Saturday, 18 August 2012

FG indicts Conoil, MRS, Capital Oil, 18 others

The Federal Government has indicted Conoil Plc, MRS Oil and Gas Ltd., Capital Oil and Gas Industry Ltd., and 18 other firms in the fuel subsidy imbroglio. It said that these companies were being investigated based on the evidence that they might have engaged in fraudulent activities under the fuel subsidy regime.
The Ministry of Finance, in a statement gave the names of the other companies as Aluminnur Resources Ltd., Brilla Energy Ltd., Caades Oil and Gas Ltd., Downstream Energy Source Ltd., Eterna Plc and Eurafric Oil and Gas Ltd. Others are Lumen Skies Ltd., Majope Investment Ltd., Matrix Energy Ltd., Menon Oil and Gas Ltd., MOB International Services, Nasaman Oil Services Ltd., Natacel Petroleum Ltd., Ocean Energy Trading and Services, Pinnacle Contractors Ltd., Sifax Oil and Gas Company, Tonique Oil Services Ltd. and Top Oil and Gas Development Company Ltd.
According to the statement, a report by the Presidential Committee on Fuel Subsidy Payments led by Aig Aig-Imoukhuede, had recommended that the firms refund various amounts to the national treasury. The statement said, “There is a second group of companies with infractions which are relatively minor. They are in discussion with the government for a quick resolution of their issues. The government is prepared to settle their claims under the following circumstances. “For oil marketers under investigation for possible refunds to the government, their 2012 outstanding claims will be netted out against their expected refunds to the government and those with a positive net balance, i.e. outstanding claims greater than expected refunds, will be processed and paid. “For marketers with a negative balance with the government, i.e they owe the government more in refunds than the government owes them, the Aig-Imoukhuede committee will accelerate the review of their documents after the Sallah break so that their claims can be processed and settled, if cleared, without further delay.

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