Femi Otedola Replies House of Reps

Recall that the house had earlier cleared Zenon oil in
their subsidy probe report but made a u-turn last Friday
to re-list the company as one of the companies that
obtained forex but failed to import fuel.

During the session, the House sacked the chairman of
the Ad Hoc committee of the subsidy probe, Farouk
Lawan over allegation of $3 million he allegedly
requested from Mr. Femi Otedola in order to doctor the
subsidy report to favor his company, Zenon Oil.

As it now stands in the report, the House claims Zenon
petroleum did not utilize the sum of $232,975,385.13
forex collected from the government for the purpose of
importing fuel.

However, Zenon’s management said the House allegation
was totally false.

Their statement partly reads: “To put the facts in proper
perspective, we wish to reiterate as follows:

“Zenon petroleum and Gas Limited imported and supplied
premium motor spirit (PMS) in 2010.

“In fulfilling its supply obligations, Zenon petroleum and
Gas Limited obtained the required DPR import permits,
obtained and filled form MS which were duly certified by
the FGN pre-shipment inspection agencies, issued letter
of credit from first class Nigerians financial institutions
(namely GTB, UBA PLC, Access Bank PLC, and FCMB
PLC) to its offshore suppliers for a total value of $372,
207, 990 as opposed to the sum of $232,975,385.13
presented in their report