Business mogul Femi Otedola has revealed that he once raised an alarm about the massive fraud within Nigeria’s fuel subsidy scheme during the administration of former President Goodluck Jonathan. According to him, he brought the matter to the president’s attention, but his warning was dismissed by the then Minister of Petroleum Resources, Diezani Alison-Madueke.

Otedola explained that he had noticed irregularities in the fuel subsidy payments and believed they were being manipulated by certain individuals for personal gain. He said that despite his attempt to alert the government, the issue was downplayed, and the fraudulent practices continued, worsening the country’s financial losses.

The billionaire’s revelation has sparked fresh conversations about accountability in past governments and the root causes of Nigeria’s subsidy crisis. Many Nigerians are now demanding deeper investigations into the subsidy era, insisting that those who benefitted illegally should be exposed and punished.