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‘Femi Otedola, Zenon aren’t Cabal, its a figment of People’s Imagination”-Zenon Boss

By on January 18, 2012

The House ad-hoc Committee set up to investigate the subsidy saga questioned the Managing Director of Zenon Oil, Mr. Kanmi Otaru.

Responding to questions on the level of involvement of Zenon in receiving subsidy benefits, Mr. Otaru debunked the allegations stating unequivocally that all allegations of Zenon belonging to any Cabal that enjoyed subsidy payments or partook of the Petroleum Support Fund (PSF) were blatantly false.

He called wide public perception of Zenon and Mr. Otedola belonging to a “cabal”, “a figment of people’s imagination”.

He further explained that going by the Act that established the Petroleum Support Fund, Zenon was unable to participate as the company did not own a network of petrol retail outlets in the country.

His words, “Zenon couldn’t participate in it because we don’t have a network of PMS retail outlets, which was one of the key criteria beneficiaries must meet and as such, we are not qualified to participate in drawing from subsidy payments on PMS. So, we never collected as records will show. “

Mr. Otaru added, “For the avoidance of doubt, Zenon never participated or benefited from the subsidy scheme or the Petroleum Support Fund.”

Late last year, Senators on a Joint Committee probing the fuel subsidy led by Magnus Abe disclosed the names of companies benefitting from the oil subsidy. Whilst Femi Otedola’s Zenon, known primarily for being a diesel trading company did not feature prominently on the list, two of his other companies, AP and Forte Oil were disclosed to have collected over N 100 billion from the scheme.

3 Comments

  1. Anonymous

    January 24, 2012 at 11:44 am

    CROOKS DEFENDING THEMSELVES .

    THE JAIL AWAITS ALL OF YOU .

  2. micky

    March 19, 2012 at 11:47 am

    This is not being smart,this is just arm rubbers becoming billionears in nigeria.where is our justice system?can you please learn from the western world that billionaers can also go to jail once they are rubbers

  3. Ishaq yahya abolarin

    March 23, 2012 at 11:28 pm

    i must thank GOD ALMIGTHY for chief femi otedola, being a nigerian & from yoruba land, kudos to u million times, i wish u more prosperity in long live & sound health. wat i really want 4rom u personally is to employ me as your personal ALFA, for prayers to be arranged for u once in a week.
    YOURS FELLOW NIGERIAN
    ALFA ISHAQ YAHYA