Nigeria TV Info – Otedola Alleges N2 Trillion Fuel Subsidy Fraud Under Jonathan Administration

Abuja, Nigeria – Billionaire businessman, Mr. Femi Otedola, has alleged that up to N2 trillion was siphoned through questionable fuel subsidy claims during the administration of former President Goodluck Jonathan. Otedola revealed that he personally warned the ex-President about fraudulent oil marketers at the time.

Speaking on recent developments in the oil and gas sector, particularly the downstream segment, Otedola highlighted the systemic flaws in subsidy management. He stated that fraudulent subsidy claims were largely tied to depot licenses, a policy he argued encouraged rent-seeking and corruption rather than promoting transparency or innovation.

In the same statement, Otedola congratulated Aliko Dangote on the success of his refinery, describing its commencement of operations as a historic leap for Nigeria’s energy independence and economic growth.

Otedola’s revelations add to ongoing debates on subsidy reforms and the need for stricter oversight in Nigeria’s oil and gas industry.