Sunday, 29 July 2012

Subsidy Fraud: 25 Companies Indicted

25 oil-marketing and trading companies (OM&Ts) were recommended for criminal investigations by the Presidential Committee on Verification and Reconciliation of Subsidy Payments and not 21 as earlier announced. The committee, which was headed by the Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, had announced that 21 companies were indicted in the report.
President Goodluck Jonathan had set up the verification committee early this month to verify and reconcile the report of the technical committee, also headed by Aig-Imoukhuede, which was set up by the Federal Ministry of Finance last May to verify all claims and payments made to marketers in 2011.

In the report of the technical committee, scores of marketers and importers were alleged to have committed 17 infractions that cost the country N422,542,937,668.59 in over-payments. However, after the N422 billion was subjected to reconciliation and verification by the presidential committee, N18 billion was found to have been duplicated, while N21 billion was cleared from the report of the technical committee, bringing down the over-payments to N382,018,250,982.52.
The indicted companies include Alminnur Resources Limited, Brila Energy Limited, Caades Oil and Gas Limited, Capital Oil and Gas Industry Limited and Capital Oil Plc. Others include Ceoti Limited, Conoil Plc, Downstream Energy Source Limited, Eterna Oil Plc, Eurafic Oil and Gas Limited, Heyden Petroleum, Lumen Skies Limited, Majope Investment Limited, Masters Energy Oil and Gas Limited, Matrix Energy Limited, Menol Oil and Gas Limited, MOB International Services Limited and MRS Oil and Gas Plc. The rest of the companies include Nasaman Oil Services Limited, Naticel Petroleum Limited, Ocean Energy Trading and Services Limited, Pinnacle Contractors Limited, Sifax Oil and Gas Limited, Tonique Oil Services Limited and Top Oil and Gas Development Company Limited.

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