Fayemi said the corruption allegations the aides made against him was tremendously injurious to his image and personality.
The accused are Dr Samuel Omotoso, a member of the Ekiti State House of Assembly, and Mr Lere Olayinka, Fayose's Special Assistant on Public Communications.
They had on July 6, 2016, during a live programme on the Ekiti State Television (EKTV), alleged that "Dr. Fayemi illegally took 1.5 billion Naira from Ekiti treasury and gave it to President Muhammadu Buhari, while contesting the presidential election on the platform of the All Progressives Congress (APC)."
They also accused Fayemi of fraud in the purchase of vehicles for traditional rulers and illegal withdrawal of 852 million Naira SUBEB money.
Olayinka alleged that: "Fayemi paid Ekiti 852 million Naira into SUBEB account at Access Bank, and now this is the fraud he committed.
"It is this money that qualifies Ekiti to receive Abuja’s N852m SUBEB money, but immediately the money dropped into Ekiti SUBEB account, Fayemi just withdrew the state counterpart fund from the SUBEB account and Abuja SUBEB caught them red-handed in the fraud game, just like 419."
The lawmaker also alleged that Fayemi, who is now a Federal Minister, illegally collected five billion Naira from Ecobank in the name of Fountain Holdings for purported road construction.
He said the Minister of Solid Minerals Development borrowed money on behalf of the state to build a Government House for his wife and children.
He further alleged that Fayemi spent the state’s funds to build a private university for himself in Ghana.
Fayemi, in a letter presented to newsmen on Thursday, November 24, through his counsel, Chief R.O. Balogun, said that the allegations portray him as a very corrupt public office holder and fraudulent.
He, therefore, asked Omotosho and Olayinka to make a retraction and public apology, which "must be given equal prominence like the offending statements and utterances, otherwise they would be sued for criminal defamation of character."
By the accusations, the Minister said he was exposed to "public ridicule, odium, opprobrium, embarrassment and unprecedented disrepute."
He said the duo did "incalculable and tremendous injury to his image and personality as an international figure."
Fayemi also wants his accusers to pay Fayemi N100 million for the "offending statements" within the period, failure of which he promised to file an action against them in the law court.
He stressed that if they fail to comply within the said number of days, they will be dragged to court.