August 7, 2022

Global News

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Otedola Debunks House of Reps’ Subsidy Claims With Documents

1 min read

The Chairman of Zenon Oil & Gas, Mr. Femi Otedola has come out to denounce the listing of his company
among companies that collected foreign exchange.

The management of Zenon disclosed that the allegation is an embarrassment to the company, further said that Zenon discharged the cargo under the supervision of regulatory agencies which includes PPRA, DPR and witnesses from internationally and recognized inspector,
SGS Limited and received funds in Naira which were used to bid for foreign exchange with the CBN through GTB, UBA, Access Bank and FCMB using all the requisite exchange control documentations that were approved by CBN.

Zenon claimed that the company has not diverted or left unutilized Forex collected for the importation of petroleum products as portrayed in the publications and there are documentations and records to substantiate their position.

You can download the documents in pdf format here:

Zenon-1   |   Zenon-2  |   Zenon-3

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