE?
We have a lot of facilities that are available, we have 3D monogram, it gives better images, and it’s less painful when you do that. We also have 64 high CT scan, digital X-rays, a lab, Haematology, Dialysis department, Dental suite, Opthalmology and Physiotherapy. We have a fully functional Pharmacy; so it’s like a one stop shop.
We have a Cardiac Suite where you can do ECO and other tests. We engage patients morning to night, make them comfortable as they get their test done. We don’t want you to feel you are in a hospital premises; you come from home and get all your test done.
WHAT DO YOU PROMISE NIGERIANS USING THIS FACILITY?
I promise Nigerians is that only experts, who will give the right diagnosis will be engaged here so we can give world class treatment and service. We want to use evidence and innovations to manage patients. Those are our promises to Nigerians and others as an organization and God will help us deliver all these promises.
AND HOW AFFORDABLE IS IT TO PATRONISE THIS PLACE?
We would try to make it cost effective in as much as medical care is not cheap. I tell people that being healthy is cheaper that being sick and that’s true, and that’s what we hope to accomplish. It is difficult to maintain some of this machines, some of them are very expensive so we must be able to recoop cost to get and replace equipment when due.
Thank you doctor Abiola, you have been very helpful and I wish you well in the management of this facility to the best interest of Nigerians. God bless you ma.
The pleasure is mine
-
News6 years ago
Nigerian Engineer Wins $500m Contract to Build Monorail Network in Iraq
-
Featured7 years ago
WORLD EXCLUSIVE: Will Senate President, Bukola Saraki, Join Presidential Race?
-
Boss Picks7 years ago
World Exclusive: How Cabal, Corruption Stalled Mambilla Hydropower Project …The Abba Kyari, Fashola and Malami Connection Plus FG May Lose $2bn
-
Headline6 years ago
Rehabilitation Comment: Sanwo-Olu’s Support Group Replies Ambode (Video)
-
Headline6 years ago
Fashanu, Dolapo Awosika and Prophet Controversy: The Complete Story
-
Headline6 years ago
Pendulum: Can Atiku Abubakar Defeat Muhammadu Buhari in 2019?
-
Headline7 years ago
Pendulum: An Evening with Two Presidential Aspirants in Abuja
-
Headline6 years ago
2019: Parties’ Presidential Candidates Emerge (View Full List)